Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1861-03-09

pany that they shall be authorized to issue
moro bonds than are absolutely necessary
for the purpose Of the completion of the
road.
If these five million dollars worth Of
bonds are 10 be huckstered about among
the stock -jobbers and brokers, and to be
as mortgage upon this road, / maintain,
sir, that they will be of much less value
than if the mortgage consisted of two
millions, instead of FIVE. If five million
dollars worth of bonds be issued, I MAIN
tain and believe, Mr. Speaker, that instead
Of selling them upon the market at twenty
per cent, which they now claim will have
to be the sacrifce, they will not sell them
/ for half price. Bonds issued to the
amount of five million dollars by that
company will not command in the market,
at this time, fifty per cent of what is upon
their face. They will be sold, sir, and
profit will be made somewhere. This
State will not reap the profit; the tax
payers will..not reap upon the profit; the
company-the bona tide company will not
reap the profit; hence, sir, l consider,
that for the sake of the company, this
issue should not be allowed to be made.
In the third place, Mr.. Speaker, argue
that this amendment which / offer, should
be adopted for the security of the State
and the safety of the bonds, which the
State now holds in that company. main
tain, Mr.. Speaker, and l say it with
earnestness-with full confidence that
what 1 am saying will be found to be true,
and l desire it to lie placed upon the
record, that in after years, its truth may
be tested-that if this bill should pass, as
it is now before us, the claims which the
State now has upon that company, will
not pay one dollar; that if this bill passes
as it is now upon our tables, the State,
from all her valuable. canals, which cost
our people more than twenty millions OF
dollars and from the bonds which she now
holds against that company of three mil
lions five hundred thousand dollars, will
never realize one dollar; and the men
who vote for this bill will give their aid in
extinguis shing all this claim which the
State has against that company.
Why, Mr.. Speaker, if these bonds Of
five million dollars are to take priority Of
the State claim, and the State comes in
with second mortgage, who supposes for
an instant that the State would ever get a
dollar if these five millions of mortgage
bonds should be foreclosed. On these
grounds then, sir, I urge upon this House
and upon the friends of the company thai
they adopt the amendment which I have
offered.
For another reason, Mr.. Speaker
any time hereafter the two millions of dol
lars which have proposed giving to thu
company, by this amendment, should b,
found insufficient, how easy it will be fo
those who succeed us, when this questio,
shall be fairly brought forward and under
stood by the people of Pennsylvania, t,
extend further aid? The Legislature
could, at any time hereafter, grant th
additional aid which might be needed
For all these reasons, Mr.. Speaker, urg,
upon the House to adopt the amendmen
which have offered.
Mr.. Ball. I have listened with som,
attention to the statements of facts ant
figures which the gentleman has offered
1 regard them from the beginning a,
wrong and the deductions and conclusion,
therefrom are necessarily wrong. AT the
proper time will show that they are
wrong. I call for the question.
The question being taken, the yeas were
20, the nays 60, SO the question was deter.
mined in the negative. . ...
Mr.. Hill moved 10 amend the second
section by adding after the word Snort
gage" in the twentieth line, the following /:
"Bonds shall be deposited with the
State Treasurer to be delivered to said
I company from time TO time pari passu
with the progress ofthe work as ascertained
by the returns and estimates of the chief
engineer of the said Company, and before
delivering any of the said bonds to the
Company, there shall be endorsed thereon,
over the signature Of the Governor, the
words mortgage bonds issued under the
Act entitled IAN Act to change the name of
the Sunbury and Erie Railroad Company,
and to facilitate the completion of rail-
road from Sunbury to Erie"
"And no bonds issued by the said Com
pany under this Act shall take priority
over the claims Of the State without the