The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-03-19
tFor the Journal
The Straight Line Railroad.
Concluded from Yesterdays Journal. J

ing contract to complete the enllre Ioau u |
one company OF contractors, is, that they
should supply means and credit to the enter |
prise; but that we had done neither, but had
engrossed the whole assets of the Company
into our hands, and had not advanced dollar.
This charge made without the least evidence
to justify it, have proven to lie reckless
falsehood. The contractors have advanced In
cash, nearly one half the whole expenditure
on the entire work, which debt they are still
carrying at interest and great inconvenience to
themselves and serious detriment to their
private business. And since the outrageous
war, waged against the road began, they have
not been able to use any Of the Road securl-
ties, except upon their own credit. Upon the
faith and credit then Of the contractors alone
has anything been done.
| have proven to you that even at the appa
rent high price per mile under the contract,
the contractors, receiving their pay in bonds,
can make nothing by the contract, unless they
are able to hold on to them. and complete the
road, and thereby raise the value Of the stock
and bonds of the road. Their only salvation
from heavy loss, under their contract, is to
push the road through 70 completion and give
o market value to its securities and stock
1t may appear TO you great sacrifice that
bonds secured by mortgage on railroad and
good real estate. should be worth only 65
cents on the dollar, and should not be cur
rent even at that depreciation. But such is
the state Of the money market and as we
can't hold them. we will he obliged to sell
ours for what others sell for The first mort.
gage bonds of the Wabash Valley Road, one
Of the best in Indiana. and now in the full
IL % Il III 4
the second mortgage bonds at ~ cents The
bonds of the Missouri roads, guaranteed by
the State, sell for only zoe. The Louisiana
road bonds sell from GO to 70c The bonds OF
the Hudson River road, from New York to
Albany, the best built road in the State, are
selling for 65c. y large portion Of the bonds
of the Illinois Central Road, now the most
successful road in the country, were sold du-
ring the construction of the road, at 55c.-
And the list might be extended to a column.
Mr. Ingle has denounced, in terms of af-
fected Indignation, both Mr.. Smith and my
self for estimating the market value Of our
bonds; at 66 cents, when I have shown
You, this gentleman went into Wall street
and sold your city bonds--in the virginity oil
her credit, for the equivalent Of only about
l6Sc on the dollar And with brazen face
that would tarnish with blush. plate oil
brass, he charges his neighbor with fraudulent
designs in valueing Straight Line bonds at 6G
per cent, when the ten per cent bonds Of his
own road-One that has been four years in
successful operation-are hawked about the
street Of tins city and 80 begging at 90 cents
on the dollar, which is only equivalent to GO
cents for per cont bonds; and this at home,
where all OF the road and men is known;
where the high and immaculate character oil
| its managers is shield againt any assault,
and may be appealed to as refutation o.
every impeachment Of their honor and truth.
What do YOU think of man who condemns
me for appraising Straight Line bonds at &c
when he was Offering the bonds Of his own
road, built and in operation, at only an equiv
olent to about Coo. And what will you be-
lieye Of man, who, to mislead you and defeat
a great public enterprise, will array before you
statements that he knows were only two
thirds true and one third false when he utter
ed them; calculating bonds and securities in
dollars that he knew were not 10 be counted
by any fair and honest man as more than So
cents.
With our best management, and your CO.
operation. we cannot make anything under
! lv prospective state of the money market
The only reward we look to Tor all our labor
and anxiety. is in the collateral advantages
the road will confer. by enhancing the prop
,erty we have acquired, and the rise in the val
ne of the securities we may be enabled to
hold on to. If for myself Shall succeed in
carrying the road through. at an individual
loss on the contract Of $4,000 dollars, shall
b A.. oil viii, ba Vac,1t
upon the contract has always been, to me, but
a secondary consideration to the other great
interests l have in the completion Of the
rold.
There is but one her subject for ne tc
notice, and that is the most untruthful and
as he designed 1.-THE most Inaliciously in.
furious assertion, that we had no design tC
carry the road beyond the Crossing; and thai
it was our plan to make it a worthless branch
to the Ohio and Mississippi road. | defy Mr.
lnge to produce the slightest evidence in any
form even as an excuse for q suspicious mind
like his own to make such a gratutous
Icharge. Neither Mr.. Smith, the Board of Di
rectors. the contractors nor myself have evei
entertained or intimated in any way, any
other purpose but to push the road through
with all our energies to Indianapolis. 1t ha:
all our thoughts and exeTtons. We can have
no other purpose or intent. All our interests
outside and inside the road. which are
stronger pledge than bond for a million o
dollars, forbid us to stop the road short of In
! dianapolis The value of the securities We
now hold, and those we have passed to oul
friends as payment for the expenditures We
have already made, and those we are TO re-
ceive for completing the road--amounting in
all to over milliOn--will depend upon push
ing the road through four road becomes 6
mere worthless branch TO another road, it viii
not pay its runnig expenses, and its stock
and bonds, which are all we are to get toI
; building it, will fall worthless like the road
upon our hands. All the evils Of an abortivt
enterprise upon this city Will he felt by me
more sensbly than any other citizen, and
} all the benefits of successful enterprise will
) be shared by me as one Of the largest tax
} payers. | and my partners have acquired