New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-01-08


DO not now hesitate to make 1t Of the terms and
conditions Of subscription. Payments Of interest
on instruments paid IN. will therefore be made in
November next. and regularly aterward When
any portion Of the road shall be opened the reveue
derived from it will be applied to the payment Of
interest No one need hesitate 10 subscribe from
fear OF diminution OF income.
The Commissioners have obtained the authority
of able legal opinions 10 this effect The practice
in the Eastern States is invariably 10 pay interest,
while Their Railroad charters contain express
provision for that purpose. In answer to inquiries
upon this point a gentleman distinguished Nr his
knowledge on the subject Of the Railroads Of the
| East writes from Springfield as follows
"Of late the payment Of Interest, has become a settled
practice, and is made by the original kholders en-
dOR Of subscription The for II are apparent
First 10 induce many to subscribe who otherwise would
not (persoDs who have money and live its income.
and see and seek other advantage from tie invest
mcnt but legal interest for cry day oil the year. sec
ond 10 induce subscribers 10 pay their instruments
promptly when called for Third to equalize the inter
est account during the time Of construction between the
large and small shareholders and beptcH h0se ph0 pay
their instruments promptly, and oth0s rho poy only Of he
LaS hour. Fourth 10 place this "ooHsiTadoR interest
where II properly belongs 20 the account OF construction
il being provided for in the capital stock and represent
ed like al other construction expenditures By saeable
shares These seem 10 DC sufficient reasons for the
practice
The effect Of this practice IN the Eastern States
has been 50 favorable that the omission 10 adopt II
heretofore in this State is to beregretted- IN Mas
sachusetts where about So OO0,0Oo are embarked
in these enterprises it has secured investments, lin
our State dey oted TO other objects from persons
living on their income and Of trust funds, whereby
10. nd
promoted and an investment yielding an average
income Of seven per cent secured to parties who
thus contribute TO the general prosperity
The Commissioners annex hereto the terms on
which new subscriptions will be received, (NoTE
A. which have been made to conform TO the conve
nlcnce Of subscribers and to which they call atten
ton, and particularly to the provisions Of the third
condition Many parties seem TO feel that in sub
scribing they involve themselves in the necessity
of providing in a short time for the payment Of the
amount subscribed. A moments examination Of
this condition will show the contrary. The amount
is payable in 'eqUoi quarterly instruments, IN the
neCt tuO years and a haif not at uncertain periods
at the will Of the company, but at f1ed quarterly
periods, corresponding with the usual receipt Of
fixed incOmes-not on any particular day in the re-
spcctye months, but on any day during such months
which may be most convenient to the parties.
They have now 10 notice some of the obstacles
which they have met with in getting the enter
prise fully before the public, and procuring it can
did investigation. That it would at first be looked
at with caution and some prejudice, they fully ex-
pected because the same prejudice was once en-
tertained by themselves. Before the route was
I t,ax
all regarded as visionary and mpracticable the idea
Of constructing good road along the preoipltous
banks Of the Highlands, at any reasonable expense
The repeated surveys OF the route, and the con
frmatory testimony OF so many able engineers,
have dispelled all doubt as to the practicabiy OF
the enterprise. Much more serious obstacles have
been overcome on many roads. particularly the
Boston and Albany, and the Baltimore and Ohio
Road than any presented on the Hudson Valley
route The question as to all the difficulties, is one
of expense merely aud that has been fully provid-
ed for in the estimates.
The disadvantage in respect to grades OF the in
/ land route from its nature. is such as no crPense
can overcome. The Commissioners cannot avoid
abiding to this route, in order 10 present full
understanding Of the subject although 1t would be
more agreeable 10 omit any allusion 10 what IL con
sidered by some rival Company They enconn-
tered the open opposition OF that Company IN their
application before the Legislature for charter
and they have found the partial progress made by
them in their extensions toward Albany, urged ms
an objection TO a new road
Could the undersigned believe that the inland
route would meet the exigences OF the oommu
nifty and enable TO compete successfully with
our enterprsing rival for the trade,-i 1t could
maintain any comparison of equality as to It's
grades speed. cheapness of transportation impor-
lance and advantages with the river route-they
would most willingly abandon the latter and under
safe arrangements apply their due share OF funds
and all the aid in their power to the speedy con-
struction of that. road
But such is not their opinion. On the contrary