Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-10-21
NUMBER 34.


The amount OF The issues, even IL the pre-
sent sum shall by any be deemed TOO
great, an amount will be constantly absorb
ed, sufficient TO proven, any injurious de-
ipreciailon.
The board have come 10 the determine
lion no, a, present TO increase The issue OF
the stock orders. beyond $1,000, 900, and
! in future TO act in conjunction with the city
authorities 10 the adoption Of any practical
BILE means by which less amount may be
defnitively limited, and thereafter gradu
ally reduced, or for devising other means
to sustain the value of the orders.
! lf, in these efforts the board be second
ed,-as they have a right to expect, by
the public authorities, and other lnstisu-
tons, and by their fellow ciiixens general
| Iy, whose business and prosperity are so
vitality interested, in the great enterprise IN
which the board are engaged, they do not
doubt that the present temporary cause OF
uneasincss will subside and the orders be
maintained at their intrinsic value.
| II cannot be doubted tina, the people Of
Baltimore may do much TO sustain or de-
press the standard Of these orders,--to
quiet or spread alarm, without regard TO
their real value; and i, is not less doubt.
ful that efforts which may succeed in
bringing them into disrepute, will not on
ly supply their place with circulation
less entitled to support, and more exposed
TO ultimate loss, but will also seriously re.
tard if they do not suspend the prosecu-
ton of a work upon which the trade OF
the city so much depends.
Ii will be at once perceived that TO en-.
able the board TO carry on the work, and
continue the limitation they now propose
to assign to the amount OF The issue of or
ders, and ultimately to reduce the circu.
ation within still more narrow limit,
the application Of the resources specially
appropriated TO the extension Of the work
from Harper's Ferry towards Cumberland
must be essentially changed.
This great work has hitherto been push
ed forward by the application Of the City
Stock. in one form or other, at par while
most OF the other principal works Of inter.
nal Improvement have been partially or
altogether suspended. Ii is now within
less than a twelve month, lard at a com.
parstively inconsiderable expenditure
Of its completion to Cumberland, and with.
in seven months Of its extension to Han.
cock, and from either oil these points, it Is
to yield a profit upon the capital, and
greatly invigorate the trade OF the city.
Payment for much ofthe work remaining
to be done, and for materials TO be fur.
H., do he ha mil
cation Of tho city stock at its par value,
and this mode as far as it can be done adj
vaniageously, may be continued, but it is
at the same time obvious that, indepen-
IDENTIFY Of this resource. to prevent a sus.
pension OF the work IN its present uninish.
cd state, a considerable amount Of current
funds will BIO needed.
In this emergency il becomes tho duty
Of the board to continue to look TO ths
subscription by the city az the only re-
source not merely because il is specially
pledged and appropriated to this part Of
the work, but because an attempt to mako
sale Of the State bonds in the existing cri.
sis, would be hopeless, unless at sscr-
Ace runous to the company md to the
public. While, therefore, The board will
hereafter, as heretofore, consult the con.
venence of the city authorities, by con,in-
uing TO receive the stock at par in such
amounts as can be directly applied in pay
ment, i, will be necessary, nevertheless,
to require in money, or some equivalent
to it, such further instaments as may DO
required to prevent suspension Of the
work.
Nor 10 it doubted that a requisition for
this purpose may be made Of the city, in
such manner, and upon such terms as will
reconcile it both TO her inclination and
ability to comply.
Ii appears in the foregoing report, that
in addition to the amount of interest re-
turned TO her treasury, upon the stock re-
presented by the orders and not funded,
The city has claimed, and been allowed TO
share in the dividends OF profits earned BY
the employment Of the old capital, and by
tho operations of the present road. Her
share of the dividend will amount to $780,
600, and with the interest heretofore re-
turned, will exceed the sum Of 100000.
By these means she will possess the pre-
sent ability to pay in money an insislment,
sufficient, within few thousand dollars,
TO complete the unfinished graduation, ma
sonry and bridging to Cumberland.
The board also entertain the hope that
the amount annually collected to provide
for interest upon her subscription Of 3d..
OOO, 900, but which will MOI be required
for that purpose, may be conveniently
contributed towards the pay ment Of such
further instalments in money as may be-
necessary 10 finish the road.
By order Of the board,
LOUIS McLANE,
October 18th, lS4l. President.