The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-03-17


more than l ought, l was misled by the
blunders of my accuser, who now attempts
to excite public censure against me, for doing
no better than he did himself, under more "a
vorablc circumstances. piece of unwritten
history, fellow-citizens, in which you are in
terested, may explain to you how | was mis-
led-if | erred at all.
At a time when all railroad securities
were worth 10 per cent. higher than they
have been the last two years, Mr.. Ingle went
into the New York stock market and bought
the iron for the f. & G. Road for $50 per ton,
giving the seven per cent. bonds of your city, Ii
in payment on delivery. Iron was then
offered for S37 90, on one years credit; de-
Quoting the interest made the price equiva-
lent to $34 per ton; deducting the commission
and charges, the company realized, perhaps, |
S33 for $50 in bonds, or only about 66 per
cent. But by some unlucky or unskilful opera
ton of The Evansville financier IN Wall street, |
the road was made liable for the round |
charge of 900 for commissions to a party |
that neverrendered any service. The transac |
ton was unfortunate enough, but the dishon-
orable and disgracefn manner in which the |
manager attempted to get out of it, was |
greater detriment to a respectable company,
than the loss of the money. On this claim, |
Judgment has been obtained in the u. S. Dis |
trct Court, and execution issued against the
rolling stock of the Company, as | am in
formed, very recently, and if not paid, may
be enforced at any moment. l will ask ycu
fellow citizens, if any of these weak and fool
ish transactions have ever been "erposed?'
and what would have been the fate OF the L.
&c G. Road, had |, with the malignant intent
that now actuates Mr.. Ing!e, exposed them
to the world?
Taking Mr. Ingle's bond Transitions as the
basis, at period when be tells You himself,
railroad securities of all kinds, were in de-
have been for two years, found that the Z. &
} c. road did not realize more than GO to G3 per
, cent on your city bonds at period when the
city was in the highest credit Led by the
example Of the L. IL G. Road, calculated for
$4,000 loss by blunders on the first thirty
miles, and taking the worth of the E. & c.
Railroad stock after the completion. as the
probable value Of the Straight Line stock
, when it would come into our hands, the follow
ing estimate of what we should getper mile for
building the road might be made.
$500 in stock worth 20 per cent.........s ICC0
5OCO in bonds ut CO per eent...-......... 1890
1000
: Now, fellow citizens, that is the highest
sum we could nationally hope to obtain for
n building the road, under the n oSt favorable
r circumstances, when we took the contract.
! if we haa taken the shrewd Mr. Ingles transac-
| nand and worth, 10 or 10 pr ct more than they
| tons as our guide. He has told you, that a
o year after there was jump down in railroad
7 securities Of 10 or 10 cent; and for the last
G three years, while we have been struggling to
: carry on the work, the highest compensation
\ We have expected, is only abou $4,000 pc
mile. If compelled to force the bonds on the
i market.
@ BIr. Ingle states the cost of E. & c. Rail-
. road at 49, 100. When it was first began,
I | was upon its Board of Directors. Mr. Ingle
4 went through the country with book and PEN
n Gil in hand, and came back TO us, as he said,
posted on railroad matters; and the ceSt ofthe
y road was then estimated at $1,000 per mile,
: The discrepancy between the estimate and
e actual cost in his own road was about the
,r same as he states it to he on the Straight Line
8 road. But will take the cost of his road and
!. prove to you that our road will be built cheap
{ er under the extrayagant contract than was
o his own road.
n The rails on the L. & c. Road is a light
O rail of 46 lbs to the yard; our rail is to be 60
lbs per yard. Iron cost ut the time the T.. &
i, G. Road purchased SAG per ton delivered here.
:; 20 tons per mile, which ut $40 per ton is per
:, mile $500. Our road requires 80 tons per
!, mile, at $40 per ton is per mile $3.50. In
> crease cost Of iron $3.50.
y Our iron, as you will see costs us more than
:. double the amount of theirs; and il YOU add
y the increased costs of chairs ..and spikes, our
:, iron will exceed the cost Of theirs by about
!, 81, 000 per mile, which, if paid for IN bonds at
the rate that MIR. Ingle sold your own city
bonds, nnder favorable circumstances, would
T, cost US about Sc, 100. per mile more, for iron
- than Il. & G. paid. Our grade is one quarter
! wider, and much heavier through the line
labor and provisions. you well aware, are
% to 30pe cent higher than they were when
=, the L. {; G. road was built. But throwing
, ali these disadvantageous circumstances aside,
and taking the cost Of the Il. & c. road
- Extra costof rontO road at CLEO
y lrcEegse width of grade and labor Of road
NJ al one quarter. ACKNOWLEDGEMENTS. 4,NO
5 seq. 200
d And, We show you that we are building a
decidedly better road, at about the same rela-
il tive cost per mile, with securities 10 per cent
o more deprecated; and labor at least % per
d cent higher. than our assailants had to pay
IS That is, we are contending against disadyan-
I tages, equivalent to 40 per cent and giving
Is you a better road, as cheap as they have built
i their own; and yet from dread of our COM
?, pletion, they resort to the most unfair state
II ments to hold us tou public condemnation, to
,r destroy our credit and our enterprise.
n My fellow citizens, | am not aware of any
Y error or faacy in the above comparative state
t, ment, and | solicit You to examine it, and
'e form your own opinion, Of the motives and
irha Of .ba bn laif bar al