Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1853-11-17

| tain OF the heaviest stockholders nave
subscribed largely above their capital
and these facts. together with the presen
and prospe pective pressure in the money
market render it highly improbable tha
this company Will be able to carry GU
/ designs.
1t has also been proposed that the roa(
should be built and controlled entirely
! By government, but the we'll known fac
that any public work, executed by th'
government, costs far more than wher
executed by private enterprise, together
with the corruption which too frequent
ly attends any extensive contracts of this
kind. has prevented, and will doubtles:
prevent .hs from being done. Were i
not for these considerations, it is very
likely the public would demand that the
surplus funds now in the Treasury should
be expended in this work; and it is high
ly probable .ha. the company already re
ferred to will solicit from Congress gift
of a large portion of these funds to ena-
BILE them to build the road, nay, 1t is al
most certain that proposition of this
kind has already been considered. But
we think the public will be opposed TO
this, as the time will come when this
money will be needed to liqGidate the
debts now outstanding against the Treas
ury, and we shall now endeayor to pre-
sent the outlines of plan which will be
free from all objections we have consic-
cred, and against which we think no 9TH
-, IS tCht h.
urged.
A company 20 be called the "MissiS-
sippi and Pacific Railroad Company"
shall be organized. by the appointment,
by the President of the United States, Of
three individuals. who with three others,
to be selected by the friends of this
scheme. and seventh 10 be chosen by a
majority Of those already named, shall
constitute the Board Of Directors Of the
company having the powers usually ap-
pertaining 20 such officers.
The Board of Directors shall, as soon
as possible after their appointment. com
plete their organization and cause
any surveys 20 be made which may
be necessary, i. in addition to those au-
thorized b. the Government, from which
they shall select the route judged by
them most suitable, and shall cause
the work upon such route to De iIniiedi-
ately commenced.
4 Board of Auditors shall be appoint
ed by government, who shal, once III each
month examine the accounts of the COM
pany. and cash obligations actually IN
CURED by them in the construction OF
the road shall be paid from the public
treasury, and charged to The company.
All persons emploYed by the company
at the rate of not more than one dollar
per day shall be paid two thirds in mon
ey; all persons receiving more than one
dollar per day shall be paid one half In
money; the remainder shall be paid by an
order Of the government for land war
rant, which shall be granted at the pres
ent price. but not in any other quantity
than in equal multiples Of twenty acres.
AS often as one person shall have re-
ceived from the Company in money and
lands. a sum equal to one hundred dol
lars, he shall receive certificate which
shall entitle him to one share in the cap
ital stock Of the company, which certif-
cate, and also the land warrants shall not
be transferable. except to employees of the
company. until cash dividend shall have
been declared upon the capital stock; nor
shall any person. un,il that time, be en-
titled TO hold more than ten times the
amount of land warrants, or Of stock.
which he shall have received for his own
services. The persons holding these GER
tiiicates shall be the sole stockholders OF
the company. and shall, in any meeting
for the election of officers, be allowed
one vote for every share held by them
In one year from he time " hen the Board
shall have completed its organization,
and annually thereafter. such elections
shall be held at the principal Office Of
the Company.
At the compile ton Of the road, mort
gage shall be taken BY government upon
the road and the rolling stock thereof, for
the full amount loaned the company,
which mortgage shall bear interest at the
rate of SIX per cent. per annum. until 1T
be paid, and all the proceeds of the road.
above what is needed for necessary ex-
penses and repairs. shall be appropriated
to the liquidation of this debt.
This, as we have a;ieady said is but an
outline Of the plan. presenting only Its
leading and essential features. Should
it be received with favor by the press,
and the public generally. we will, before
the meeting of Congress draw upa com
plete statement of it, embracing several
details to prevent all attempts at specu-
latlon o. corruption. and present 1t IN
the form of memorial to that body
We invite the attention of the press to
this subject Scientific Amer.
"Wha: are you writing such big hand
for, Patti"