The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-10
Our Albany corrc.ronae,.e.
ALBANY, May %, 4
The SasQucapana Railroad TIE Albany b,

The SasQuchoana Rasioad-IHe 4diba,,v y, /
Roircdd Securities. &c. X
The excitement Of he Susquebanna railroac
ton in this city, on Monday last, having cut
and the smoke Of the battle dissolved into tn
il may rot be deemed Inappropriate forone sta
aloCf from the contest, TO furnish tho readers !
HERALD with dispassionate view and calm n
OF The matter. Tho project of laying a line a
rails between the E!io road and this city, wa (
coiyed some eighteen months since, by scycra* I
sons in Bnghamton and III this city prclim3
Organization under the general law was eli
officers chosen, aud come funds collected TO ca
practical survey to be made. Ia due time, an
mate was made of the cost Of ia construction
The plans, specifications, ute, aud grade
mostly taken from consultation win maps
diagrams. Not one tenth portion Of the u
rvu,e has ever been thoroughly and scienhf.
explored. a great flourish was made by Eah
q. Belayan, which it was thought was occasi4
o. having IN bis possession a large amount of
estate entirely unpIoducive, being in the soatA
secuon OF Tho city through winch the con 4
plated road WAS to run. In him tae peon,R
lcscd very ht'io confidence, from the uniform
hsn principles which be has always cxhibitrd
matter Land dormant until near the MEETING o IA
Legislature, IL January last, when the psoplp "
proposed lCutc between blLghamton and this
were visited sy soIne OF tho directors and ia ssyN
OF tho villages meetings were held, spesche. II
made, filled With facts irresistible aud incortroy.
bic, thar The roau would be one of the Inost
due,ive, and its stock. in The course of u TOW Va
be equal 70 the Utica abd Schenectady, or
Other. Considerable subscriptions . the stoch /,
obtained; al appeared ac,lNe, willing aud dc .
mined, and tho meetings thus held were para IL,
tic papers OF this city, in order 10 meet ths ay
Tie Legislature Within Il few days OF the clio,
the session two bills were introduced in the Sen
one by tho Hon. Mr. Bristol, or the Hon. Mr. s \
lett, authorizing the village Of Bngham,on to l.
bonds 10 The amount of O,0D0, us loan 10
read; and another, introduced nearly siinultuneuu
ny lar. Tabor, on the DINER end Of the route, ash
the city OF Albany 10 issue bonds to the amoul
million, also tor the use Of the road. The lormer
passed without much opposition, and the latfor &
run 20 third rcading with such secrecy and hot ma
that not exceeding h,lfa dozen individuals in tho
knew anything Of Tie project. Tho Common Co
Citizen took the matter III hand, appointeda cos
mittoe 10 ascertain the facts, examine the propo
law, ard make report thereon. 1t appeared u,
eEninl alton that the bill was one u lac most re
Tess and dangerous cbaractor, involving The city
an enormous debt upon 10 other security than "
rested uIon new contingency. The Comm
Council repndiated tho bill, sent a strong and n
phatic remonstIance to the Legislature, aud
tuither progress Of the hlt was arres;o cd The p,,
lie tL,n became awakened and alarmed holder
real estate resisted the iron grasp OF @ morreat.
aud business psopio of every class, legal gentlen
OF high leputc, contencicd that If the road reaur
the aid OF the city, such securities should be ped
as 10 indemnify the city from an ultimate REDEEM
tion OF the bonds. After week inanc,cfing, IN
tircy different bill was suhmittcd TO the Jound
aoiudged 10 lie sufficiently well guarded, which Vi
approved by large majority, and adopted a
subsequently continued by the Legislature. g
question was submitted to the Eeoplo on Mo
dsy last. whether the authorities OF tho city shot
tGsl Ms ifInf,i
soGiAein section, the centre aud western ware
gave large majofitias IN favor of the loan-iut,e
out Of vote Of ,tSS only ~! were found in OPP
stion, shoNi ing decidedly that the people AFRO W
ing to run the hazard OF issuing tho million bon
AID moJ.gaging their property therefor.
Now, this issuing honda TO railroad compauies
no new thing although there has boon IA Intern
siou for some ten or twelve years It. is we'll know
that the State has been iunense sufferer in Tho
transactions. The three millions loaned TO the 4,
road. which Tie State was compelled to give OF
right, VIII amount to double that sum- interest q,
All, by iet0. when those bonds become DUE In +
year lc.S, lean OF 500 COO was also made to &
Catsllill aud Canajobarie, and two or TIRES yea
AFTER tho interest not having been paid. Comptroll
flagg, 10y authority vested III the act by which d
State bonds issued, sold the road twonty. Gig
miles being in operation implements, fixtures ii
oil, al auction, for the ms gntcapt sum OF &C
70 MIR. Amos Cerwal. and other directors
Caishill Tho State was caught in the same TT
mount Of S3l5,1C0 were loaned to that conosr
audit vas also sold under the hammer in iSi2 IL
retten concern only brought $500, and was NJ
hased in the name of Archibald Mcintyre, OF a
bany one of IFS largest stockholders; he rot it up
bls own bid. as there were no competitors. T.
Hudson and Berkshire would also have been sol
had the company not secured TO the State an a
nual sinking fund as a gradual extinguishrncnt
principal end accrmulat, d interest.
These and other speculations, no doubt induc
he convention OF 1915 TO restrict the Legislature
Icing ;hus lavish with the credit of tho State Al
although tho constitution prohibits the State fro
issirg its bonds to incorporatous there is nothir
10 prevent cities and villages from doing so. M,
now believe the restriction should hayo boon tn
fur EXTENDED An example or swo OF the Bridg
roIt loan may produce some action in relation
this matter.
1t is now openly asserted by some of tho leadir
friends of the Susguehanna enterprise, that it
very doubtful whether they will ever ask Albany
Issue the million bonds. They say, by complyir
with tho acquisitions contained in The law-shic
IL, spending upon the road within u milton OF |
cost--they can obtain sufficient bends elsewhere
from IL to per cent less than tho per sel
pledged upon the Albany bonds, which, in IL
course Of thirty years, viii amount to q vast savn
Iney allego Also that, in such an event, the dire
tors will not DO confined To tho route aud Location
but can then run it to Schenectady, Catski, or al
other point deemed most advisable