The Portland daily press., 1865-09-28
THE EURopnAN& NORTH AMERICAN
RAILWAY


20 The Editor of the Press:
That this is an enterprise Of great ~ "o',ts
to the State of Maine there can pc ~ - -,
and 1 think it is 70 be regretted that any tning
has occurred 10 occasional colls1oao.s -
may be detrimental to the in0ee,ion' NJ" W
ing made for its construction. 1haG some gen.
tleyoen in tbe interest of the road have not al
,ao,, wise or just, and that the effort to
.oo',,.o a third rail from Portland to Boston to
,,ronitiate the latter at the expense of the form
or city, was ungenerous, may not be doubted.
But what then? VIII It become Portland, or
western Maine, especially as no injury will
practically result from the third rail project
and as the best men of Bangor and the East
were not involved in it to set themselves TO Z
the work of throwing. obstacles in the Wayso1 |
this great public Improvement This workin
itsimporrtance to our State, islsecohd only to
the Grand Trunk. 1t not only opens up the
fertile and extensive region of the Aroostook,
TO settlement. stimulates production, trade and
increase of populations but it makes a direct
connection with the British Provinces east of
MS, and secures to the State the advantage of
a large trade Herewith. Bangor, perhaps more
than any other city, win feel the direct benefit
of this road, but next to Bangor, Portland will
gain by its construction. The time is not far
when these Provinces and the Canadas VIII be
commercially if not politically annexed to the
United States, and thenthe great leading port
Of what has been called the Acadian Peninsu-
la viii be not Boston, for that is too far west
NOT st. John or Halifax, for they are toofar
east, but the central city Of Portland. The
place where the Grand Trunk from the
northwest and the European and North Am
erican from the northeast meet, is destined to
become the most important commercial point
northof New York, gL n 1900
| The interest of Portland, then, as well as
| the friendly disposition which she entertains,
and has ever manifested toward Bangor and
the East, should and will prevent her5fom
taking any steps that may, even seem to be
prejndiciaI to this enterprise.
And it is because fear that thel article in
Mondays Press may be interpreted o-as to
induce the belief that your journal and the
community to which il speaks, are mfiendly
to the East and to this work. though I am
sure such construction of the article referred
to would do yourself and them great injustice);
and because, also, you have fallen into some
errors Of fact, that have been induced to ask
you to publish this communication
The condition and prospects OF the E. G. N.
A. r. r., are think substantially as follows:
In the Provinces, a subscription and subsidy
have been obtained which will secure the con-,
struetion of the line from Halifax to the
boundary of Maine -about one third of which
is already completed. In Maine. there is,
presume, from 100 to 100 miles of road to be
built. The Company have already become
possessed Of the road bed, rights of way, &C.,
of the Penobscot Railroad and Of the Bangor
& Lincoln Railroad; upon these over $500, eco
have been expended. From Bangor to Mil,
ford the work of grading and bridging has
been nearly completed. Expensive bridges
over the Saltwater and Penobscot were erect
ed at cost of some S50,O00-7ther most ex-
pensive bridges on the entire line of the road.
Itshould be stated, however, that the SUI
perstructure of the latter was carried away in
the great freshet of 1859. The Company in
its estimate call the work done by those cor,
p6rations, $2oo0Oos This / know to be low
estimate. The work done by, and the rights
secured from, the. Penobscot and. Lincoln
roads are worth more than this sum to the
European & North America road. AddEto
this, the grant of the townships Of land, the
value of which cannot be less than 100000
and is probably much more, and we have am
aggregate of 100000. Before the contract,
which is already made, becomes absolute, a
subscription of $500 600, payable as soon as
the road opens to Winn, is to be made. Here
+s.e'- .s;H E.as t~.ris .f yslue inI the road of
| 100000. Upon this foundation, bonds will be
made for such sum as may be required to COM
pletete the work. How many roads in this
country have been commenced under. better
auspicises or with stronger preparation than
this? The Atlantic & st. Lawrence r. R.,
with its l5o miles of track, 0feqdffed but a
subscription, I think, Of $1,0O0,e90. This was
thought an adequate basis for raising the bal
ance Of che money. Is not 100000 for this
100 miles, or less, quite equal to 100000 for
$50 miles? But besides this security. or basis
for the bonds, there is an assignment of GER
tainclaims of Maineand Massachusetts against
the United States, These claims nominally
amount to about S2,O00,O0O. A portion of this
sum mag 'neverb be realized, but chat the major
part of it Is justly due and ought to be paid,
there can be not the shadow of doubt in the
mind of any one who will investigate the mel@
its ofNthe claims. Committees Of the Senate
and House Of Represe of Congress have
! made reports, and both Houses have acted
thereon In such way as to recognize the prin-
ciple upon which one portion of them rests
| A very considerable sum, think it must be
considerably more than a quarter of million,
is claimed for interest-and this must and gUitt
be paid. Iregard mo claim against the gov
eminent as more just and more certain to be
allowed than this. The principal has already
been paid to Maine and Massachusetts. IN
der precisely similar circumstances interest
has been paid to Maryland, New Hampshire,
Virginia and several other States. 1t has new
er been refused to any. To do SO would be
sheer and disgraceful reputation slas n.
To sum up: the bailding of the road de-
ponds 4owupon the raising by subscription to
the stock of the road, of 100000. RESPONSE
BILE parties, upon the performance efrthis con
dition, are prepared to enter upon the work
They regard the $4,000 already expended, the
100000 Tor whatever it may, bel to- be realiz.
ed from the timber, &C., the subscription of
S5O00O0swhich is absolute at once, but pay
able by and by, in connection with the claims
against the United States, as furnishing an adj
.equate basis for the issue, of bonds to the
amount required to perform their contract
And who can say that they have not judged
carefully and wisely? 0Eg sc w. /.
= - "a
BUSINESS FOR a STEAMBOAT.