Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1848-05-11

Indianapolis AZ BeifcfOntuine AsAiiTOdu'
In our last noticed the address of o. II. Smith
to citizens the subject of the above railroads
and briefly stated some of his prominent points; his
financial policy propose to present to the pub
lic as many who may feel disposed to subscribe TO
the stock may like to that they can do so safely,
and that the work will be made.
Mr.. S. said, that as the company was not organized
he could only give what he trusted would be the nan
cia policy of the company. The charter authorized
subscriptions in money, labor materials and lands.
The road from Indianapolis to the Ohio line would be
about so miles, which he estimated 10 cost about
5000 OOO as the route the best in the State for
rail-roud track. The land subscriptions should be
limited to S300.00O, one-half the stock D per
cent. which, payable in cash, would be $4,000.
The other stock would be payable in annual install
ments of So on each share of S25, after the % per
cent. was paid subscribing; this would make all
the stock payable in money labor and materials, pay
able in five years, the time it contemplated in
which to complete the entire work This matter was
plain and needed explanation; but the question
had frequently been asked, How do you propose to
make the land subscription available in the construc
ton of the work! Will you wait till you sell the
lands, or require contractors to take them! Or will
you issue scrip upon them, fill the country with ire
deemable trash, and have another White Dog or Blue
Pup of it! He said neither of these was the
proposed policy The course of policy that his udg
ment had marked out as the true one, was to issue
bonds to the amount of the land fund.- bearing in-
terest of six or per cent payable semiannualy,
the principal payable absolutely in fifteen years,
and at the will of the company after five or six years,
made payable bearer and not subject TO be pledged
hyPothecated by the company and making the COM
pany liable to the holder fo- the amount only which
shall be Endorsed bond by the hav-
ing been recei,e ed in cash, including the discount
made upon the sale. The bonds, he thought, should
not be of denominations under 500, and he would
prefer them much higher They should be receivable
in payment for lands debts due the company, and
be convertible into stock at the will of the holder
and they should be lien upon the land fund and the
road and these provisions should be stated on the face
of the bond and secured by the bylaws of the COM
pany, the most of them were by the charter. Mr.
S. believed, he sad that these provisions would afford
ample security all concerned, and obviate the OBJ
jections of many. The question that here naturally
occurred was whether such bonds so secured coult
be negotiated in the markets He thought they coult
at or near par as they would be safe investment
the most ample security, and would give opportu
nifty to aid in the work to those who preferred them
stock in the first instance. But suppose they should
not command cash at par they would at par, say
at 90 or o. is it obvious that with cash, two
thirds cash, and one-third stock the company cOul'
do more work on the road than they could do witt
either the bonds, scrip, or any credit system tina
could be adopted. The operation of this policy wou
be to secure the company, the bond holder, the con
tractor, the laborer, and the public, while the roa
would be constructed at lis cheapest cash COST whlc
at this favorable time, when produce is low an
laborers so plenty, would be perhaps lower than an
similar work has been constructed any where.
The last and not least important question, it ma
be said, is, how do you expect to pay these bond
when they fall due Mr.. S. said, the company woul
have first the whole land fund, equal in amount to tn
face of the bonds, and ten or fifteen years to make
available. Second, the road and its proceeds, whc
could be applied, if necessary; and third, additions
stock authorized to be issued under the charter.
There was one fact in the proposed plan of opera
tions which he would point the attention of stocf
holders, and that was, that the road would commenc
at Indianapolis so as to connect its business with tn
Madison and indianapolis Railroad, and the cal
would be put upon each section as il was finished
bonds after the location was made would be concer
trated upon the section till finished and made produ
tive; this would the stockholder against an
waste Of the funds Of the company, while the wor
would be productive the first section WI
finished, and would be more SO as each succeedir
section was brought into use, until the entire line W,
completed. Mr. S. closed this part of his remarks
saying, that he entertained no doubt but that Il
stock would be taken, the first section to PendetC
finished by the fall of lS49, and the whole work
the Ohio line be in operation in three years therea
ter, and he did not doubt but that the work wou
prove very profitable TO the stockholders, well
great benefit central Indiana, and especially
Indianapolis, which was entitled, by It's position,
become of the largest inland cities of the nato
if the right policy was pursued by its citizens
A SEWING MACHINE has been invented in Bosto
the only one that has ever been put in successful op
e ration. 1t is described as follows:
= "To the seams of pantaloons, the cloth is ia
tened to bar, constructed to obviate the nece
g sity of basting. This bar with the cloth attache
e is moved horizontally in front of the needle, by mea
v of feed motion, which measures with accuracy
= length of the stitches. This motion can easily a
instantly be go adjusted as to make longer or short
} stitches, at The will of the operator. The needle
e which has its eye in the point or very near it
> driven through the cloth by means of peculiar
n formed cam The thread-which runs from a spt
y through the end of spring, so that it can be tg
ened at pleasure-passes with the point of the neet
i through the CLOTH till it caught by hook on the oil
side The hook holds the thread in peculiar ma
lie ner forming it into loop, until the needle has pass
Df ont and been npain driven throuOh-fhe har IN