Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1852-04-17


the lower or more Southern division Of this
road, that is, the section laying hp,wrcn
Bridgeport and Sunburv,---a distance of
about or near fifty miles--shall be under
taken by the City of Baltimore in conIunc-
ton with the four Coal companies whose
works inlersect that division, and with the
counties more especially allied to the same
division whilst the upper, or more northern
section, from Sunbury 10 Wiliamspor, shall,
in like manner be committed 10 the country
contiguous 10 it-or in other words, that the
funds which may be contributed BY the
| City of Baltimore and those of the Coal
companies as well as those Of the contcr-
minous county, shall be applied 20 the Sec
tion extending from Bridgeport TO Sunbury
as far as the amount may be necessary TO
the completion Of that section.
The whole line of the road from Bridge
port 10 WiIlamspurt is estimated-as we'll
as an estimate can be made, before survey
or locaion-to be about ninety miles in
| length The grade is computed TO be about
two and a half feet 10 the mile, and the
| greater portion of the route will occupy a
| level river bank with but few impediments
! 10 the easiest and cheapest character of
| construction. These features of the country
! through which the road must pass, it is said,
| by those who are competent to speak upon
such question, will place this work in the
rIl nG ba ,f
| known 10 the experience Of our engineers
J 1t is estimated that the whole work may be
made for two millions.
In considering the question of con,ribu-
| tion towards these funds, the Convention, in
! their memorial to the City Council, have IN
| timaied that a loan of the credit of this city
to the amount of 100000 would meet the
| expectation of the other interests associated
in the scheme and it is to this subject that
the Committee now specially invite the al
.enton of their fellow citizens. They have
a proposition TO make, in reference to Ihis
point, which they hope will prove accepa-
bic TO every interest concerned
They do not wish 10 embarrass the city
! by any financial measure which may n-
voIve the necessity Of advancing any money
whatever, or which may expose the city TO
probable hazard Of any increase, now or
! hereafter, TO the rates of taxation. The
scheme which they have 10 propose careful
| ly avoids, as they think, any actual outlay
of even the smallest amount, and certainly
avoids the probable contingency of any uIl-
mate loss whilst, on the other hand, the
| demonstrabe success of the enterprise must
iufallIbly, in increasing the trade and
wealth, Increase also the revenues of the
city.
They propose
/. That the city shall make loan of
their bonds for S5O0,O0O to the Baltimore
and SusQuehanna and York and Cumber-
land Rail Road Companies, upon an UNDER
taking, on the part of these two Companies
TO secure and indemnify the city against
loss by pledge of the property and reven-
ues Of these Companies respectively.
.. That the bonds be issued for such
amounts as may be found convenient, bear
ing an interest of per cent, and redeema-
bic in twenty years.
3. That the two Companies regulate be-
! tween themselves the ratio in which each
shall receive the bonds and their respon-
siblity TO each other in the amount of the
security.
4 That the bonds shall be delivered to
the Two Companies, and be applied by
them 10 the construction OF the road, as fol.
| lows
| Whenever the two Companies shall de-
mand of the City an insalment of the
bonds, and it shall be shown, to the salts
faction of the City authorities, that there
have been subscribed and paid to the road,
from other sources, the sum of one hundred
thousand dollars, then the City shall, upon
the requsilion of the two Companies, deliy-
I er to them the like amount of one hundred
thousand dollars, in bonds, and so of the
next hundred thousand, and Of the success
sive inslalmens of the same amount, or the
same conditions until the whole sum of
$500 900 in bonds is supplied. 1t being un-
derslood that this loan By the City and the
corresponding subscriptions by which, in
each insalmeni, ii is to be preceded, shall
be applied TO the construction of that por-
tion of the road extending from Bridgeport
10 Sunbury, and beginning at Bridgeport.
5, That the two Companies, having thus
become The proprietors of bonds, shall make
such siipulalions and arrangements with the
new Company for the application of these
funds TO the construction of The road as
they may find expedient that is 10 say,
that they shall either loan them 10 the new
Company, with The reserved privilege of
converting the amount into stock whenever
they may choose 10 do so-or to subscribe
the amount once TO the stock, on such
conditions as they may find advisable
taking care, in either case, to s,ipulate
for the application of the money 10 the
construction of the road from Bridgeport TO.
ward Sunbury,
OF the value of the road, when completed
II is presumed there can be no difference of
ODiniOn anonost nnr uTl-