Senate bill 19 amended the New Albany city charter. The legislation authorized the Mayor and City Council of New Albany to subscribe up to $100,000 in stock of the New Albany and Salem Railroad and to issue bonds to pay for the securities. The Mayor and Council were also authorized to levy a tax for repayment of interest and principal.
On February 11, 1848, the legislature overrode the Governor's veto of bill 27, an act for the benefit of the New Albany railroad company. The Governor's o[not allowed]ection to the bill was on the grounds that construction of railroads should be left entirely to private enterprise to avoid increasing the state's financial obligations.
