Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-06-22
For the Spectator

.Ucssys Editors 1t is now very certain that
we shall have the cars running from Waynesboro'
to Staunton about the LIST Of August This will
be an important epoch in the history of our Coun-
ty, and most suspicious time to renew the COLI
sideration of proposition which received the cor.
dial sanction of large meeting OF the people at
the April Court allude to the proposed sub
scription of $4,000 to the capital stock of the
Central Railroad by this county To equip the
road with an adequate motive power and working
stock, to accommodate the vastly increased bust
ness which will be thrown upon it as soon as it
penetrates the Valley, the Company will be fore
ed 10 make heavy outlay. Looking TO this OBJ
ject and to the erection of depots here and at
Waynesboro' an Act was passed last winter by
the Legislature, increasing the capital stock ofthe
Company $l50,000, the State agreeing to take
three ffths of that amount. | am not aware that
any part of the private subscription has been made
under this act. 1t is very certain that to render
the law available to the purposes of the Company,
a large part, if not the whole, of the private sub
scription must be made in this county. would
therefore respectfully suggest the following scheme
to the County Court, as probably the least objec-
tionable, which can be submitted 10 vote OF the
people.
Let vote be taken on the proposition TO au-
thorze the Court to issue the bonds of the county
to the amount of $40, 900, bearing six per centin
terest, payable semi annually at one of the Banks
in Stanton, the principal to become due and pay
able at the end of ten years, or afterwards at the
pleasure of the county. These bonds would not
only sell readily at par, but doubt not would
rank as high in the market here as State bonds of
equal time to run, and command handsome pre-
MUM Thus the amount would at once be raised
| ,I,o4 uhcor intio IN no mad n
meet the interest, which would be only $1,000
per annum, let the Court levy tax on all the
taxable property of the county. This tax would
amount to less than one half the present railroad
tax, (Which no one has felt to be burthen) even
if it had to be kept up till the bonds were redeem
ed. But the Company will from this time forth
declare dividends its stock, not being under the
necessity of approprating its earnings to the ex-
tension of the work, since the liberal subscription
of 100000 made a few days ago by the city Of
Richmond, to carry the road on from here to Cow
ington. The county will stand on the same foot
ing with other stockholders as to dividends. The
reports on the finances of the Company for the
last two years demonstrate, that the dividends
will not fall short of 5 per cent even before the
tunnel is finished, and after that, must reach as
high as or 8 per cent, and doubtless far beyond
that rate when the line is completed to the Ohio.
These dividends | would appropriate to the pay
ment of the interest on the county subscription
so that it may be reduced to almost certainty,
that after the first year, the county would moi
have to raise one cent by taxation to meet its OBJ
legations on the SAC, 900 subscription.
No fear need be entertained in regard 10 the ul-
innate redemption of the bonds. BY the time they
fall due ten years hence-the whole line will be
in operation to the Ohio. When that glorious
day arrives, Central Railroad stock will ego like
hot cakes" in the stock market No candid mar
) can doubt that it will command much more thar
its par value. The county then can sell its stock
pay its bonds, and pocket the premium, in addi
ton to the excess of dividends over per cent
! which may have been received. But for the fea
of trespassing too much on your space think i
could be demonstrated that it would be money
making operation all around, for the county t.
make this subscription, Immediately. The ques
ton is one of immense importance to the count,
: just at this time, and know but utter the sen
timent of large number in expressing the hop
that the Court will give it their attention on Mon
day next, when all the Justices may be expecte
to be present. ENTERPRISE.
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