Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-01-11

..ai Of The state of Virginia. amount
- 81 100000. and
FoHTA -Of that OF the city of Wheeling Of 81
OOO. 200.
According 10 The present law. the subscription Of
the state Of Virginia will not be available until the
OF thu road. ind IL Is therefore apparent that.
under existing circumstances. The chief reliance OF the
must be upon the subscriptions by tLc city Of
Baltimore and the slate Of Maryland
The former il made. expressly. upon the condition
that the whole sum shall be exclusively applied 10
the prosecution Of the work in an unbrokcn line from
Harpers Ferry. ut such Point near that place as shall
be selected fran which the extension shall be made"
This condition plainly indicates the intcniion Of the
eiiy councils. by extending The mad in an unbrokcn
line. Ia keep open an uninterrupted trade fam the
country through which il will pass. and rs il will re-
quire not less than the amount of the subscription 10
complete the road from Harper's Ferry II Cumberland.
the whale sum may be considered as exclusively ap.li
cable between ihcss POINT.
The sulScript on IL payable 10 the company an mo-
ney. in ihsialnenIs no, exceeding 81 100000. in any
one year. II IS also mads The duty of the commission
ers of finance TO borrow the sum necessary TO meet
the payments by means of a city stock created Tor that
purpose. aud al their last session the city councils lev
led a direct tax in order 10 pay the interest upon the
~ins;almontor the first year.
Up 10 the present time. the only payments on ac-
count OF the city subscription have been made by
loans from tho Banks OF Blltimore. procured, al the
instance OF the company. upon a pledge of city stock
us W thdA purpose uf inc commissioners Ol En-
anee; and it Is believed that the work may be carried
On until the lirsi Of February next by the same means.
The subscription on the part Of the state was or.
yinaily payable 10 the company in money, by the irel-
sGrer, TO be raised from the sale of currency bonds.
bearing an interest Of 6 per cent. These bonds, how
ever, were directed 10 he offered for sale first in Eu-
rope before they could be sold elsewhere; and in or
eor TO provide for the interest for a period, Of three
years, coald only be seld at n metz premium of 90 per
cent.
Thsse terms being impracticable, and there being
reason 10 believe, from The representation Of one OF
The states commissioners in England. that sterling bonds
were better adapted to, and would be more saleable
IN the European market, the legislature al their last
session. substituted in lieu af The old currency bonds.
sterling hoHds, bearing an interest of five per cent,
payable. principal and interest in London. In order
10 provide for the interest for three wears, an amount
Of bonds equal 10 S3200.000 was issued, and deliy-
cred directly 10 the company in payment of the states
subscription. the cOrapany giving the requisite guaran-
tee Cor the punciual payment Of the interest.
independently ofrhe adaptation Of the bonds to the
European market, il was obvious, from inquiries made
M Few York and Philadelphia. that they could moi be
adyaniageously disposed Of in the United States, ahl. al
the request Of the board, the president was induced to
proceed To Europe, there TO make such arrangements
as he should dceIaf best for their final disposition.
by the time these bonds could be prepared and for.
Warded 10 London a very unfayorable change had Ia
Ken place IN the European market. American securi-
hes had accumulated there in an unprecedented quan-
uiy and q great depression had taken place in their
value biaRy causes c~onspircd 10 weaken confidence
~ American credit: the Efforts of the Bank of Eng
land 10 render money scarce and of greater value. al
So made operations in American stocks more diff.
cult but the sales of Maryland sterling bends. of a
like character, in small amounts and nj reduced prices.
and the universal know ledge that there would be
forced sales Of similar bonds. al. even less rates. rem
dered = sale Of any portion ofthose belonging to the
rail rad Company, unless az prices preiudicial 10 the
stale. and TuInOus 10 the iafcrnsfz NJ m. cpHvun. -
solGiely impossible.
From all these causes, and since the great change
which has taken place in the money market in Europe
and IN the investments by capitalists, il is believed
That any large operations in American stocks, upon al.
NanlaseoGs tcrns cannot IA future be relied upon.
On the contrary, without being sacrificed to the great
injury Of state credit, they must be disposed of gradu.
ally, under Judicious management, as The wants of tho
capitalists may require.
Consulting not more The interests Of the company.
Than the credit of the Stale, so necessary to tho prose-
cuiiOn Of all her public enterprise. the president de.
clined ~disPosing Of any portion Of the bonds commit
lei TO him, at the prices established by other sales and
from the same motives, deemed il advisable To place
thcmln q tram Of safe, when circumstances shall rem
der II eKpedieni-seeuriag m the mean time-FfyL
The advance OF such amount ofeapital a. the future
necessities Of the company arc likely to require and
Second. such an agency as would exert the greatest
IHiiuence, IA sustaining the credit Of ihe securities
and in The event ofsale. be most likely 10 obtain the
best price Such an arrangement. n. Notwithstanding
The high value Of money IN England. and be IiabiIitv
OF other bonds ofthe state To be sold al reduced pricos
tho president succeeded in making with HE house of
AesSrS Bartrg, BrOhers, & Go. ofLOndon. Ii will be
optional with the company, from their view of their
necessities, 10 accept the advances; and, previous 10
IFS disposition abroad. there is nothing 70 prevent a sale
of the stock in the United States. should an oppor,u-
nifty offer for that purpose.
The necessity of using the advances, Of which fs
company has the option from the house in London.
can snly arise from an inability on lhc part Of the city
Of Baltimore to pay her subscription.
Its obvious, however, that unless some Iisposition
can be made Of The stock created Cor ihe Purpose. the
city Of Baltimore will not be able 10 comply with her
engagements. and therefore, the bard feel called
upon TO assist. by any legitimate means in their power.
to render the stock Immediately available.
For this purpose, a large majority of the boari I'M.
determined 10 offer the contractors and proprieior. Of
lands. IN payment for ,hcir work. and the right sCsav.
certificates, authOrIsing the transfer nt par of fac sx
per cent stock ofthe city ofBaltmorc, whenever ore.
sonted IN sums Of &i00, or upwards ana such cortif.
Gates there - reasen 10 believe the eOniructors and
Oibors, may and will accept without loss.
That eRiire confidence May be felt in the eertf.
Gates the requisite amount Of city stock will be re-.
ceiycd by the company. simultaneously vyid, each n.
sue in payment Of 50 much Of the subsc ripfion. on no
part Of tho city, and he Immediately vested I'm two
commissioners, IN trust, 6r the holders Of the ccui6.
cafes which. in form. will be orders upon The cum.
missioners 10 transfer the stock when demanded IN te
proper amounts.
Better securities than Is here presented 10 the c-og
itOr, or one less exposed 20 the mischief which Inc ,r
sting laws Of Inc slate intended 10 prevent. could 10,
be desired and would be worthy Of public confidence
and on extended favor in n season Of less omhaussa
meni than hat IN which the community D. now placed
be- the success Of Toe e~xpcdisui vii be found tme
means Of prosecuiiHg lis great enterprise. with which
the prosperity Of the city and slate b. intimately inter
woven by The sale Of Tie city stock al 10 par value;
81 Maintaining The state bonds committed b. hs com.
pany, and.-so Gar a. their management can effect Il.
Tho credit Of Sic state ifciC upon The secure b..i.
on which they have been placed and. amid diairuL
Ties distinctive Of almost every other enterprise. of
pressing f0rwafd 90 completion. That which fhc whole
community b. - impaienhy waiting.
The e%spcdient msy not be successful; bot The stake