True American. [volume] (Steubenville [Ohio]) 1855-1861, 1855-07-25
From the steubenville Herald.
The steubenyille & Indiana Railroad.

AAN~ PVONSSAs14O " 4ud4d4o Gso44AO
Mr.. EDIToR:-At the close of my last
number, Ipropounded two questions which
| proposed 10 examine thereafter. 1st.
As tothe ability of the community, through
which the road runs, to take S4l9, ,043, 81
of stock in the road in addition towhat has
been already taken, say $4l9,O53 81, be-
cause propose to dispose of this matter
first, resorving the proposition for future
discussion that they are able to take much
more.
The asscssmentOf real and personal prop
crty in the counties of Jefferson, Harrison,
Carroll, Tuscarawas, Coshocton and the
North half of Licking, through which the
road runs is as follows:
Real estate, $24,120,l47. Personal,
Sl7, 7,363,S3S but reducing for certain dis
puted items and calling the round aggre-
gate $50, 100000 we have a substantial
basis upon which to estimate.
The entire cost of the road or $4,000,
600 is eight per cent. or eighty dollars for
every thousand the community is estimated
to be worth, and no man will look at the
assessment of his property and say that he
would take that for it. But at present the
point is to get up to half that, or an aver
age of forty dollars on every thousand. OF
this there is already taken 81 1,21S,827 SS.
What is wanting is $4l9,053 81, or 1882
shares of stock. This is in round numbers
Sl,637 1881 60 ofstock held by the commu
nifty, and leaving s., ,3O1, ,O37 92 of debt OF
what is the same thing in effect $780,,
O37,92 of stock held by foreign stockh.l.
ders. In this calculation it will be seen
that the sum of SCI ,080 80 of earnings Of
the road is counted as so much stock taken
and paid for and makes up the amount
thus.
Stock taken and paid in Sl,21S,S27 So
Earnings of the road
applied to stock..........."61 ,080 80
Loans. ns....................,...2,301,O ,O37 80
Deficit to be supplied by
new stock...................419,O5 ,O53 81
Total cost of the road $4,0O0.OOO 0C
There is another view of this subject
How many property holders are the within
this district ofcountry? There are not less
than twenty four thousand frecmen. Two
million dollars of stock is less than ono
hundred collars to each freeman. Now
the Sl,2lS,S27SS of stock already taken
has been taken partly by municipal copor
ations as counties, cities, townships, &c.
only the interest is required to be paid, anc
the moment the road becomes q dividend
paying road that ceases, because the roaG
will pay it. Of the stock subscribed and
paid by individuals, the individuals sub
scrlbing are only six hundred or trihc
less. Now this leaves twenty-three thous
and four hundred freemen within the range
of the road, who have not yet taken share
of stock in the road Can there be an,
doubt of their ability to take 1882 shares
of stock amongst them, if they are oncC
convinced that it is for their interest to dC
so? 1t is q little over one share of stocl
to every three frccmcn.
Is it their interest to do so? This, the
second question; | proposed in my last tc
examine. And now, my fellow citizens,
permit me to lay aside this distant mode
of discussion, and address myself to each
one of you in familiar style, face to face
Can you, will your circumstances admit Of
your investing fifty, one hundred, two hun.
dred, or any other sum of money in safe
and profitable investment, and holding il
for the benefit ofyoursclf and your family,
as a perpctual inheritance convertible into
money at any moment. If you can do 50,
and pay up the amount within the next
six or twelve months, let us look at this
road, and examine rigidly, SO as to preclude
any rational danger of error, whether your
money will be safe here, and whether il
will yield to you, interested as you are, 0
reasonable return for the use of it.
AS to its safety the charter is perpet
ual charter; and cannot be forfeited, except
for gross criminality on the part of tho
stockholders themselves; state of things
no man can nationally anticipates The
power of the legislature to repeal charters
has of late been the subject of claborat,
investigation, and will soon be consigned
to that bourne offorgetfulness where many
other crude doctrines of honest, but mista
ken statesman sleep in undistinguished OBJ
livion.
Will the stock yield a reasonable return
for the use of the money? Whether it vii
be at all times convertible into money vii
depend upon the dividends.
Times are hard, indeed, whom six pei
cent stocks, having ten years to run, thai