Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1856-06-14

TalG1t dividend QeG11fGQ Tue DAlULlOIE 1uul
Opfo Railroad Company, was somewhat abrupt
ly terminated by a withdrawal of one of thepar-
ties from the contest The gentleman who APP
peared under the signature Of "a Stakeholder"
had an antagonist of such auiable courtesy that
I am sure he would not have taken his leave of
him so CURLY, If the consciousness of defeat had
not whispered 70 the former the propriety of
practising on the wholesome maxim that dis
erection is the better part of valor." If do him
injustice, trust he Till'pardon me for arriving
at an unavoidable conclusion, and that he viii
charitably forgive whatever Of mistake may
have committed, when it is coupled with my
frank award TO him of an ability, however great,
that cannot sn1ake the worse appear the better
side.p
With that discussion I have not at present much
to do. Intend, however, to say few words
in reply to "a Stockholder" in reference TO the
proposed dividend of g, 600, 600 in bonds to be
maid to the present stockholders Of the Balti-
more and Ohio Railroad Company, as an equiv
aient for the "foreed loans" which pTcctovs I'M
fortunate stockholders were compelled TO sub
NIT TO, in having their met earning" taken
from them, and appropriated to the purposes
indicated at the conclusion of this article.
There is a boidness-I had almost said n reck-
lessness-in this tampering With the public Gre
dulitv which should forever rescue it from the
oblivion into which many doubtless hopeit will
sink after it has answered the purpose for which
1t WAS intended. IL TINS community SuOuiQ pass
/ it by without the rcpr .hensionwhich it merits,
Il must be admitted III 1t NC have a,power in our
midst stronger than the Legislature ofthe State,
the Councils of the City, and the people them
selves
warn the State and city authorities, and the
people of both, against this Stupendous scheme
Of financial decentralization. lift has been got
ten tlp solely 70 enhance the market value of the
Baltimore and Ohio Railroad Company, it IL of
little consequence; hut lift is the foreShadowing
of the determined policy of the present admins
tration of the Company it should receive, rs it
deserves the condemnation of every right thin
king citizen.
This equivalent for "forced loans" on oil
stockholders is to be generously given to nsi1
ones. in order to swell the nominal capital of the
Company, so that said taking power (of the
State of Virginia. shall not be exercised until,
and unless, the net income of the said Baltimore
and Ohio Railroad Company shall exceed six
cent Iipon their CAPITAL invested and SO that
the Company by an unworthy bubble may de-
Drive the Stat. Of what its tax laws Justly cnti-
lie IL to-
The jealousy with which our road has always
been regarded by the State of Virginia should
render its managers cautions in the adoption of
any policy caIcniated TO excite distrust, and it
may be well in this place to suggest that even
| the dgitdtiOH of the policy of the repayment of
"forccd loans may establish rights which have
/ not been exercised SOlle lesiiS l'GSl1 .ulh
cause them to be enforced. If gentlemen, Di-
rectors of tue Baltimore and Ohio Railroad Com
many YOU have used your met income" on the
| capital invested" for any 1,uT;poSe, and that
.!net income" "has exceeded six per cent" us
some would persuade us it has how can you
escape the very taxation which such fact iu-
Tites, and which "a StockhOlder' points out
the way to avoid? leave it to better casuists
than ! am to convince the heSitating of the
morality of such proceedings If the Baltimore
and Oslo Railroad Company is to become ut
this late date the great cxelnplar of morals by
the repayment of forced loans" what sad
commentary does it furnish on the wisdom Of
former administrations, and how carefully should
| 50 gOOdiy IN examplebe followed by all corpo. a
tons throughout the country
| Dut il this policyi is lust and defensiblc why
has Justice been SO long dclaycdY and why give
IN tjIe nrcscnt holders of Of the stock return
to which tIey are certainly not in equity cnti-
tied? Why take it from those upon whom
forced loansr were leviedy Why deprive our
tax ridden city of the dividend on her stock
which she sold last autumn2 Why the offer to
nnrchase the citys original investment alta large
lenrrciation. without saving that the forced
lIoans" which Ind been levied on her would be
repaid in her proportion of dividend out of an
Issue of three millions of bonds? Why isit that
! the influence which was at work at the last SEES
sion of tine Legislature to buy out the interest of
the State in the road, is again at work to induce
our Councils to divert TO the .Parkcrsburg Road,
from it's legitimate object, $3.50, 1000 of the five
million loan? If the power in one of the cases
last mentioned belonged to the Company, the
other is ms fairly deducible, and the people Of
R.Itin,nra unless thcv arc ,yilfIlly blind must
see in these MEASURES part and parcel of grand
scheme the fruition of which in part or whole,
would be a calamity as serious as our worst en-.
emies could wish to bcfal us.
The time has arrived for a safer adrninistra.
tion of the affairs of our Railroad Companies.
Iet-construc;ion account be closed and let bal
ance-sLeets. which admit of conclusions show
;no d;tIrancns of millions of dollars be as pIain
FS, nv Sxsn,inaton into his own nrvate Affairs
Whilst no ..mcnny.,yise nor pou6d-foolish'S ex-
nedients should be-. resortcd to in order to force
aiiTidends, a prudent forethought should pro-