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    Description

    [Bond Certificate] International Railroad Company, April 1, 1871. The $1000 "First Mortgage Sinking Fund Gold Bearing" certificate was engraved by the Continental Bank Note Company of New York and measures 16.25" x 28.5". The bond is un-issued and the coupons are uncut. The bond is beautifully engraved. There are two minor tears at the edges, else, near very fine. The International Railroad Company was chartered on August 5, 1870, to build from the Red River near Fulton, Arkansas, to Laredo and ultimately to Mexico by way of Austin. The charter was the most liberal ever granted by the Texas legislature. In 1870 grants of state land in aid of railroad construction were prohibited by the Constitution of 1869, and the charter granted to this road, at a rate of $10,000 a mile, bonds of the state to run for thirty years and to bear interest at 8 percent. In 1871, the company notified the governor that it had completed fifty-two miles and applied for bonds on fifty miles. Bonds in the amount of $500,000 were issued and signed by the governor and treasurer, but the state comptroller refused to countersign or register them on the ground that they were unconstitutional. The Texas Supreme Court upheld him. Thereby the credit of the state was saved, and Texas avoided a state debt for railroad building.

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    Auction Dates
    June, 2008
    16th Monday
    Internet/Mail Bids: 1
    Lot Tracking Activity: N/A
    Page Views: 300

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