The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1858-11-05

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chase money is TO be paid by instruments, com
fhenclng 10 1879. Each insament is abou
S equal to the present average incone-a lttI
iFSs 'hah the average OF ten years past, and con
: siderabiy more than the average Of seven year,
: You can not believe this to be the whole nro
: ceeds OF fair sale. The difference is lost /
the sinking fond, in direct violation of con
stItutional mandate
3. A part Of the proceeds-a portion Of N
Price actually agreed for, amounting to half,
million OF dotiars-is to BE- given to th,
Allegheny Valley Railroad Company. Ifth,
supreme Conrt needs argument to convinc,
1t that this IS unconstitutional, then [ surpos,
our cause Is lost. lthis halt million is 10 b,
called no part OF the proceeds, merely because
me form Is reSorted TO Of a Subscription 10 the
worthless stock Of IAN insovent corporation, then
our people are leaning on broken reed when
/ lhey rely on written constitution to protect
! them.
! 4. The act con;enlpIates a resale BY the Sun
oaEy and Ere Company to other corporations.
ne sale IS 10 be- made by that company for the
J7!nt Use Of Itself ana the Commonwealth This
wa Tie ultimate object Of the act, and. TO a! it.-
tents and purposes, the real sale. The proceeds
o'sthIs sale ought to have gone lnio the sinking
iund' The aci says, that '4he entire pyocesFs
q lae sale o! SAID canals shall be placed in The
SiA"Iug luHd, &c. Now these words either
iHc!ude the surplus over three millions and
haif. or else they do aot. If they do not, the
SINKING fund has lost the whole Of that sUrrlls
II they do, then he act givgs 10 a corporatj.,n
9he-iouftd OF what is admitted on IFS face 10 be-
proceeds oi be sale, L, is OF coarse, imnossi-
Ole ia7 nae To say, which born OF shis dilemma
ooi opponents Wti prefer but if they are not
s''ed ~ one OF ih@:n, the constitution must b.
pierced through aud through.
'. here are four things which th- State oil
FenasJiTaDIa cannot d, under her present con
staut'on. /, She c4nu5t ass4z.s The !s5f ofanv
corporation. .. She Garnet Esnd her cre3H 10 |
any corporation. 3 She cannot become lioc5-
aotaer IN any corporation. 8 She canuot be- |
cone a j2iat o1casy with any corporation.
buf, 5y tie act uader coa&iJ, rqfioa, HE Slate !
IS substaaijai'y aade 10 do al these things.
ine manifest object OF the first mentioned
Prohih.'ion %aS 10 prevent The Stale government |
from sqaanderpg the public money and means |
on Iar debt OF TeacbeloUs and iaS3lvent cor |
Foraions. lhe State certainly asSume5 The |
debt OF corpoIstjoa-tliat IS, takes upon her /
hef moheJ t~''.at aaYIpg il when size actually |
MY debts and pay THEM, tuul.-----,lI.. ,.s,, ! I
with strict injunction to assume nobody's dabtS
:
nv money to John Sni,h, to b. used by him
for the rayment Of his debts. Any co0struc-
lioa OF he word ASSUME which stops short OF
tins ~ii defeat the purpose of The constitution,
and expose US to the very evils intended to BE-
cascked. Here the States money goes into The
hands Of tWo corporations, With the privilege OF
using it 10 ray their debts.
?. Il is idle to deny that this is ar attempt to
loan the States credit to the Sunbury aud Erie
Companv. Let ue suppose case which might
occur, though il doubtless never did.
An iusolyent corporation, backed by horde
of hungry retaueIs, comes to the Legislature
and says:
"O0r army lacks pay give us wheF"wlth to
! content them. Open the strong boxes OF the
/ State and let us have the MONEY therein deposi-
I ted, 50 that we may satisfy our friend, and car
rs en- our operations"
The answer is given ''The State has no mo
ney lyit visitors Ike you have been here too
often The strong boxes are empty ="
oBut," reioins the corporation, ''the STATE has
I credits-lhai IS, she has money coming 10 her
and payable ia luture. Give US the bonds which
are !he evidence Of these credits. We will sell
them in Tie market, and The proceeds thereof
we will use for our purposes"
I.Nav." answers the legislature, 'fhe State
has no such credits as YOU think certainly none
that we can put our fingers on
ssIf she has no credits" replies the corpora
ton. .sshe has canals, and we can turn them
into credit Let us have the canals, that We
NAV sell them tor bonds we will exchange the
bonds Tor millions of money and will feed
these lean friends of ours until their eyes stand
out with iatness."
IF the legislature closes in With this last propo'
sal. the material facts mot the wordsl OF The I'M
aginarv case viii be- precisely the same % those
II the real case before you. The Sunbury a9l
Erip ComDany took The canals and sold them 10
bonds. on which il raised money to be used II
carving on lis business. The only credit ma
company now has is the credit OF the Siate
which hes thus been loaned to ii 10 the teeih
The constitutional inlerdct do not mean TO say
D that no sale Of the public works can De maze L
CORPORATION on credit. | would apply va
: prIncIple stated TO the case IN hand, where IA
d yery object of granting the ~oFk was, tGa' 4"
$ grantee and not the Commonwealth mSh oe
2 come the seller, and use the bondS OF the ac'oa
!, purchaser for fourteen years. liyou look al "a
d substance, and not the form OF the TRANSACTION
IS Won cannot help bu! see that It IS loan OF cted
il in the true sense OF that lorbidden thing
II 3. The Allegheny Company desired that
d. subscription might ot mace |" ~ s'oe"'
ii applied TO the legislature tor that purpose
l. The answer practically gwen was, y our s'oc
;s of no value in any market, and /! never WI
! hs yon are insolyent. You can neithe
"ake dividends nor carry on your business
h In your own bankruptcy yoa have dragge
is down the public prosperity Of a great city, an
le nut strife between the people. Even II YOU
,e stock were as valuable as II is worthless,
are forbidden to subscribe for it on behalf OF II