The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-09-25

MIL be found too low. At any Iaeo, =
ance is here made for rolling STOCK anu "nen
for this we add $4,000 per mile' we shall
find an additional item of sS24,OOO necessary
to eouin the road. after the rails are.laid and
the station buildings are completed. But
4, x.bot follows we leave out of sight, the
continent, admitting that a contract may be
made with connecting road to supply tenn
porarily this deficiency. e
We ask the readers attention while we
show, beyond all cavil, that not a single dol
Tar has yet been secured toward this enter
prise, beyond what is included in the item of
@work done in Maine.o This item we will
examine before we close
The next item of resources" is Land
bonds, 100000" The State conditionaly
granted the timber on ten townships towards
the expense of the road beyond Lincoln, to be
paid in installments as each ten miles of the
road shall be completed and the cars run there
on-the first section, from Bangor to Lincoln,
| first to be finished and completed iiiess2ra
The next item is "U. S. Government bonds,
s1,oSooO0" Hereis deception upon the
very face OF the item. The United States has
issued no bonds; is expected to issue none,
and the whole value in the bonds here alluded
to-tc be issued by the Company and not the
ACKNOWLEDGEMENTS upon whether the Gov
eminent will pay claim not one dollar of
which 1t has yet recognizedl -.-
The next item Is sMass. Claim on U. s.
Government, 81, 100000 What is true of the
Last item mentioned is equally true of this.
The claims Of Maine and Massachusetts, against
the General Government, assigned to this
road, are no more reliable than moonshine.
Something might have come of them had the
war continued, and with it the constant dan
| ger of rupture with England, but no plea of
military necessity can now be put in, and
the doubts OF realizing on any such claims
have increased just as the dangers of war with
England have diminished.
The last item of resources is "New Stock,
s500y0OO1s How queer to talk of nesc stock
when there is really no old stockl The truth
is, there are no stocks in this road, in any
proper sense, beyond what is to be allowed for
the first item in the list OF resources,-"work
done in Maine" The 100000 Tnew stock"
is the subscription necessary to be made
and paid, or made secure, beforejt the contrac-
tors will consent to strike single blow. And
here isjust the rub. Here is the money need
| tpl.to begin with, and aswe have already said,
not dollar of money to commence the work
with has yet been secured. al that has been
done is like providing credit for the sails and
rigging Of ship, while the timber for the hull
Is growing in the forest, and the iron is undis-
tGrbed in the ore, and not dollar is available.
to cut the one or smelt the other, or to put
either into the vessels solid frame work
A few words now in relation to that 9work
done in Maine' The old Penobscot River
Railroad, years ago, was partially graded from
Bangor to Oldtown, about dozen miles. we
presume the land damages - very light--to
have been settled on the line of the graded
road. There is not bridge built, there is not
sleeper, not rail, not SO much as a spike, in
the shape Of material; only the partial grad
ing Of this dozen miles, done when labor was
very cheap. This work or franchise has been
secured by q few individuals, for mere so M
and they now turnit over TO and make it a
part Of the E. & N. A Railroad, for the mod
est sum of $1,000 or nearly SIT 900 per mile
The modesty of this speculation-the real
milk Of the cocoanut SO far as the leading
manipulators are concerned-is seen in the
fact that the Androscoggin Railroad, from
Brunswick to Lewiston and Leeds, was built,
land damages paid, depots erected and all put
in running order, for less than $4,000 per
mile, while the partial grading of anaeasierl
route, done in equally cheap times, and then
bought up at fraction Of the original, cost, it
is proposed to. sell for the modest sumef.neaI-
ly $4,000 per mile! ~
We have some other facts bearing upon this
matter, but this article is already too long to
justify giving them in this CONNECTION, We
dare say some of the writers fl the wing win
charge us with unfriendlnsss. De it so; we
know our own spirit; we Know we should be
| glad to see the E. g NJ A. Railroad construct
tled and it is only that We think too well of the
enterprise to see il used for a cheat and
a swindle that we feel constrained to
show up the baseless character of the "re-
sources" on which mere "wildcat" spectators
propose to put bonds aloat. When anything
legitimate is done towards the road we will
wish it hearty godspeed, and do all in our
power to talk itHp, but SO long as no effort is
put forth except to hoodwink the public and
to disgrace the State by magnificent scheme
without substantial base to stand upon, we
shall expose 1t, though in so doing we iniure
| the prospects of adventurous and confidence
men of drawing fat support from an over
credulous public. q % wfNa
After the foregoing waslwritten the Wing of
Saturday came to hand, containing a. copy of
the heading to the proposed subscriptions for
stock in the road under notice. When we
saw it we felt that at least one thing had been
commenced at the right end, but before get
ting through the reading we found this sem
tence: Nl9aDl .g0as y
8 The undersigned ~ y hereby agree,
to take and fiji the number of shares set
against our names respectively, in the capital
stock of the European and North American
Railway Company Of Maine, at 300 per share
payable on the completion Of the line by the
running of cars from the depot Of the Maine
Central Railroad in Bangor, to the Tannery
village in the town of VIM, opposite the
Five Islands in the Penobscot River. Pro
oided, however, that this subscription is made
upon the express condition, that the same
shall not be binding unless said Railway shall
be completed to Lincoln on or before Febru-
airy 20, 1867, and to VIM, within one year
after, and we agree to. give our notes to said
Company in conformity herewith, on request
Still working at the last end; not. "a dollar
for the commencement. The town Of VIM
is about sixty miles from Bangor, and these
subscriptions are to be paid on the completion
of the line to that pointl By what kind Of
hpcus nocas is it proposed to build all this road
before any money IS paid Our Bangor
friends must be. adopts in magic IL they can