The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-08-23
0LreQatelIlqetrfer.
WEDNESDAY MORNING, AUGUsT2s
coUNTYI suBscRIrTIoN 10 TnR HEAP

n COUNTY SUBsCRIPTIoE TO TIIR HEMP
FIELD RAILROAD AND OUTSTANDING
BoNDs.-The late decision of the SUI
preme Court of Appeals, in regard to
the Ohio county bonds issued in favor
ofthe Hempfeld Railroad Company,
has made the subject one ofyery con-
siderable interest to this community,
and many ofour citizens desire to know
the nature and condition of the debt,
and the amount for which the county
has become responsible. We have en-
deavored to collect such facts, as would
enable US to give satisfactory state
ment. This we have found to be diff
cult undertaking, and 1t may be posi-
bic that we have overlooked some ma
terial points. We believe however, that
in the main, our statement will be
found correct. This subscription is the
only one that has ever been made by
Ohio county to any railroad company,
and the question Of making this sub
scription was submitted to the voters
ofthe county, and carried by large
majority.
A special act was passed by the Leg
islature of Virginia authorizing the
county to make the subscription to the
amount of $780, 600. This was duly
made and the first installment of coun-
ty bonds for $3.50, 900 was issued in May,
1852, and second installment for N
like amount in 1853. These were twenty
year bonds, with six months coupons
attached, the first issue maturing in
1871, nndthe second in 1873. There was
a stipulation between the county au-
thOrities and the Hempfield company,
that the latter should pay the interest
until the road was completed to Green's
burg, Pa. This the company continued
to do up to May, 1855, when, from ina
bilitY or some other cause, they failed
to pay, and the bond holders called
upon the county for payment. Weun-
derstand that one six months INSTALL
ment was paid by the county authori-
ties, but they refused to make further
payments upon the ground That the
agents of the county had transcribed
their authority, and that the HempfeldI
was not Virginia company, within
the meaning of the act.
The question remained unsettled un-
til 1850, when compromise was effect
ed with majority of the bond holders.
Under the new arrangement the county
took up S222, 900 of the old bonds, and
issued in exchange 1880 of new
bonds, bearing date February /, 1860,
having twenty years to run, and ma
turing in 1880. On these bonds the in
terest has been punctually paid, 1t
having been provided that the County
Court should Mt the May term in 1850,
and every succeeding May term there
after, until the bonds were all taken
up, make levy on tho taxable pro-
perry of the county for the sum of
$500, to be applied as follows: 3d.
500 for the payment of the interest, and |
$4,000 to create a sinking fund for tho
redemption of the bonds. This COM
promise left SIS, 900 of the old bonds un-
cancelled, and in the hands of parties
who We're not willing to settle on the
terms offered by the county authori-
ties. Mr.. Goshorn and others of this
city held $4,000 of this amount, and
brought suit for the recovery of the
same. ..t...--1
Tho case was ably argued by tho best
counsel in the State, and was finally
decided in favor of the bondholders,
thus rendering the county liable for the
whole amount of principal and inter
est yet outstanding. The remaining
$4,000, not represented In this suit, is
fol Nrf
in this city and vicinity. Mr.. Goshorn
informs us that he purchased the bonds
held by him at rates varying from sew
enty to ninety cents on the dollar, and
that before bringing. suit he Offered to
sell them to the county at tho same
rates. From the report of the commits
sioners of the sinking fund, made on
the Sth of May, 1855, we ascertain that
during the year they took up SlS,O 600 OF
the old bonds and issued in payment
$4,000 of the new. They have paid the
interest accruing during the year and
have purchased for the sinking fund
$4,000 of the new bonds at rates vary
ing from ninety-five cents on the dollar
q TO par and interest, have cash on hand
amounting to S6s4.55, and have due
from county treasurer on levy of 1861
$4,000.
Since the organization of the commit.
tee they have taken up SOP, 600 of the
old bonds and have issued in exchange
SI63,OO0 of the new. They have also
taken up $4,000 of the new, so that on
the sth of May there was outstanding
STs,OOO of the old bonds with accrued
interest from 1858, and $4,000 of the
new issue on Which the interest has been
punetually pnid. From this data we
make the following estimate of the
present liability of the county on this
subscriptions:
Outstanding bonds, new issue. SII4,OOO
Outstanding bonds, old issue. TS,0OQ
Compounded interest from 1855