Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1857-04-10
Correspondence.
For the Standard.
Conn. and P. r. Railroad.

Mr.. EDIToR,-As early as 1849, the
Connecticut and Passumpsic Rivers Rail
road corporation, issued their bonds for
five hundred thousand dollars, and sub
sequently another issue of two hundred
and eighty four thousand dollars. These
bonds are redeemable by installments, as
soon as the year 1869, leaving interest at
six per cent. payable semi-annually in
June and December. The interest was
promptly paid while E. Fairbanks was
at the head of the corporation; but
change was made, and in 1866 pro-
iect was started to extend the road, and
this business of extension came under
the immediate control of the President
and two county directors, to wit: Gen.
E. B. Chase and Hon. E. Cleveland
In 1856 an instalment of seventy-fye
thousand dollars of these bonds fell due,
and the funds Of the corporation after
paying the interest and all expenses and
damages, was sixty thousand dollars, to
apply in payment of the bonds. Seventy
five thousand dollars of the bonds was
redeemed, leaving debt Of the corpora
ton Dec. l, 1856, of seven hundred and
nine thousand dollars. The earnings and
| income of the road above the running
and other expenses in the year ending
on the first day of December, 1856, were
more than ever they had been before by
a large per cent, so that there must have
been of available means belonging to the
corporation at least seventy or eighty
thousand dollars, after all expenses and
interest on bonds due before Dec. l, 1856
unpaid.
But for some mysterious reason appa
reatIy, on the first day Of December
1856, the Treasurer says he has no mon
ey to pay the interest then due on the
bonds, and refuses the same. Where arr
the funds of the corporation? Are Pres
ident and extension directors in want 0
money about this time? Is it possible
that the funds that should be applied t
pay these bonds, and the accruing inter
est, has been misapplied to the construc
ton or used for any other purpose =? 0
withheld by the officials of the road fror
the Treasurer's hands, to pay for fin
= houses, fast horses and carriages? Is tn
1 money absorbed in dividends on tn
e stock? Answer you stock holders VIII
aided in building the road to St. Johns
bury, and then paid twenty-five per cen
e to make your stock preferred stock, to b
e worth less than it cost TO prefer it.
If [ did not want to find money out {
g place. 7 should BIO unwilling to Ivvk i
the pockets of some of the officials an
employers of this corporation.
o A few months since the extension d
Il rectors made a proposition to some bon
y holders to extend their bonds twent
= years, and took security on the road b
I mortgage, but some bond holders decline
y the proposition and after the refusal I
L pay the interest on the bonds due Dec.
v 1856, second proposition came frol
+ these same extension directors, that the
: would pay the interest on condition thu
1t the bonds were extended, but not othe
Il wise. This is a kind of impudence ar
II effrontery, that no one pretending to
L honest would advance. Debtors do n
&c usually make the terms when they a
d knowledge they have the means to pa
III But another chapter in this age of pr
ID gress finds all the Railroad south of
re Johnsbury, voting stock and all, assignt
3 to Trustees for the benefit of creditor
Id and north of St. Johnsbury it is assign,
'r bed and bridge, dump and rail, stone al
III iron, franchise and all to Elijah Clev
&c land, including all stock, subscription
III contracts, and l suppose surveys and Toe
lit tons. This enables these honorable e
tension directors to set at defiance
creditors, and inasmuch as there is
" one to call for the eighty thousand dc
" lars of last years earnings, and no way
. reach it if you do call, and the Treas
~ rer does not know where it is, if Y,
want to find it where will you lool
y, Who probably has it, or knows where
" is? But one thing is consoling to bon
- holders, that is, the earnings of the TO
~ which in the hands of the Trustees W
- not go where the last years earnings d
but will be applied to pay the debts
~ the corporation.
BOND HOLDER.
at
ut For the Standard
MILL ~pnsIL