Eastern times. [volume] (Bath, Me.) 1846-1857, 1850-05-02
Credit Of Bath loaned to the x. and p.
Railroad Co.

The meeting of the citizens of this city, held
last Saturday, was large and exciting one.
Gen. Joseph Sewall was chosen moderator. and
presided with his accustomed tact and ability.
From o'clock, A. NJ, until P. NJ, the city
hall was filed to OVERLOOKING by our citizens,
all anxious to hear the great and important
subject of loaning the credit of Bath to the
amount of 100000 to the Kennebec and Port
land Railroad Co., fully discussed. and equal
ly anxious to cast in their vote on the qucs-
ton. The condition of the road, its liabilities,
its future prospects, and its absolute wants,
were fully laid before the meeting by VIM. D.
Sewall, Esq one of the Directors. d. c. Ma
goun, Esq, then offered the following pream-
BILE and vote =
Uhereas-It appears that the Kennebec and
Portland Railroad cannot be completed unless
that corporation can have the credit of the cit
les and towns through which il passes. to ena-
BILE them to carry on their work, to pay their
debts, and redeem their preferred Stock,-and
whereas. it is highly important to the prosperi-
tv of our City, that said road should be finished
and the investments Of our citizens therein, be
made of some value to bear portion of our
common burdens and it appearing that more
than one half of the cost Of the whole road has
already been expended, a large part of which
will be useless and lost if the road be not CON-
pleted.
Therefore, Toted, That the City authorities
be requested and instructed to petition the
next Legislature for authority to the City of
Bath to loan its credit to the Kennebec and
Portland Rail Road Company, for a sum not
exceeding two hundred thousand dollars in
their bonds, payable in twenty years, with in
terest semi annually, on receiving from said
Rail Road Company lien or mortgage to said
City, and such other cities and towns as may
lend their credit to the road. of their whole
road to the junction in North Yarmouth, con-
ditioned that said Rail Road Company will
pay the interest and principal of said bond, as
they shall respectively fall due, and save the
City harmless, and Unidentified from any loss
in consequence of said bonds.
Mr.. Magoun sustained his proposition in an
able and cogent speech. 1t was also sustained
by John Hayden, Esq, J. Ellsworth. ESQ.,,
Hon. F, H. Morse, and J. Rideout, Esq. 1t
was opposed by B. C. Bailey, Esq. Oliver
Moses, Esq and Mr.. John Low.
At half past four the question on the pas
sage of the preamble and resolution was taken,
and the vote stood as follows whole number,
535-yeas, S24-nays, oil.
Thus terminated one of the most important
meetings ever held in Bath, involving as it does
question of momentous interest not only to
the present prospects and prosperity of our
young city, but also the welfare of generations
to come. The subject seemed to have been
thoroughly examined and the result, we
must say, we think a correct one, as the sequel
will no doubt prove. The security for the
credit loaned seems to be safe land most certain
ly the completion of the road, opening it
will new and accessible avenues upon us, thus
affording us greater facilities for trade, will.
most surrey, promote the interest of every in
habitant of our city, aud cause us to fulfil the
measure of our destiny. which is to become one
of the largest and most thrifty cities in New
England.
We hope the other places on the line of the
road will follow the example of Bath and Au-
gusta, for on the final completion of the road
depends their interests as we'll as ours. 1t is
project in the success of which the towns
deeply interested to suffer it to fail.
The kcnnebec Journal has the following Just
remarks on the probable business of that road.
"a net income on the cost of the road of
only three per cent. will pay the interest on
these bonds and who is there, at all informed
of the localities of this road, and of the travel
and business that will be brought to it, that
can for moment doubt that the income will
be far more: When in complete running or
der, if it does not exceed six per cent. on the
entire cost of lis construction, then all previous
and present calculations and estimates will be
at fault. We have not the most distant fear
that the cities and towns will ever be called
upon to pay dollar on the bonds. On the
contrary, the income of the road will probably
be yearly increasing, and the stock become of
par value, which can then be sold. and the
bonds paid or what is likely, the holders of
the bonds will be glad to take the stock in IL
quotation of bonds