The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1867-08-15
c cincinnati, Richmond & #. Wayne r. r.

Cincinnati, Richmond 4 Fl. Wayne r. r.
We are pleased to announce the fact
that, by the next meeting Of the Council
TUESDAY night next, large majority
of the freeholders within the limits Of
the Corporation, win have signed the
petition to the Council-there is clear
majority now of seventy, after the Coun
Gil had thrown out ninety -one non-resi
dents and non property holders. This
is, rs it should be, and clearly shows the
spirit that animates our citizens, and de-
termines them to push forward work
so clearly beneficial to them as business
men and the prosperity and growth
of the city. The day the Council shall
comply with the demands of . majority
of their constituents, to aid in the con-
struction of this Road, by the snbscrip-
ton Of 100000, it will give the work
such an impetus that it cannot fail Of
completion to Ft. Wayne, thus opening
up trade that Richmond could never
otherwise obtain. Another and most
important consideration, provided the
action Of the Council corresponds with
the wishes Of the citizens, will be to in
duce men who have money. to invest it
in the Bonds Of the Road, and thus OBJ
tain the additional means required for
the purchase Of the iron.
We ask the attention of our readers
TO an article which we copy below. from
the Winchester Journal, headed Rail
Road Bonds. We again copy the section
of the Charter, that clearly gives to the
majority of freehold citizens the power
of asking the Council to grant their just
demands for thisimprovement:
Sec go. Any incorporated city, under this act,
shall have to borrow money to subscribe to the
stock Of any plank road, macademized road or raj
Rad trimming into or through such city; to make
donations in money the bonds OF such city, to aid
in the construction of such roads, only petition OF
a majority Of the resident freeholders thereof: Provi
ded That said doha tions shall be payable, either
in money bonds until the road in aid of which 1t Is
given, shall be far completed as to admit the rum
ming of trains from the point of commencement to
such point or points designated in the petition
in Of railroad, passage OF wagons, IN the case
Of other roads, and when so far completed it shall be
obligatory on the Common Council of said city to
contract and do whatever may be necessary to carry
into effect the substantial meaning OF such petitions
and the obligations herein epjoined be enforced
in the courts of this State having competent iursdc
tion on the application of any signer of such petit
ton President of the road in behalf OF which such
donation may have been made, at any time after said
petition. petitions have been presented to such
Common Council, and for any debt in pursuance ct
the provisions of this section in CARRYING out the In
tentonst Of the petitioners aforesaid, the Common
Council shall add to the tax duplicate of such years
thereafter levy sufficient pay the annual interest
Of such debt oan with addition Of not less than
fyec he hundred dollars. to create
ing fund for the liquidation of the principal thereof
which fund. with all the increase thereof, shall be ap-
purpose.'E Is les 4
=. II. Our Railroad Bonds.
The question of the sale of the bonds
of our North and South Railroad will
soon be presented to the people Of Ran
dolph County, at least to those inter-
ested in the building of the line of road
and to others who wish to make good
investments of their money. We think
we are not mistaken when We say these
bonds are entirely safe, as the security
is good. We stated last week that every
thing belonging to the company was
mortgaged to secure them, they are the
first mortgage bonds and are entitled TO
preference over everything else; we
shall not pretend that they are as good
as Government bonds, but we do say
that they are the next thing to them.
The holder will draw seven per cent in
terest semi annually in cash, SO that it
makes tie investment good one. Our
people subscribed, $4,000 in stock, two
years ago this was all right, but there
is no comparison between the invest
The bond holders get their interest
first, then if there is a surplus the stock
holders will have dividend and if the
company should fail to pay this interest
the bondholders can foreclose the mort
gage. which isSa common one-equally
securing all the holders of these bonds.
The road is sold and the holders buy
the road, that closes up all dividends to
stockholders, as the entire interest pass
ess into the hands OF those bondholders;
the stock then becomes almost worth
less, except as in the case of election OF
officers. But not so with the bonds.
The holders are entitled to their inter-
est until the bonds are redeemed by the
payment of the amount in money when
they become due, or else in the case of
the non-payment Of interest, the road
with al its interests is sold and passes
into the hands Of the bond holders
The company wish to sell fifty tsous
and dollars Of these bonds-in other
words, fifty bonds Of a thousand dollars
each Now will the people of Randolph
County buy them. Let there be com
panies formed to take these bonds. We
are not authorized 70 say whether they
are To- be sold a. par or at discount.