Is there any monetary value to old railroad land notes? Specifically Madison & Indianapolis RR?

Yes there is value in old railway doents , in general , and in yours in particular. The more significant the railway , the greater the value. The "Madison & Indianapolis" . later incorporated as the "Jeffersonville Madison & Indianapolis". recieved their first locomotive in 1844. In 1870 control of this line ped to the "Pennsylvania RR " .. The significance of this line is that it had the steepest grade on a regular line haul railway in north america. A grade of 5.89% was on this line. { a 2% grade is considered steep}.Special locomotives were required for this line , with the earliest being of a rack type.."Pennsylvania RR " collectors would lust after this doent! . I believe that the PRR depot in Madison is now a museum . They would want it too. . The "Reuben Wells" was a special locomotive built for this line .Built in 1868, it now is preserved at the "Children's Museum" in Indianapolis . Using this name as a starting point will give you a detailed history of the line