Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-01-04


release Of certain portion Of these CLAIMS afford
convenient method ofnsung payment in season to Sc
this instance is questionable whether we should re
Npon te Offset of such qudated claims to relieve our
selves the immediate collection of this tax, tor the
principle upon which the state bonds were issued. ON
which on service of the United states constitutes the
basis Of such claims, that all scrip or certificates Of
debt received in payment should constitute sinking
fund for the redemption Of the bonds issued As the
annual of S20000 100 the states is continuing i'm
position not being limited by law to the present yea
but being intended continuing OF revenue TO
the federal government as well that should as
sumo and reaze Its burden at once, mseao OF shung
this single years proportion Of il 10 another generation
If the commonwealth should fit to assume The di-
rect tax and 10 pay IT, ta the communication aoWeu py
congress to the states the land and real estate OF the
people, understand the act of congress will then
and there be relieved The payment Will have been
made out of its treasury and ii the state should
have Sufficient surplus ofunds might never be levied
upon the peonle Or if otherwise, twould doubtless be
competent for the statebeing authorized by the law
way and Manner land TO for this purpose ANY
valuation lis: last made, tor the purpose OF the state
taxation to assess ard collect the money in any way
known to its own fiaaial system Thus Massachusetts,
might assess whatever sum nil hit need therefore, on all
property usually assessed in state taxation and thus dis
tribute the bur1en more equally
INTEREST OF MONEY;
Thoroughly convinced that the people Of this common
wealth competent to make their contracts With
fcatOn OF the usury laws The evils Of our present
ten are Of the most serious character An immense
amount of capital is yearly other states for in
Vestment where higher interest is allowed, while
citizens daily induced to violate laws which they
cannot respect Thus in an Intellectual endeavor to pro-
tect men in nakins their contract, lose capital
That six per cent. is the exact value of money one
and three-tenths for it, the market rate varys
three to twenfy-four per cent according to the demand
lenders charge for the risks they ran in violating the law
1t would be wiser to lesis'ae capital into our borders
allow to make their bargains, provided they
act honestly add to encourage direct and openhanded
action, by laws commanding resoect
The of the banking commissioners will exhibit
the condition of The banks Of the commonwealth. re-
new my suggestions OF last year, that conservative
If legislation best for banking system, and
that radical changes should be adopted with caution and
not without mature consideration. commend TO our
attention the able OF the commissioners and espe
cay its suggestions in regard constitutions for savings
Their history and mass Of instructive statistics,
comprised in the report The facts stated srlkingly il
lustrate the indus ria power and thrift Of people,
And the wisdom Which began these insttut tor the
benefit Of those desiring to invest and accumulate their
small savings, will, doubt watch Them Iegu-
late their management, and make them element of
bill reported by the committee on banks and bank.
ing late hour in the regular session Of last year,
Ito authorize towns and cities receive and invest
savings was at the request OF the committee, printed,
and referred TO the present general court The sch is
explained and eloquently enforced the sixth annual
report Of the insurance commissioners loan fund
ciativns prepared for the present legislature
The Recommendations emanating from the of
the United States treasury, involving general scheme
for national currency Of treasury scrip notes taking
the place of the issues Of the banks Incorporated by the
state demand the attentive and critical examination of
all persons concerned in finance.
The adoption OF exclusive national currency hav
ing many apparent advataees would probably involve
an important chate III The revenues Of tins common
wealth. by necessltating repeal Of the bank tax from
WHICH 50 part OF IL Is derived. Ana II may DC
northern Atlantic cities will deem il reasonably
accommodate the government Of the Union ana in aGdi
ton thereto to retire their circulation, receiving
from the federal government It's own notes for new me
dium OF eirculaiion FOR which, Of course, they must
pledge adequate security.
The argument subject covering many intri-
cate questions OF practical science so absruse and as
St M m Us tn 1 ~ nalg' col4 oa "a
the COME sion that yet do perceive the open
to cesrH satisfactory opinion r regard to it, But,
since Inc this Legislature il il chooses,
III eSueang me public opinion and assisting the judo
ment Congress, is not consderabe, take the liberty
o. bringing prominently before the mind of the Genera
Court.
THE TROY AND GREENFIELD RAILROAD.
by chapter 202 OF the acts OF 1860, the commonwealth
appropriated "a loan OF the state credit 10 enable the
Troy ana Green1eld railroad company to construct the
Hoosac unneln In this act of the S2O00.000 loan,
S650CJ Is appropriated 10 the completion the railroad
east Of the mountain The state does Lot undertake to
build This railroad nor to determine the precise manner
in which it shall be constructed The only specific thing
required by the law is, that the rails shall weigh less
than ftysiN pounds the lncal yard" Aud the pro-
required merely tor the purposes Of ornament but tie
wo'k sAg De- s44St@sg FeSimed t The
masonry bridging and superstucture Of the unfinished
portion OF the road east Of the tunnel And the scrip
to 'be delivered the road in the proportion of The
value Of the work done, bears to the estimated Of
the whole work erals required on The portion of
the road aforesaid The issue II scrip is made depend
ent the certificate Of the state Eneneer who shall
monthly immediately after the first day of each month,
estimate the proportion which the work done the
road since the precedent estimate, bears the whole
the wort req ed 70 pc done IN the graduation masonry
bridging ana sperstrueure of said railroad Of the
HOusac ulnel Ii becomes, therefore, the of the
engineer to make the following inquiries. monthly viz:
How much work remains to be done and material be
furnished order to complete this piece Of road in sub
stantal manner?
How much has been done during the last month, for
which am now making an estimate?
How much OF the state loan Of $780, remains to be
advanced?
the amount OF the monthly issue orwhich the eDgneeris
ofths whole amount 55O COO s455 80 has been adj
vanced leaving s94I6 0o In The month ofJuly last the
contractors the road suspended work and have
q
cateUf July has been reqGred This suspension was in
consequence of the dissatisfaction the contractors with
the finding of the engineer by which he estimated the
Of finishing the road in substantial manner at
ed therein te sum of s97 O35 for flushing the
ing slopes which he found too steep filling up restle
work protecting the banks from the river, 95c which
had not been previously Included in the estimate do
not understand that any question made the
RICHNESS fthis estimate in its amount but twas denied
that these items should have been reekoned into the
count at alt 1t was contended that the road could be
put running Order and would be long time be.
fore this work would need to be DONE econo-
tom tue earnings of the road these things could be done
and PAID for Whistler ths vas true or not was not
ties; while 1t was a very proper one for
ing The means build stations and buy its rolling
stok equipments. &c. But if the work in question
necessary the completion Of the road IN substantial
manner seen how the scrip could be IT,
sued upon ion of what might be done in the
ready. 1t the dat, Of the engineer to require the
ruad to be ordinarily well built according to the exist
Ing standard work III similar locations, construct
ed by competent engineers at the present da And the
eineers ecrtfshe: lhe opinions o. the engineer being
called in question: deemed proper subject them
to careful examination since il he as found 10 be mis-
taken, and unwilling correct them, another engineer
coull be appointed IN his stead. 10 my mind the
science tiY engineering applied to the construction
of railways; could be best by those skilled
and pfacliced in that Knowledge Accordingly, large
number OF eXperie ced and skiliul railway engineers
managers and experts, summoned by the governor
and council examined by Them and by the present
engineer and his predecessor Their testimony confirmed
the opinion ut the state engineer The testimony
decision given DY the governor, DOM phOnUgfaphCully
reported and in print have the honor TO lay before
the general court with similar report prior invcs-
tgation before a committee Of three members of the
council
Noqacstion arose relating to the tunnel, the work
upon the tunnel. well upon The of H. was
discontinued by the contractors. II proper to observe
that the decision OF The Governor IS subject to any
criticism it be borne by him alone since no ques
lion was rea he'd proper TO be submitted 10 vote OF the
Council.
engineer in lbs estimate and therefore covered by the
scrip issued his certificate of June last it is al
legged had not been delivered to the company; and IL is
now claimed by carriers under their lien for freight
and il attachment in three suits for its purchase
money The suits pending and the Interests Of The
Commonwealth arc under the care OF the Attorney GEN
eral.
regretted encounering any questions connected With
this subject. It has nvosed great deal OF interest
feeling and has largely entered into the legislation
and somewhat into the politics OF the state he ques-
tlOn which in fact arose however was eminently and
simply practical one; and it necessary 10 be gov
By the law the Legislature had made it, and By
the dctsas they were found to exist he subject is ow
before the General Court, where the law will receive
alteration If ii is found to require The suspension
Of the work the railway, 1t is thought by many, will
injury 10 the rOau. by means Oi the action Of the
frost and treshes. while it remains incomplete As the
law now stands the state authorities cannot Interfere;
and understand the railway company does not
II becomes important for the general court to decide
what meas ures any are necessary to protect the N
eress the commonwealth IN public work 10 which
il hus already loaned its scrip TO the amount Of S25 $685.
S. and has paid to October 1861, interest to the am
cunt Of SlS09334 The grand enterprise Of tunnelling
the mountain must either be abandoned suspended
tile commonwealth must TAX 1he business IN hand, and
adopting policy az once, 81 npe. PLAIN chectual snd