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


the large amount of work already done
and upon a knowledge of the actual con
tract prices for the remainder, the cost
the entire work, including graduation, ma
sonry, bridging, and rail acdy, ,eater sta
lions, right Of pdy, depots, and machlner,
Of all kinds, is estimated al 50, 335, $50.
This last revised estimate is therefors
less in amour, than the estimate in No
vember IA, 1889, by S3s, 755 land les.
than that OF 18th of February, 1888, BY
Sas5,524
The estimate of the 18th February,
1888, formed the basis upon which the In
staImenis upon the subscription Of 49,.
OO0, 900, by tho city Of Baltimore were
demanded, and in great part paid but as
the recent estimate Of the 4th inst, con-
tains work amounting TO S95,000, more
than was included either in the estimate
Of February 1888, or in that Of November
1899, the last estimate in fact, falls short
of both those Of an earlier date by $780,
755, and S3sO, 524, respectively.
The Resolution Of the City Councils d..
recting the Mayor TO subscribe the sum
Of $4,000, 900 to the capital stock OF the
company, provided that the whole sum
should be exclusively applied to the pros
ecuiion OF the work il on unbroken line
from Harper's Ferry and therefore until
the whole Of the ci.y's subscription should
be exhausted i, might well be question
ed whether the Board were authorized TO
apply any other part Of their resources
for that purpose.
By an Ordinance subsequently passed,
directing the Mayor to subscribe, the city
agreed 10 pay the amount in instruments
OF not more than Sl,000,000, in any one
year. The agreement on the part of the
city was to pay the ins,almcnts IN money,
and by the same ordinance the Commits
soners Of Finance were directed to borrow
on the credit of the city the sum OF money
necessary 10 meet the payment of the in
stalments, and stock bearing an interest
Of six per cent. WINS created, and provis-
ion made for levying the necessary tax to
pay the interest. No limit was prcscrib-
ed at which the stock should be sold and
upon the demand Of the company, the in
stalmen. must in good faith have been
paid by a sale Of the stock upon the best
terms that could be Obtained.
To comply with their own obligation,
and TO enable the commissioners OF Fl.
nance to perform the duty prescribed by
these ordinances, the city councils pro.
ceeded to levy tux TO provide for the
interest upon the loans, thereby clearly
indicating q wish and intention that the
work be commenced and prosecuted with
the utmost despatch. In all these pro-
ceedings, the board could see only IN in
,truc,ion from the city authorities to act
wilhou, delay. The immediate prosecu.
ton Of the work was deemed Of no less
importance by the public u, large, every
days delay being considered as injurious
10 its welfare, and tending to strengthen
the rival interests of other communities.
Notwithstanding the liberality, in amount
Of the cty's subscription, however, its
adaptation TO the end proposed was at.
tended with many difficulties.
Thus instructed and urged forward, the
board. in July, 1899, consented to enter
into contracts and commence the work,
upon the condition, that the city would
advance in money,-to be raised by aid
Of the banks, the sum Of $500,000 in
part Of her subscription and upon ar
engagements being made for that purpose,
the road was commenced and vigorously
prosecuted.
When it became necessary to require
- ba ottx Of tbar ms aI
ment, which must have been raised by the
sale Of her stock, the banks south Of New
York had suspended specie payments
the value Of all public securities at home
and in Europe had become greatly de-
pressed, and the obligation Of the city to
pay IN money could only have been COM
piled with at considerable sacrifice.
Neither the city authorities nor the
public had lost airy of their zeal for the
prompt completion of the road. Indeed
to the city and the community liable &c
taxation, it had acquired new impor
lance from the fact that the loan Of hal
million Of dollars already obtained from
the banks would remain a burthen ant
dead loss until the work could be carried
to its termination. Under these circum
stances, suspension of the work could
not be thought of, if it could be possibly
avoided. The only legitimate rcsourc,
applicable to this part of the road was tht
city subscription and to apply this will
the least possible loss, became an impera
tive duty. In this crisis, to relieve III,
city authorities from the dilemma, to avoit
any loss upon the stock, TO husband thei
own resources, and at the same time t.
push forward the work, the board resolved
to receive from the city, from time I,
time, if IT should deem il expedent for it
purposes, the 8 per cent. stock at par il
payment other subscription. They ais,
proposed to tho contractors and other
furnishing the company with the necesar,
labor and materials, TO receive paymen
in the funded debt Of the city, at par, in
stead Of money. To this they consented
provided, adequate portions oil the stool
should be so divided as to meet their pur
poses in distributing it to pay the laborer
and meet demands growing out Of thei
private engagements. To effect this end
the scheme OF issuing stock orders funda
BILE in the six per cent. stock, at par. wa
devised, and was carried into effect accor
dinghy; and by these means, and, to SOM
extent, by the direct payment of the cit,
stock, the work has been prosecuted, --ant
4 u. -.