The Democratic sentinel. [volume] (Cadiz, Ohio) 1852-1853, 1853-12-21
BALTIMORE CITY COUNCIL.
Passage of the 5000. 900 by the I'd Hranos

.. ..a.... FRIDAY, Dec. 2.
SECOND BRlNcm.-Branch met, ohm b. Seiden-
strcker, President in the chair, and all the MEM
berS present.
Mr.. " ebster called up ordinance No 2, relative
to the endorsement Of So 100000 of the Baltimore
and Ohio Railroad Company by the City.
Mr. SeidenStrckeI moI ed the re- consideration Of
the first section of the bill, with view to offer
amendments carried.
He had probably only this amendment to offer.
lie supposed thai S., 100000 would be sufficient
10 put the road on proper basis, so that it might
pay dividends and go on prosPeronSly withtS work.
IHe would now move to strike out the word "fve"
in the 9th line, and insert the word "three." His
reason for this that the floating and other debts
of the road, up TO 1854 inc uSye, would be S,-
900. That be supposed could be paid. The
tunnels were to be arched, and he thought that
work should be done, and that would require an
&, expenditure of 100000 and from what he could
learn obout 81, 100000 was all that was necessary
for the company at this time. ...l
From the report OF the committee, which he had
no reason 10 doubt, the road was nearly ready TO
pay dividend, for the increase OF revenue during
the past three months had been such as 10 induce
the belief that the income Of the load for tue pres
ent year would be about So 900, which increase
IN like ratio for short time, would enable the
company to pay about six per cent cash dividend
upon the capital stock. He thought if the CON-
pany would take this $780, 600 and relieve the road
Of the debts which now oppresS it, there would be
no doubt that it would pay, and especially so tho
receipts. as stated, are 81 900 per day over and
above which they have heretofore been.
He knew that some would say that the first mort
gage would have 10 he paid, or they could not go
into the market 10 borrow more money. The pay
ment OF that mortgage was not necessary as the
SO, 90, ,0000 would be sufficient. They would be rid
OF the notes OH call, the promlssory notes, and
other floating debts. Mr.. 5, withdrew some ex-
pressions made on previous occasion, derogatory
Of the directors of the company, which he said
were unjust. His whole course had been Tor the
safety OF the City Of Baltimore, to which he owed
d. everything. ..... ......t. ....
Mr.. Webster was glad 10 hear then, for the first
lime during this discussion, that there was some
reliance to be put in the integrity of the directors
Of the l0road company. He knew that hereto
lore The merits Of the matter had been entirely
overlooked, and he reioieed that legitimate view
was there taken OF the mater The memorial Of
the company was before the Council an they had
not asked tor any 1t ore tan they actually want
ed. When the estimate of the tunnels was made
by the engineer Of the road, the sum Of 100000
would have been sufficient but now it would re-
qure 81 100000. Then they were in want of de-
pots, stations and engine houses. ,.. ,..
Even in this city they had Temporary depot,
# and that not half finished. Then they want
cd depot al Wheeling, and perhaps at Cumber-
land, and at other places, l. was necessary for
them to have dou Bile track 10 Piedmont, and they
needed SideIlngs, both on this and the other side
nf that pint For the want Of this, thele was
not an empty train going from this city 10 Wheel
InE, that was not detained from a half to q whole
day, and there was not tram from that city to
Baltimore, which was not detained from six TO eight
hours beyond the time absolutely necessary with
the double track. A double track was wanted
over eve bridge, and through every tunnel; and
they must be had. The water stations must be
in Or1 thtA fIf nlo
might be violated.
1t was not the floating debt which the Company
could carry that brought the Company to this CCun.
cn, but 1t was the Necessity Of the increased con.
structionS, without which there could be no hope
of increased revenues by the roads. The Compa
ny was not the creatnIe OF this corpOrcti0n, no
did 1t come beggar, for it could pay these debts
without the aid of this corporation. 1t was
work Of the Slate of Maryland, and intended tc
benefit the whole State, and not a particular 10
callty. He considered that at any sacrifice the
road should be put in condition to bring every
article of freight that offered.
Decided in the negative, as follows:
YEAs-MeSSrS. President, FlrIUw, Suter, r C
ardSon-4.
NAYs-MeSsrs Falls, Gill, Webster, Vickers
Griffith, Slewart-6.
The bill was then put and decided aflirmatively
as follows:
YEAs-Messrs. Falls, Gill, Webster, Vlckers
bItfltn, SteWart-O.
NAYs-MeSsrS President, Farlow, Suer, Rich
ardSon-4.
The Branch adjourned till Monday afternoon
5 o clock.
The following is the bill i'll the form in which i
, passed. ... ....
An Ordinance to Guaranty the Bonds of the Bali
more and Ohio RatLroad Cowpany.
Section t.. Be it enacted and ordained by tn,
+ Mayor and City Council of Baltimore, that upol
H., tnt.. ID r ~
at one time or from time TO time, OF the Bonds 0
Certificates Of Loan of the Baltimore and OH,
Railroad Company for sum not exceeding in tn
aggregate five millions of dollars, in SuGlS of on
thousand dollars, and five hundred dollars, payab
on the first day of January, in the year eighteen
hundred and ninety, in the city Of Baltimore, witt
interes at the rate Of six per cent. per annum
payable half yearly, also iii said city, the frs
day of January and the first day of July, in tn
} meanwhe-upon satisfying the Register of th
city that said bonds shall not be disposed of f
sum less than par; and that none OF the bonds en-
dDrsed as he-en provided ior, shall be sold unit
} notice Of their intended sale has been given b
Advertisement, 10 be inserted III at least two of III
newspapers Of the city Of Baltimore, once a weeI
Ior four weeks before the day of sale, and inviting
proposals FOR their purchase, the principal and in
terest being cured bya pl dge by way Of mortng
Of all the property o! the said Baltimore and Ohm
Railroad Company; then and in that event TIN
said Register shall endorse, either by writing b.
causing the same TO be printed or engraved on tn
Sa Bonds or Certificates OF Loan OF the said Com
pany, The guarantee Of the Mayor and City Coun
Gil of Baltimore, TO be signed by the Mayor of tn
| said city, and countersigned by said Register, 10
the time being, with the Corporate Seal of tn
said Company affixed thereto, in the lollowln
words:
"For value received the Mayor and City Coun
Gil Of Baltimore do hereby guarantee the pay
ment of The within Bond or Certificate of Loan
for with interest thereon, according
TO its tenor. In testimony whereof,
Mayor of the said city hereunto Subscrib
ed his name, and caused the Corporate
[sEAL. Seal Of the said Mayor and City Coun
... Gil, to be hereto affixed on this
day OF III the year eghteel
hundred and fifty ....
-- MAYOR"
Sec. Q, And it e enacted and ordained, Tha
, should the said Bonds and Certificates Of Loan 0
the Baltimore and Ohio Railroad Company be issn
ed, with interest Coupons she'll be guaranteed b.
endorsing in writing, printing or engraving Thereon
, the words "Guaranteed by the Mayor and Cit
of Baltimore Register" The said RegiSte
being authorised to use stamp with fac .smll'
of his signature in lieu of his own proper sigma
tuIe on such Coupons.
, Sec. 8. And he it enacted and ordained, Tha
before the said Register shall deliver 10 the sat
Baltimore and Ohio Railroad Company the Bonds
and Certificates of Loan SO guaranteed by th
Mayor aud City Council of Baltimore, he shall b,