Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1849-03-28

noswi,hs,andig, that entirely candid, and
purely disinterested address Of the president
Of the board over his own name, for with
out any disparagement to the man, or his
motives, we understand from the peculiar
location Of his property on the line, that
he has very large amount of private
interest to subserve, aside from his official
position in relation TO the Company. We
shall 20 vote, notwithstanding the entire
Editorial corps Of your place seem to be
In favor Of this project; as for this we think
We soc the reason in the particular cir
epmstances by which you are surrounded;
and finally, sir, we shall write"no subscrip-
tion," on our ballot,-notwithstanding a
few of the old and respectable citizens of
the county, have been induced to come out
and Recommend the measure. For those
gentlemen, we have high respect person.
ally, but they live in sRnyenna, and lis
vicinity, and we are at no loss for reasons
aside from those Of the public good, that
might have induced their action. We
have learned by long experience, that the
best Of men, may have their judgments
biased, sometimes impercepA6g To- sthep-
selves, by the prospect Of the promoll6n
Of their. personal interest. Many writer's
In your and the other papers, have end1
ored to mix up this important sub
the question Of location, and PriS
mostly and opposition to the Toad. We
discard and contemn this viewof the sub
ject. as unworthy ofthe consideration Of
an enlightened and candid people, consult.
ing their own interest, and the interest OF
posterity. We do not call this o question
oflocation, but question Of subscription;
and the propriety Of the measure does not
depend on the location through Ravenna
or Franklin or both, or through any other
place. The decision Of the question of
subscription should be based upon entirely
different ground. We should enquire
whether il would be good policy, or a pru-
dent measure, for the county to involve
herself in debt of SIS, ,000l lift would,
IL this the.best project for such an invest
mont. And in connection with this portion
efthe subject, it would be well to enquire
whether the best and shortest and cheapest
and most profitable route has been chosen.
between the important points TO be connect
cd, for il these things have not nll been
considered, we should hesitate before we
sanction work that may ultimately have
a successful rival. 1t would be we'll 10,
enquire whether it is good policy. or in
accordance with the spirit OF our Institutions,
for the county TO involve herself in part
nership with an incorporated company
FIVE should decide that it was good policy
10 form such a partnership, We think that
we should require, a guarantee, somewhat
above mere assertion that the means will
be furnished not only TO finish the road but
to finisl, without Iuinous sacrafce TO the
original stockholders. No such guarantee
has been presented to US! MS voters we wait
for il! and we shall write emo subscription"
On our ballots unless we receive il. II
the stock Of this road willcertainly be good
and at par or above par, and can certainly
be shown to be so, by undeniable and ire
fragible testimony, and sound statement of
fact, il would be unnecessary for the county
to make this subscription! for, individual
capitalists are abundant, who nre ever
re,dy to mike certainty. profitable invest
rneni. The present call upon the county.
for subscription, by the company would
seem 10 show. that such q state OF facts
cannot be shown, Us will induce Individual
subscription. If, without saying then,
tha, the stock would be decidedly bad, and
entirely under par, We merely say, ,hat'it
Will be of doubtful value in the market,
the question with us will be, and this is
very important question, are We willing
to make the subscription and ultimately,
he taxed 10 pay the interest, and finally
the principal Of the whole subscription!
For 10 this end il may come, i'll there is no
guarantee, for the completion OF the road
Are the advantages contemplated in The
future, such as to warrant our assuming
this load Of debt, and mourning this risk,
upon the mere assertion of any corporate
body Of limited mems and only responsible
in their corporate capacity. Those Of us,
who ihiak the advantages are uncertain
merely promised, while the responsibility
and debt will be certain and fixed, shall
write "no subscription" on our balloss, and
We shall be the more careful to do this,
because failure to vote in the negative,
will be equnl 10 q vote in the affirmative.
Let US look Of the nature OF the subscrip.
ton TINT you ask. The company you say
will take the Bonds Of the county at par,
and pay the interest on thern at six per
cent! Out Of whose money will they pay
this Interest," The road is in no condition to
pay revenue. Then, they must pay ii
out OF the payments made by other stock
holders on account of their stock! or, they
anus. pay the "a, 500 Of interest out Of the
principal Of the money that they raise on
the county bonds.
What ordinarialy prudent individual we
ask, would lend money, when he could
clearly perceive that the only means that
borrower would have Of paying the interest,
would be by yearly subtracting the amount
frnm the principal borrowed. We recol-
Ice. reading the history Of q celebrated fl
nancier, who was On extensive borrower
he lived splendidly and sumptuously, thro'
life and always i1ad plenty Of money! on
his dying bed he summoned his creditors
around him and revealed to them as q
secret, his method of doing business! h.
had never made his capital productive, he
merely borrowed and continued to borrow,
and paid the interest on one loan with the
principal OF another. He declared div
idsnd OF one farthing on the pound among