Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-04-14

THE TROY AND GREENFIELD RAILROAD.

OF the commonwealth, has been postponed TO
the closing hours of the present session Of the
legislature. Starting from small beginning
in 194S when it's charter was granted, the
Troy and Greenfield railroad has each sue.
ceeding year exacted more and more of pub
lie attention, till, in this winter of 1862, it di.
reefs public opinion, subordinates measures OF |
public policy which wond otherwise be deem
ed of the first Importance, and-next TO the
war-stands forth as the most urgent, if not
the most successful, claimant of the favor of
the commonwealth.
COnfessedly an enterprise of great public
Importance, IRON the completion of which
this section of the state would receive not the
least of its benefits, and which would, beyond
possible contingency, greatly augment the gen.
eral wealth and prosperity, it has, by the fault
or the misfortune of its management, to en-.
counter, in this early stage of its progress, the
distrust of some and the hostility of others
who under different circumstances would have
been among its most conspicuous advocates
and friends. Competent and disnterested en-
gineers and experts express no doubt of the
feasibility OF the enterprise, while the opening
up of the rich but undeveloped section OF
the state which it traverses would be an ad-
vantage, the recognized value of which is now
past the stage of serious discussion.
From the winter of 1854, when the loan of
state credit to the amount OF 100000 was
made to the corporation to construct the
Hoosac Tunnel to the present time, the state
has had but one policy in regard to it-and
that has been one of increasing favor. The
first conditions of the loan have, whenever
the wants of the company or the convenience
of the contractors have suggested it, been
changed, modified, extended, enlarged, till in
1860 they bore little resemblance to the condi
tons of the original act. In 1860, $3.50, 900
of the two million loan had been de.
livered. Of the balance the legislature
then set off $685. for the compile.
ton Of the unfinished portion of the
railroad from Greenfield to the east end of ;ho
tunnel, and the remaining 81, 10000 TO the
completion OF the tunnel, the scrip for both
the road and the tunnel to be delivered "in
the proportion which the value of the work
done, and of the matrials delivered each
month, bore to the estimated cost of the whole
WI n hho sAaAc bius preserving llb sSCuIlty
good to the completion Of the work.
We pass over the events Immediately sub
sequent-the slow progress of 1860 and the
deadlock of 186l-and come to the bill now
before the legislature, under which it is con.
templated 10 confer new and extraordinary
benefits upon the managers Of this enterprise.
Of the entire two million loan, 81 ,274 Ala now
remains unappropriated. 1t is provided, first,
that $4,000 shall be paid to the president of
the company, to be applied Gin satisfaction of
claims Tor labor, SERVICE materials, supplies,
merchandise, land damages, and other liabili
ties incurred before July II, 1861, in carrying
on the work OF the Troy and Greenfield rail
road, and 10 release all attachments and dis
charge all liens on said materials" 1t also
authorizes the payment to the treasurer of the
company, in monthly instruments, S195 600
the unexpeDded balance of the appropriation
OF 1860 for the road east of the tunnel-for
the construction of the road, and Tor 1.-THE
necessary expenses of supervision and cngi.
neering, and the furnishing of cars and other
equipments required for its operation" The
clauses quoted above are additional to the pro-
visions of all previous legislation. The state
is also to be held responsible for expenses in.
Cured in the purchase or construction of ma
chinery, expenditures for additional facilities,
ard the cost of sinking additional shafts or
slopes for the tunnel, which has not been con-
templated before.
The subsequent sections of this bill provide
that the excess of the receipts of the company
over the necessary expenses of operation shall
be paid into the treasury of the common
wealth, as interest on the scrip issued; but if
the interest exceeds the income of the road
for each year, then the state shall subscribe to
the capital stock OF the company to the amount
that is wanting, and cancel the deficiency. In
other words the state each year is to extin-
guish so much Of it's claim upon the company
as its earnings beyond the necess ary expen'
SEES of operation" fail TO pay, and is to receive
its equivalent in stock at par value-the state
thus accommodating stock, as the earnings of
the road diminish. The advances above pro-
vided for are to be paid in cash, the scrip TO
be retained by the state treasurer, till such
time as it can be sold a; not less than ten per
cent. premium, when it shall be seld, aud the
premium added TO the sinking fund OF the 7.
and G.. railroad company. When the two
million loan is exhausted, the lunnel-then,
at the present rate Of progress, less than one
halt fnished-must be completed by the cor
poraton the best way they can.
There are other less material sections
to the bill, providing that the governor and
council shall have more immediate su.
pervision and control over the affairs of the
corporation, and making the number Of state
directors four instead Of two, and their term
of office two years instead of one year. But
its fatal defect is that while it gives to the
contractors all that they have dared to ask
more than they have asked in any open, frank,
and public manner-it weakens the security
which the commonwealth has under existing
laws that the work shall be carried OIL to
completion, the generous aid OF the common.
wealth moving pdri passu with its progress.
In the prosecution OF this work we would have
the state adhere to the strict letter of the
bond. 1t is not for it's intsrest--it certainly
is not compatible with its unblemished honor
TO abate a hair Of its faith upon which engage.
ments Of others have been based. But in this