Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1856-03-01
PHILADELPHIA, Feb. %, 1856.

PHILADELPHIA, Feb. 23 1856.
Gentlcmen--l was duly honored with your
letter Of the 2lst inst, urging my acceptance
of the Presidency of the Sunbury and Eric
Railroad Company. The peculiar circum-
stances in which that work had recently been
placed, gave q weight to the application made
to me which was well calculated to overcome
nl considerations but those Of public duty
Without however, the expression OF such q
wish on the part Of my fellow citizens as WAS
indicated in your letter, should have felt
constrained to decline the offer; but the rea-
sons urged by you, in addition TO those pre-
scnted by the gentlemen who rendered the
appointment, caused me to yield reluctant
assent. In giving this assent, | deemed is
necessary to stipulatc for certain fundamcn-
tai changes, which l considered essential TO
success.
First. The resignation Of every Director
elected at the recent annual meeting Of the
Company.
Second. The surrender OF al the existing
contracts on the work where payments were
stipulated for in the stock or bonds Of the
Company.
Third. An agreement on the part Of the
contractors not to vote the stock held by
them at the meetings aud elections of the
Company.
In these stpulations I intended neither
disrespect for nor censure OF any one hitherto
connected with the administration Of the at
fairs OF the Company but they seemed to me
to be necessary, because:
Partial changes Of the direction had hith-
crto failed to accomplish the desired resnIts.
Contracts, payable in stock or bonds, large
ly enhance the cost Of any public work, and
to the extent that they may be used in pay
ment, diminish profitable returns on the cash
capital.
The power OF contractors 10 control clec-
| tions and meetings Of the Company by the
votes due to their stock, deters individuals
and corporations from subscribing, and en-
! genders feelings Of jealousy and distrust that
il is impossible to overcome.
! am happy to say that my views on these
| important points have all been acceded to hy
the respective parties, and that ! have thus
| been relieved from sources Of embarrassment
which have hitherto paralyzed the work and
| deprived OF its proper measure of prosperity
and that on the basis suggested, have or
! ganized II new administration, which ! trust
will command full confidence and support
Your kind reference to my connection witt
another great work, inspires me with the hope
| that may he fortunate III Inc case OF tnt
Sunbury and Erie Railroad as in the Centra
road. 1t was by the aid Of such friends a:
you, that the latter work was placed on its
successful foundations, and has since realized
the benefits it was intended TO secure.
With equal elements Of prosperity and un
rivalled local resources for trade, the Sunbu
ry and Erie Railroad will address itself to tn,
best efforts of our people, and we may hope
for Il an equality with the Central Road il
its advantages to our State and city.
Accepting this trust at your solicitation
as representatives of the public feeling an,
business interests Of the city, and relying up
on your cooperation,
remain, very truly and respectfully
S. V. MERpIcK
To Messrs. John Grigg. c. II. Fisher
Thomas Robins. Thomas T. Lea and 9th
ers.