Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-09-07
Railroad subscription.

Railroad subscription.
We intend TO make no abored argument with
view to persuade voters to sustain this proposl-
tion. We have space only to present facts and
-6qures from which we believe every just and gen.
erous man will conclude it 10 be his duty, if not
privilege, cheerfully to vote this aid to the Cen
trail Railroad. The Company is embarrassed tor
means to hasten on the work, to where will meet
your produce; they even want money to provide
cars and engines to carry of rapidly ana more
cheaply the vast produce already accumulated al
the depots fhe road had been completed 10 !
AUGUSTA county, IN time 10 take of this summers
crop, ersry farmer ,could haze more than saeed
his proportion Of The tao, IN haring his flour, Sc,
taken from Stanton to .Neech,n's Rirer for %
cents per barrel instead Of 62s cents ,rhich he no'o
paus bu ,ragon This fact is sufficient to suggest
the advantage to the county in acompletiOn Of this
road before the next crop. The Company has
undertaken also to construct temporary track a.
cross the mountain at cost of $4,000, for the
purpose of having their road to Stanton in less
than one year, rather than wait two or three years
for the tunnel But money is needed to carry out
this plan of fastening the benefits Of the road
Augusta county will be more benefited by 1t than
any other, and to tea times the amount necessary
to bring the road over the tunnel, hence you are
properly asked to aid in the work.
Besides, money will be needed from the State
ut large to extend the work to Covington. lfyou
refuse to contribute of your substance to the aid OF
this road, the mouths of your Delegates will be
completely stopped next winter from asking OF the
other people of the State to give their money to
the work, and you will be reproached and de-
nounced for selfish illiberality.
The scheme to be submitted to your vote, is
more properly proposition for county invest
,nent, than county tax. You are asked to give
the credit, the bonds of the county for $4,000 of
stock in the Central Railroad at par value. The
bonds are to be sold by the county, and the Sene-
fits ofthe premiums they must doubtless command,
will 90 to the county. The property in the stock
thus acquired belongs to the county at once, with
all the benefits accruing the stock from the date
Of subscription. The only money to be paid out
Of your treasury will be $500 per annum for 81
years, supposing the stock to pay no dividend for
that time, after which you will be absolute own
ers of the 400 shares paying an annual dividend
into the county treasury. But during the 81 years
you are annually to appropriate the dividends of
this stock to the payment Of the stock ITSELF If
then the premium on the bonds together ,cith the
annual Dividends on the stock should acreage per
cent. for "a gears the co,miy,cW actually acquire
$4,000 ,corth Of property ~ithOm IN effect pay
ing one cent for H.
Will there be premiums on the county bonds
The State bonds, with 81 years to run, sell readi
lyat $ll0 for the $780, Augusta county is wealth.
or than the average of the State at large, and
very far less in debt with her bonds paying in
terest semi annually at ,he Staunton banks, why
should they not command premium at least
something like the State bonds? B,i a premium
Of ONLY half as much ,ciU leare scarcely any sum
whatever to be raised by taxation for the first year
to meet the interest on this $4,000. Calculate
the probabilities for yourselves, if it may not ac-
tually pay the whole tax.
After the first year, the railroad with the aid Of
this money will be completed beyond Staunton,
and dividends will be paid on the stock. VIII
ihese dividends average per cent for years
The road paid per cent last year on the to the
point where the cars were running. On the same
datG the Engineer estimated that it will pay 81
per cent on the cost of construction to Staunon.-
II is probable that the result will exceed this est-
mate. The amount Of tonnage and travel so far
daring this year. has gerry crceeded the CORES
ponding periods of last year. The business in
ereases in geomerical ratio with every addition
al mile opened. Who can presume to estimate
the trarel when the road reaches the Virginia
Springs? Who can compute the tonnage when
it reaches the Ohio Valley where 100000
worth of freigh annually passes the terminus of
the road2
Next week we will give statements of the val
&c of stock and dividends in roads similar in char
acter to the Central line, to estimate the profits of
the road.