Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-08-10
For the Spectator.
railroad s,bscr.ption.

Railroad Subscription.
Iset out with the proposition that the proposed
County Subscription to the Central Railroad, is in
fact but loan of the credit of the county to the
Railroad Company, and that with the exception
in all probability be called on to raise any portion
of the sum by taxation Those who have read
the order of the Court under which the vote is to
be taken, will have discovered radical difference
between the plan now proposed, and that which
was adopted five years ago to raise the sum OF
$4,000, then subscribed The Court then levied
for sufficient sum annually, to raise the ,chole
amount by taxation, and this fall the people of the
county will pay the last instalment under that
levy. The county will have therefore paid in
money raised by five annual leves the principal
and interest both, of that subscription This mode
of raising the money, would-it the amount had
been large-have proved oppressive to the tax
payers. The plan now proposed Is altogether
different. If it succeeds, the County Court VIII
issue the bonds of the county for S4O,00O, having
thlrty-luur years TO run, but redeemabe at me
pleasure of the county ten years after date, should
it be deemed avlsable to take them up so soon.-
These bonds bearing six per cent. interest, paya-
BILE sem-annually at one Of the Banks here, will,
throughout all this region of country be sought al
ter by those having money to invest, with as
much avidity as State bonds. Indeed they Will
be as desirable and safe for investment as State
bonds, and will doubtless command premium OF
several per cent, which will prove clear gain to
the county. From the proceeds OF the sale OF
these bonds the subscription will be made
1t will be necessary to levy for the first years
interest on this sum of $4,000, and one per cent.
to GO to the sinking fund for their redemptlon.--
This will make the levy amount to S2,oOU, or 2
little over o,ie-half of the amount of the Railroad
tax we have been paying annually for the last tour
years. By the expiration of the first year after
the subscription is made, the road will be in ope-
ration certainly as far West as Panther Gap, prob
ably beyond it. and if there is any truth in figures,
must by that time be paying dividend of from
six to cight per cent. The county will stand on
the same footing in regard to dividends with all
other stockholders in the road, and will receive on
every share of stock she holds the same amount
of profit that any individual stakeholder may be
entitled to on his share of stock. So that when
ever the dividends reach six per cent. the county
is free from taxation to meet the interest. In 9th
er words she will receive s., 400 year dividends
and will have to pay $4,000 year interest, the
one exactly balancing the other. And the Court
is required. under the order on which we are to
vote first to apply the diridends, and then there
is a deficiency to pay the interest and set aside
the one per cent. to the sinking fund, TO levy Tor
such deficiency Whenever the dividends shall
excted six per cent. the county, SO far from hay
inr TO submit to taxation on account OF this sub
scripton, will be actually in receipt of money
which she may apply to any Of It's purposes, and
thus have taxation reduced, instead of being in
creased by this loan. readily grant that II this
subscription was proposed to be made and the
money raised in the manner adopted four years
apo should vote against it, because would re-
gard it as an unnecessarily oppressive burthen
imposed on the county for the end to be attained.
will the Virginia Central Railroad pay divi-
dend of six pei cent. when it is completed Be
cause if it does not, the foregoing proposition must
be modified. In answer to this question might
present an imposing array figures, which it seems
10 me would amount to moral demonstration in
the affirmative But not dceming it important to
do 50 in this stage of the discussion, shall content
myself with brief statement Of facts drawn from
the official reports of the Company made to the
Legislature, during the last three years. These
facts will show steady and rapidly increasing
prosperity in the affairs of the Company. which
warrant us in indulging the brightest anticpations
of the future.
The gross receipts of the Company tor me rs
cal wear ending on the 30ih of June, to49. a
mounted to 81 ,626,09. The receipts for the
year ending the 30th of September, 1850, for
transportation amounted to S9l ,O7S.SO, being an
increase of about 90 per cent the previous year
This was the year of the famous controversy with
the Richmond, Fredericksburg and Potomac Rail
road Company, when our Company was laboring
under all the embarrassments which it was posi-
bic for the other to throw in its way, and there
fore the ratio of increase in its business was less
than it would otherwise have been. The receipts
for transportation for the year ending 3Oth Sep
TENDER, 1851, were $l43.80l Ga, being an in
crease in one single year of So, 722.6l: And for
the year ending 3Oth September, 1852, the re-
coipis amounted to SIG 1850; from which de-
Quoting the ordinary charges of administration,
under the heads of salaries, miscellaneous eXpen-
ses, depot expenses, repairs Of road and train
expenses" there remained the sum of S74 ,9o2 "a
of nett profits The capital employed in earning
this sum consisted Of,