Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1859-08-19

County, to the amount of $l46,O 900 dollars, in
part satisfaction of the subscription Of the June
Term, 1851 aud on the 18th of April, 1854, he
delivered to the same officer Of that Company,
the bonds of the County, to the amount Of
$l54, 000 in satisfaction Of the additional sub
scription of the June Term, 1852, and the bal
ance due on the first subscription; for each of
these deliveries, he holds the receipt of the
Treasurer, and a certificate of the stock of the
Company, for three thousand shares, being six
thousand shares in the aggregate, of the par
value three hundred thousand dollars. a proxy
to represent the stock Of the Company, was
regularly appointed by the County Court in
each succeeding year down to the present, and,
rs We understand, the Justices thus at different
times appointed, have each attended at the an
nuai meetings and voted the stock of the Coun-
ty. This is, by some, deemed important, MS
continued recognition of the County's owner
ship Of the stock, by the County Court, and
consequent recognition OF the County's liability
for the payment of the bonds and their coupons,
which had been given in satisfaction of its sub
scription for that stock. Of the importance Of
that recognition we can give no opinion, but it
seems to US somewhat inconsistent, if such APP
portionment should have been made, after the
Court had claimed the bonds TO have been ille-
gally issued or delivered; or the subscriptions
of the stock Illegally made or obtained by
fraudulent representations.
as yet, we have been unable to ascertain the
precise dates of these several subscriptions
The subscription book, We presume, is in The
possession of the officers Of the Hempficld
Company, but we doubt whether any certain or
definite information upon this point can be OBJ.
tanned from it. Nor may it be very material,
excepting to ascertain whether, at the time,
OF either of said subscriptions the amount cx-
cecdcd the one third Of the stock subscribed by
others. 1t does not appear that at the time of
making these subscriptions or either of them,
that any special agreement was made between
the agents of the County and the Directors of
the Company, other than may be asccrtained
from the terms of the bonds and the interest
warrants or coupons attached TO them, and the
receipts of the treasurer given upon the deliv.
cries Of the bonds. The bonds issued for the
first subscription are numbered from to $50
"a'o tneslOtil way 1909; those issued for the
second subscription are numbered from ISL to
2OO, and are dated the 18th May, 1853. The
principal sum of each bond is payable twenty
years after date, with interest at the rate of six
per cent. per annum; for which interest, cou.
pons, or interest warrants, were attached 10
each bond. Both the principal sum and inter.
est are made payable at the City OF New York,
without any further more definite specification
oil place. This seems to US somewhat unccr-
thin, and we cannot understand how either tho
holders of the coupons or the County could ar.
range for their payment, were the one as
anxious TO pay as the others are not only will.
ing, but equally anxious to receive such pay
ment. Usually such bonds and coupons are
payable at the house of chartered bank or
private bankers. We think that it will be
found that, legally, these bonds and coupons
are payable at the same place, with all the other
debts Of the county-that is, If they are decid.
cd to be legal debts or obligations
In addition to the subscriptions OF the Coun-
ty OF Ohio, there were subscriptions made to
the stock of the Hempfield Company, by the
County of Washington and Borough Of Wash
ington, in the State OF Pcnnsy ivania, and the
City of Wheeling, all Of which were also salts
fled with bonds payable twenty years after date,
with interest on the same terms with those given
by the County of Ohio. At the same time, there
were individual subscribers to the stock to the a.
mount of 100000, whose stocksswas to be paid
by instruments in cash. The company having,
in some manner, agreed with some county or
corporation, probably by an order entered in
the minute book Of the Board of Directors, to
pay the interest accrniug upon these municipal
bonds, agreed also to pay like interest to such
individual shareholders as should pay up the
amount of their subscriptions in full, until the
road should be completed from Wheeling to
Greensburg, being its entire length Grin other
words, we find railroad company, Just enter.
ing upon the construction of an important and
expensive road, wish subscribed capital, a.
mounting to very little more than one third
the amount required to construct and equip it,
agreeing to pay, from the worry commencement,
six pc. cent upon their capital, to be continued
until their road should be completed The Di
rectors of this company, are not entitled to the
honor of having originated this magnificent
project. To find its origin VIC must go back to
the Mississippi Company of Law under the
Regent of France and the South Sen Bubble Of