The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-03-03
EoT tAtC sOuA neA-
An Expose.
continued from yesterdays Journs


l. d C. s. L. Rniroad Company.
In less than six months after your first adj
dress defining your policy, demonstrations
were made by yourself and Mr.. Carpenter,
showing disposition to throw your securities
already obtained. on the New York market,
before any part of the line was prepared for
letting, and before your subscription list war
ranted any such committal Of yourselves.
In the summer, early autumn Of 1853.
you demanded Of Evansville the bonds pay
able by her. for her whole subscription, whilst
vet no part OF the line was ready for letting,
and whilst no lettings had been advertised
This step so alarmed the city council, that
there was great danger that you would get
none Of the Evansville bonds; and this con-
troversy alarmed individuals, who had SUBJ
scribed, and created distrust here which
was never allayed. The controversy was
however settled by verbal agreement, be-
tween yourself and Mayor Hopkins, by which
you got 100000 of the bonds, on condition
that the other half should not be called for
till wanted for use on the second division OF
the road, and such was the confidence of Mr..
Hopkins in your high character that through
feelings Of delicacy towards yourself he did
3 not ask to have this agreement of yours re-
duced to writing, or placed upon the record,
~
man, and as the President Of the company
Notwithstanding, however, these disturbing
elements, your own statements in the exhibit
of March ii, 1854, and your address OF May IL
1854 to the new board show that your success
had been, all things considered, great, and that
yourselves were not discouraged, and that no
necessity existed for departure from your
avowed early policy.
From this date shall now show, that this
approved policy was departed from; that the
documents last quoted, foreshadowed, and m
augurated this departure, ut the same time
that they showed that it was gratuitous and
unwise. And YOU will pardon me. when /
say it in no unkndness, but with none the
less firmness truth, that the two docu-
nients just quoted, introduce, rs part OF your
new policy, a studied system Of concealment,
ever since maintained, Of all those facts tue
knowledge Of which is necessary, to enable
stockholders to know what is being done by
Directors.
In this stage Of railroad there is nothing
which so much interests all parties concerned,
as the actual and detailed estimates Of En-
gineers. and the detailed cost at which lettings
have been made.
But though your Engineers had then been
near year in the field, and though 90 miles
of preparation of the road for the rails had
been let. and though ''the exhibit is II pages
long, and leaves no other subject untouched
yet we look in vain for the all important sub.
ject Of estimates for grubbng grading and
bridging by the Engineers; or for the price
at which that work had been let, to con
tractors; albeit this was the very work to dc
which alone, we had subscribed our cash, oul
lands and bonds. In this matter, in this
exhibit" and hence forward, as shall otter
call you to witness, we, the stockholders, ar,
always treated as outside barbarians, not en-
titled to the christian confidence and sympa
thies of the powers that be. 1t is true tina
this exhibit says on page 6, in two short lines
"The whole road has been located, and thu
first grand Division, of 81 miles. was put un
der contract on the 18th of February last."-
And there the subject stops, whilst the ex
hibit goes on to state the new policy of tn,
company; and strange enough too, the reason
given for the policy, of finishing the roaa
by Divisions, (Which is now and always wa
impossible as shall show is ''for the pur
pose of making road profit ible to thu
stockholders as soon as possible"
little further along, on page z, we having
been already informed that the whole lin
was located, the exhibit says: The distanc
from Evansville to Indianapolis. by air line i
about l47 miles, and by the railroad lin
about 150' or only miles longer thar
an air line.'' Pray bear this in mind
And then soon afterwards we are informed
for reasons which we cannot tell, but may
guess-"iIenry C. Moore, Esq the Chief En-
"gineer. estimates the cost OF the Road, in
''cluding ample equipments, station ground:
"and buildings, machine shops, and damage:
ito real estate, at S23, 262 per mile, casl
(which from his experience, having just fin
"ished the Indiana Central Railway as chic
Engineer, is believed to be about the actual
''cost of the work.
May | ask why, we, who were to furnish
nearly the means to grub, grade, and brdg,
this road, estimated by you at 5000 per mile
and who could and would still have done &c
at much higher figure. if necessary. ar,
kept in ignorance of the fact of actual estiH.a
ties, by Engineers, of this specific branch OF
the service and are just now informed Of tota
costs at off hand estimates.
The answer is, that this was just simply
"a getting upstairs towards still highe
estimate, already made, and Of which we &c
only a glimpse, two months and some day,
later.
Having prepared our minds for a pretty
high total cost of the road, in comparison will
our first information as we have seen, we are
supposed to be ready for something of dc
uouement; and accordingly about the middle
Of May following their appeared, in one Of tn,
Evansville daily papers notice headed 9Th,
E.. & G. 5. l.. Il. r." whch, after Stain;
that an annual election for Directors of tn,
Company had taken place at indianapolis
on the previous Thursday, and giving tn
names and residences Of all the Directors elect
and stating that o. Ii. Smith had been unau
imously elected President and W. Carpente
Vice President &C. in the most official manne
continues in this wise: "Mr. Smith then de
'.liyered an able address, giving an account O
S,the operations OF the Company, since its or
ganization. We shall publish his address
"to-morrow We had the pleasure of seein
"Mr. Carpenter since his return from India
"aapolis. He was elected Vice President an
then resigned. company under the styl