The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1857-11-18

- aie Hot uV'iuG uVop 'uiS h'Hes' ~ III
cplo They are dead and they will not
own i, With hardly possibility of
preserving themselves from bankrupt.
cy which will grow worse tho longer
it is postponed, they are still furnishing
through mortgages and perfcrred stock
aud fontirg debt and construction bonds
aud CORFU, tiuu bonds and temporary ac.
commodations, striving by all possible
means to transfer to some other Domi-
nal account the obligations which in some
shape or other must still rest upon them,
and to impose upon another class Of cred.
itors the responsibilities which there Is
no chance of their removing 10 any other
wave Some of these Gnanciefs think that
they have fixed upon tb, plan Of borrow.
ing money to paw deb's, and others are
vigorously at work ut the same shadowy
object but we do not see in any Of these
operations the PROMISE of permanent and
substantial relief Il seems to us that
it is only waste Of endeavor to attempt
10 sustain the roads that have utterly
failed to pay the interest on their ndebt-
edness and that owe as much as they arc
worth, 1t is mer ly postponing the IN
evltable hour and piling up n mss #
bonds and notes and false securities If
ali kinds, that they are only fog, aad he
carrying Of which will bewidyr and en-.
barfass the companies occupying tho
ime aud energy and credit tbat ought
to be employed upon their working npcr.
atoms aud Legitimate business, aud keep
ing the stockholders from knowledge
Of their real position. It is altogether
best that the roads of this kind should
pass into the hands Of men to whom they
will be profitable investments, who will
have no debts, permanent or foatiog to
took after, and who, having taken the
property at fair price. will set them
selves to working it at fair profit OF
course there are exceptions and roads
that have become embarrassed only 10
consequence OF these times, which bring
embarrassment to all kinds Of business
are not to be classed with those which
we've embarrassed in the best times and
10 the hight of business. Bu. as gen.
eral rule, it il altogether best that the
railroad property Of the county should
stand no longer at its cost. bui at It's fair
valuation as an invest ment
We regret the losses which are sus.
taiued by the cnterprising men who have
constructed their great work, 50 many
OF them as unproductivo to tha project.
ors as they have been profitable to the
country and if in any way,by any man.
agement or temporizing. they could be
made to return the capital invested in
them to those who contributed it. simple
justice would demand that policy. with,
out reference to othor interests But this
cannot be done ; the loss has been made
aud the only question is, shall We look it
in the face, or shall We ignore it and COW
er it up and pretend that there is prop.
erty where there is mono, or shall we ac.
cept the facts just a. they ara and make
the best of a bad matter.
Altogether too great a share of the
responsibility for the present financial
difficulties is charged upon the railroads.
They have often been built 10 the alb
sonce Of tho public necessity sanguioe
expectations of business have led to too
great expenditures and to bad inanoier.
ing, and good deal of ignorance and
dishonesty have crept into their manage
ment; but the railroads, as a whole. have
contributed to the general prosperity i'm
mensely beyond the losses that they have
brought upon individuals. If the rail-
roads that have ruined their projectors
could be swept out of existance, aud the
losses paid back to the men who have
suffered, the financial difficulties would
be greater than they are now, and tho
recovery from them would be far slower.
-PTOvide1ce r 7 J0,lruoI