American Lancaster gazette. [volume] (Lancaster, Ohio) 1855-1860, 1859-02-24


Ma. BARNKs being present, by invita-
lion, addressed Size meeting, ia ss' stance,
as follows:
You have an important paIs Of very
rich and extensive seetion Of Tour magnit-
icent State yielding 10 the domestic wants
os msn, aud to tie commerce Of the world,
mora than an average measure. Until the
construction oflhis road, you were with
outtle meAns Of transportation adequate
TO your wants, and which were essential
10 give you a proportion of success equal
to o.her and more hyered sections. Else \
where the spirit of progress had driven
the Steam Eugine even TO comparatively
barren quarters. to gather the huits OF IN
dustry for eastern markets. Hand IN
Lsnd with the Increase Of facilities for ca
sY transport, did their lands and pTodueeA
advance in vslue; nor were the beneficial
Effects, upon tie social comforts and con-
sdition ottke peoI lie, less marked with. ad-
vantage.
TO stand siil, under this advance else
where, was, indeed, TO fall back. The
laws Of progress forced upon you the con
Sttuction Of the road. and the advantages
felI by other sections, from such improve
ments, came TO you in greater ratio.
Fsom the great fertility Of your soil, the
Industry and thrift Of your people, and the
activity in your towns, you also entertain
ed hopes OF frt fit as an investment. lc this
you hate met with sad disap ppoin'me Mt
The road from its opening, to the present,
has l.nguished, and there is now, Between
it and ruin, but one step. Inits construc-
ton you incurred deft--issued Bonds Of
various classes. and mottgaged the road
and its incomes. The Company has ialled
to meet these multiplied obligations; cred
itors are weary Of telay, and have invoked
The courts for redress. Action has from
time 10 lime. and for the last time. been
postponed; and il something be not done,
4 conflict will quickly setir, fatal alike TO
the creditor and TO .te community.
Were The questions Of law, : spectihg
8, this class Of property, and tie substantial
measure OF priority among mortgages, set,
tied beyond controversy, there would be
much less for you to fear; for although
yon might loose the control Of tho road,
aud ycur money be sunk. still the road
would remain, and, under some other own.
srship, be perpetuatsd. and you would still
enjoy some advantages. But these legal
questions are ali open and unadjudicated;
and were the stockholders disposed te
yield, and retire from all contests, stu the
conflict must continue between conflicting
mortgages. The road Is being run TO-
dsyeoDly because the bondholders have
inierposed 10 protect il from seizure and
sale in piece meal; but for them, engine
: afer engine would have disappeared; car
after car would have passed 10 other hands
TO satisfy debt, and the work would have
been in ruins.
., The bondholdprs of all classes, are, foi
the present. united in the maintenance and
preservation OF tho properly; but when :
conflict sets in. between them. this will b'
no longer the case; for none Of them will
encounter the hazard, until the tights o
property are determined. Suits in Chan
Gerry, for small amounts, involve great de
lay, but when millions are at stake, com
putstion as To- time, is still more difficult
, rhelfate of the road, under such cir
oumslancss, would be about the same as
srooaess building with contestants for own
ershIp. Under acontest among moriga
gees, the destruction Of the road, for uselu
purposes, would be as thorough and com
pldte assf the engines were run from tb'
road, and rails removed. In such con
tingency, what would follow? Deproeia
tioHol lands, loss OF labor, delay and ex
peuse iniths useiof iyoar old dirt roads
depreciation In the value OF each year.
crop, financial embarrassment to the ner
chant and banker. The loss and vexatiou'
delays ofA single year, would be morC
than equaltb double the sum required tC
save aud make Ilie road productive.
These fears have been constantly beior,
tile eyes fyour President and Directors
they have felt anxious solicitude TO ware
of, lif possible. so great cahmlty. !
compromise Of conflicting interests ha
teenurged. All parties, however. do
mand the construction OF the extension, o
,aeondilion precedent TO any arrangement
aItsis, therefore, certain ibat il. you woul
save one dollar Of the investment. aud Pre-
servetbe road in its uses aud oonvenienees
you must build the extension. Your ored
ilor, demand t-jus'ice demands it; you
own welfare demands II; every considera
"a lion Ieapres It. Sesing and feeling mos
keenly. in such crisis. the responsible
ties Of their position. the President &c
~ Directors haye,exer.ed themselves to re
cmoye every lhndranco to complete success:
They Invoked Legislation, The .rsspons
was prompt aud liberal, Anact was pass
ed by you Legislature, ample in its pow
ers. and Elective in its protection OF ever
dollar. embarked in the Extension. SAT
sfrOm all debts now existing, or that ma,
- hereafter be made, il is tie frst aud ma
p say, the only hen that can ever exist upo
the twenty one miles now proposed 10 b
built. II is preferFed over all other stock
and shares. also. equally in all future pro-
ils, Of the old road. These exraordinar
advantages were deemed accessory to max
this preferred stock desirable and attract
i've for espital. 'et
The poverty Of your road can bs trace
with unerring certainty. II stopped shoj
oilhe fountains or depOts Of trade. Cite
are, indeed, but great barns or store'h hot
ses, where The products Of industry eor
contrRts. thence TO take new channels,