The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-03-06
TF0r the Jonrnnl.
An RYnnaA
[Continued from yesterdays Journal

L. d o. S. L. Ruiroad Company.
You and the public will pardon me for
few more observations on this contract, and |
then shall leave it, and take a very brief
view of its effects and influences on all par
ties to the instrument.
am informed. on good authority, that
when you made public lettings of the gradual
tons. &C.. Of the first division, on the 18th |
Of Feb. 1854, to John Gavisk, John Keho,,
Fairchilds & Co., and other good reliable men,
who were to be paid three fourths part in
cash and one fourth part in the stock Of
the road; and who. by the large contract on
the 11th Of May following, all became SUBJ
contractors to Willard Carpenter & Co.; that
the contracts with them, reserved ten per
cent. in cash on the payment Of all estimates,
which ten per cent. was held till the COM
pletion Of the work, as a security for its faith
full completion, and delivery. 1t is, moreover,
the common custom, to reserve from ten to
twenty per cent, in the payment Of all such
contracts, till final delivery Of the work.
But this contract contents itself with reserv-
ing, until the completion CT each division, the
sum of eight and a third per cent. on this con-
tract price. and that, not in cash. nor in bonds,
but in the stock of the road
Why, in this respect, the established custom
Of the country, were departed from; or why.
any reservation at all, was made, | am not
prepared to determine.
There is one objection on the face Of this
instrument, which had thought of noticing,
but it is small one, and only leaves the
contractors an advantage Of about twenty-six
thousand dollars, should they even be willing
to avail themselves Of it, and therefore | shall
pass it as too small to deserve attention, where
IL nj. oc chor
acter.
tract deserves particular attention. and it is not
patent on the face Of the paper. 1t is a mat
ter Of public notorety, that whilst the plains
of Vsnderburgh, Warrick, Gibson, Pike and
Davis counties are favorable to the construct
ton Of cheap road the hills Of the counties,
Immediately beyond offer Instructions which
will make the road through them much more
lexpensive. Now, the first division lies over
these plains, whilst the second division cross
es those hills; whereby, the preparation of the
first division Tor the rails. will cost less for
the same length ofrOad by, as am informed,
some hundreds Of thousands Ct dollars than
the preparation Of the second division. Now,
this contract, though made before all the line
was finally located, or estimated. was made
with the full knowledge Of the fact which
how state. And, this contract provides that
the first, or cheap division should be first fin
ished, and paid for without any reservation,
before the second or dear division should be
begun; and pays just the same per mile for the
first, as for the second division. have been
in the pursuit Of knowledge under difficulties.
and must crave indulgence, If should ask i'm
pertinent questions. just here feel mpell-
ed to ask whether s is true, that the average
cost of grubbing. grading and bridging Of the
line, from the Ohio and Mississippi road to
indianapolis, as shown by your experimental
surveys, was not found to be at least four
thousand dollars per mile greater, than the
, cost Of the same work on the first division, OF
from Evansville to the Ohio and Mississippi
railroad; and further, whether it is not true
that the most expensive of all that more costly
pref aratiOn, is on the second division? think
happen to know, that such are the facts. may
be IN error. if SO. beg your pardon. But il
: | am correctly informed, may l ask wheth-
sr the contract Of an agent which pays the
, same for smoothing the plains that it does for
leveling the hills. and takes, the plains first
providing at the same time for stopping ut the
pleasure Of the contractors, whenever certain
, impossible provisions, on the part OF the cor
POI alton are not complied with. all things con-
sidered, is just and equitable, and binding on
the principal, especially, where the party get.
ting the apparent advantage was an agent o.
a the same principal?
. But even this contract. is not so bad but
what there are two or three safe and salutary
: provisions in it; short and subordinate to
q be sure; but still both wise and just.
t 1t is therein provided that tho real estate and
city bonds shall he appropriated to prepare the
road for the rails. And that the mortgage
> bonds Of the road shall be appropriated to
g buying the rails and other track materials
Q and paying duties, freights, &c; and for those
: purposes only. This was wise; for it does
not allow the squandering of all the available
subscriptions of the road on the completion
Of the first Division, and il SO far sdheres to
: your original policy. as to appropriate our sub
!. scriptons to preparing the roal for the rails
l will call your attention to a still further
wise and just provision; promising in view OF
a late correspondence, that you wot OF, that
in your case, "a in that Of ''the honest old
o counsellor Of Naples" "the latter end OF
o 'your commonwealth has forgot the begia-
. mig"
n quote from your contract with Carpenter
e Il Co, which, after agreeing to pay the con.
!, tractors $4,000 per mile in real estate bonds
: goes on to say that they may at their 'elec-
: ton" (option) receive at par the bonds Of the
cities OF Evansville and Lamssco, now held
by the party of the first part. to the amount
s Of $25O,UOO. Nth the agreement as to the dis
i pOsal Of the same existing bet,ceen said cities
y and said party Of the first part. in lieu Of like
8 amount of real estate bonds.''
:. What agreement, pray, existed between
d the company and the city Of Evansville rela.
y ting TO the disposal of these bonds, but the
u agreement. that $4,000 Of these bonds
o should not be used on this side, but on the
70 other side Of the Ohio and Mississippi Rail
) road for the purpose Of insuring, that Willard
. Carpenter & Co., should not take advantage
Q Of the extraordinary provisions Of this con
70 tract and stop when they should have complet
n cd the first and easier Division of the road?
& But alas. our wearied eyes, no sooner res