Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1859-03-05
FOr the IeIaIfaqh.
AshtabuIa & New Lisbon Rail Road.

AshtabuIa d new Glsbon Hail Road
Mr. EDIroR After careful perusal Of the
article OF your correspondent published in last
weeks Telegraph, am compelled 10 admit
my inability 10 perceive its pith, or its object.
If the design was 10 contest any Of the facts,
positions, or conclusions, contained in the COM
mHnication to which he refers, he has sadly fail
ed, for he admits them ALL The motive he COM
mends and approves as call right" The object
ditto, and the conclusions and suggc stions as
mot faF from the mark" The time and The
way only he considers inoportuae and ill ad-
yised," mere matter of opinion, on which he
and may be permitted to differ, and no serious
harm done. But how fair, candid statement
of pertinent facts viii 'serve to foster unfound-
ed suspicious and jealousies,a and why suggcs-
tons mot fur from the mark" could "increase
the labors and compensation of directors" &C..
be does not very clearly explain. His ways and
means for correcting abuses in quiet way, was
tried last year, and SO far as salaries are concern
ed, has proved anything but eHectual Meet
iugs of Stockholders were held, Investigations
made, resolutions adopted and attached to peti.
tions numerousIy signed, were submitted TO the
annual meeting. That meeting unanimously
adopted resolutions of instruction, but the de.
sired result has not been reached. Inquiries
were then made Of the directors present, as to
the amounts they had severally received for SER
vices, who being unable or unwilling TO respond,
referred 10 the Secretary. lie could throw no
light upon the subject as bis records were rot
present. The annual report was not to be made
until some weeks after. Think you that the
meeting was not dazzled by light eminating from
these opake bodies and why change the board
annually, unless the salaries are TO be reduced
will the treasury be relieved thereby, and the
burdens be less Surely experience has dem
onstrated that this aping in salaries of officers
and other bencficiaries) the mamoth enterprises
of the day, it continued, will prove fatal to as,
as their practice of vastly over-payug for ser
vices has been nearly ruinous to them. The
magnitude OF this evil is not alone because
few thousand dollars, more or less, have gone
from the treasury into the pockets Of indiyid-
uals for which no adequate services have been
rendered, but from its effect upon the credit of
the road. The time is approaching when this
credit must be tested To procure the iron,
bonds must be sold, and as then stands its
credit, so will that transaction be Affected
If capitalists, or iron mongers upon examination,
Gnd that the business of the road when pa! in
operation, would be sufficient TO support it and
pay the interest on the bonds, (with prudent
management and also, that it had been built
and paid for by those living in its ycinlty-that
economy has become q habit with its managers,
and that efficiency has been the characteristic
of its ofieers-that it has the good will and
confidence Of the people generally they would
cheerfully take the bonds, and on the mosLlibe-
raj terms. But it upon inquiry, they find, that
during the construction Of the road, the officers
have pocketed from year to year. from one third
to Que fourth Of the entire expenditures-that
the practice had prevailed through the whole
course OF construction and become its perma-
nent conditon--tbat agents had been employed
10 do much Of the business belonging to the
doties OF Oficers-that general want OF ear
nestness, efficiency, aud thoroughness, had been
the Characteristic Of its managers-apd that this
condition had become confirmed habit, would
ifs bonds fnd market. aud if so. would It not
be at ruinOus saeriaes As either Of the
above conditions obtain and become the settled
habit of its administrative policy It's credit and
prosperity will be affected, its success advanced
or retarded, and the value Of its Stock inhanced
or depressed. II 1bIunders' or errors are ap-
parent, is It not true policy to correct them at
oBee and as the gentleman (whois now "only
stockbOlder,") enjoys the full confidence Of
the board OF directors, who (alone under the
charter can make or upmake laws and regala'
sions,) and as be must see, shst no enterprise,
however merritodoas, could long survive such a
drain upon is Treasury, will he not use bis in
aaeoce 10 bring about this needed reform ! i
lis indeed "aciionsT that We nov pced, and In th'