Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1850-06-27

Mr.. Paine has disposed of his proprietary
right to his discovery for sum which may
at first seem incredible, but moments
consideration will show that the purchasers
will have got good bargain, if all that is
said Of the capabilities and cheapness of
the light can be established. The terms of
purchase are reported to be FIVE millions of
dollars-haif a million down. Mr.. Paine is
expecting visit from the committee on
gas Of our city government, at Worcester,
to-day. to look into the matter.
The above is from the Boston Transcript
of the 9th instant. On the succeeding day
the editors published the following para
graph:
We are informed that the sum stated
yesterday as having been given for the new
ly invented hydro-electric light of Mr.. Paine
was too small by half-enormous as it ap-
peared to be. 1t is now stated that the gas
companies of this city, New-York, Phila-
delPhia, Washington. ETC., have bargained
to give Mr.. Paine ten millions of dollars for
his patent, and that they have actually
made him an advance payment of half a
million !"
In addition to the above particulars, we
make room for the following, from the
Tribune, of New-York city:
Arrangements are in progress for light
ing the Astor House by this process, and it
is expected that the trial will be made with
In month-as soon indeed as the machine
can be prepared for the purpose That es-
adjustment is now lighted by gas made
by the proprietors on the premises, and has
no connection with any gas company what
ever. The pipes aud burners now used
are perfectly adapted TO burn Mr. Paine $
carbonized hydrogen; all that will be ne
cessary, will be to detach them from the
present apparatus, and Join them to the new
one. The experiment will be tried under
the eye OF the proprietors and other gentle
men, and collision or trick will be inpos-
sible. Every means will be taken to ensure
fair trial, all the parties being as DESTROYS
of success as Mr.. Paine or his friends can
be. If it succeeds, the thing will be estab-
lished. fit fails, that will be the end oft.
This experiment is to be made to satisfy a
number of highly respectable and response
BILE parties, who propose to buy the patent
right, if successful. The conditions are,
that Mr.. Paine shall bring machine OF his
construction to New ork, and produce at
nominal expense, say FIVE cents per thou
sano cubic feet, gas enough to light the
Astor House for six successive nights
Before he commences, the parties in ques-
ton are to deposit one hundred thousand
dollars with some person acceptable to the
proprietor-John C. Pedrick, Esq. of Bos-
ton, who has aided Mr.. Paine in carrying
on his experiments for the past two years
to be paid over to Mr.. P. as soon as the tri-
al is declared successful This is by way
OF bonus or guarantee in case there should
be failure TO pay over to him the sum OF
one million, which is 10 render those par
ties part proprietors of the invention. The
value of the patent for the United States
1.-THE city of Worcester excepted, which is
reserved for Mrs. Paine,) is fixed at telf
millions Of dollars, and a joint stock COM
pany is to be formed to manage it. In this
company MIR. Pedrick is to hold from one
third to one half of the entire stock on the
remaining part which he sells, the million
handed over Immediately on the success of
the experiment is TO be considered an in-
stallnent, and the remainder is to be made
up by sales of rights Thus the parties
buying in will receive no dividends until
Mr.. Pedrick shall have been fully paid
Such is the arrangement agreed upon be-
tween Mr.. Pedrick and these gentlemen.
If the trial here shall prove successful, it
will no doubt be carried into effect; if not
the New-Y York spectators will lose nothing,
and the invention will be heard OF 10 more
at present. We deyoutly hope for sue
cessfnl result although we shall not be
very keenly disappointed by failure"