Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-03-28
MR.. PUGH'S LETTER.
New York, LIST Feb. 1882.

ositions which are submitted to me with a view
of being reported to the consideration of the Le-
gislature are as follows:
lst A company propose to take the donation,
make the work and own it.
3D. To take the Stock in common with the
State, and make common stock of the donation
and to own the work in proportion to the indvid
aal subscriptions.
Sd. For the state to issue stock redeemable in
ten years and upwards at 5 per cent. which will
las things now stand) be taken at par
4th. For the state to take the whole amount of
the stock above 400, 900 dollars, and individuals
to take the amount named; and the work to be
owned in common according to the proportions
of interest subscribed under a charter of the
state.
l have found great difficulty in prosecuting this
subject to its issue. l left home under a conyic-
ton that any proposition Of this kind would be
popular here. But assure you the reverse is
the fact. A year since any object of this kind,
II is acknowledged by all, was popular here, and
would have received their aid. But they all say,
that they have not found the stock profitable in
oanyy@ork as yet projected. And in some they
feel that it is much capital lost. The truth is,
ahey have recklessly embarked in almost every
project Of the kind, and among tho rest, have in
tcrested themselves IN many local works that
can scarcely ever pay the repairs, that it has pro-
duced a reaction, that retards their aid in those
that are acknowledged to be the most important
The great interest that supports this system here,
is found among the brokers; and find from the
most diligent investigation, that it must be upon
sure, positive, and productive theory Alone that
they will advance their capital They now be-
lieve, for the price it will cost, that our rail way
when completed, will be next to the Erie canal
in profit But even under that conviction they
would not subscribe for the stock, without the
state would take large proportion of it, and
make pledge of her faith that after the amount
was exhausted they had subscribed, she would
perform her part of the contract, and finish the
work. have had the best and highest opportu-
mites Of arriving at these facts directly from the
persons interested, and it may be useful to you to
know them, as the prediction for rail ways seems
much to have increased lately in Illinois. Not
outstanding however much we would all es
peuse the improvements. have recently noticed
in The public prints, yet the facts are there pre-
sented, should consider it utterly impossible to
get dollar subscribed here at present. But up
on the contrary, these efforts may not only turn
out to be premature, but by bringing before the
public, works that would detract from the profits
of the one that has so long engaged the attention
Of the State, place it for years beyond our power
to accomplish either. Every thing here now is
prosperous in relation to the main work, to the
full extent of our most sanguine expectations;
because they believe it will be the exclusive work
of the State for very many years Had we not
better get one work under full Roadway first?
and BY projecting thus early others, may we not
be jeopardizing the whole2 will not decide; but
on this ground will venture in frankness to say
-beware--let US not be thought chimerical.
write this from deep conviction Of tbs danger
TO be apprehended here where we only can look
for aid. The Schenectady and Albany railway
is acknowledged to be moro profitable than any
other local one in the nation. Yet Mr. As.or
told me he had kept his stock for long time, and
was glad to sell it on years credit for what it
cost him. The Philadelphia and Susquehanna
sail-way-that Of Brunswick and Amhoy-and
even that of Baltimore and Ohio, are looked up.
on as productive of certain losses to the stock.
holders. There are many other works of this
kind projected here, and many new companies
incorporated, but it is said that they can realize
no hope of subscriptions. The attempt (com-
menced while was hereto charter company.
to make railway through the southern section
Of this state to point on the south eastern shore
Of lake Erie, is said (as important as the project
Is 10 us to be hopeless at present as to the stock
Such is the present state of facts, which sug-
gest that you may draw your conclusions
but we are all ITepdfcu " own, tIat IL mere is
any prospect Of succeeding in the projects now
afoat among you, it would be Of the deepest in
serest to our state to consummate them. But I
sepsat that they may be fatally premature.
shall report to the state the propositions
have named, which will, OR either of them be sus-
tanned by the makers. ! told them should enter
ny individual protest against the two first, aItho'
It would be proper in me to report them, that the
legislature might decide.
But If your project is intended to be merely
local, and that character alone is given to it, at
present., cannot perceive that any unfortunate
result can spring from it injurious to the main
one. t-r.
vail speedily write detailed report to the
Governor, which will be much more explanatory
of the subject referred to, and which will proba-
bly, be spread before the people. But cannot
conclude without adding, that this work under
the propositions now nade is doubtless at its cri-
sis, and if it is not sustained under the promise
it row presents, by an enlightened and liberal +
policy On the part of the State, the seal will be
set upon it forever Itteserves an elevation I'M
der its present prospects above the cant of hob
hu;sn, mr. of narrow and unenghtena5 views