The Portland daily press., 1867-04-27
r Fl E PRESS,
Saturday Morning, april 81, 1861
The Railroad security.

When the eccentric Dean SWIM "ae o
upon to preach charity sermon, "n' -"
large and wealthy crowd before hiin' "o
Gov h;s +rvt t,,a words. 'He that giveth 10 'he
-. ,o,o.,, IN the rd,"-then closing the
n.,,. =. ..;d and this was his entire sermon
ere .,a, lie the security doDn aoiM the dust. >"
~, a sermon of greater elaboration and
,onotI, would have been no more effective.
Mt Tuesday the city will be called upon to
,o., its credit, Ito loan its name as endorser.--
for 81 900, and the chief objection thus far
raised against doing so is prudential one-a
question OF security. 4s ..-. 4e
Now what is to be the security? One half
the amount Will. secure continuous line of
road, all equipped, from this city to Rochester,
N. H., and tor this half the city would receive
for security first mortgage on tine entire line,
with all its rolling stock andgfranchise. The
length of this line will be 46 miles, SO that the
loan will amount to a fraction over $4,000 per
mle saying nothing of the value of engines,
cars and other rolling stock of the company
The road for the IS miles now built is in good
order; all the defective rails have been taken
up and replaced either by new rails or old
ones re-rolled which are equally as good as
new, and the rolling stock has been put in per-
feet repair. Who can doubt that such road,
going through such country, and under con-
troll of those interested in the city's properly,
would be ample security for the required loan?
Or, should the city be obliged, years hence, to
forecose and take possession, who can doubtthat
the Boston & Maine road would eagerly lease
it for percentage that would pay the interest
and provide sinking fund for the eventual
payment of the bonds? r34f B.p.
In all this we leave out of sight the propos-
ed connection, through this road, with the
West which mast be secured to the satisfac-
ton of the Board of Mayor and Aldermen be-
fore a cent of the loan can be touched beyond
S250,000, which latter sum will secure the ex-
tension of the line to Alfred. 1t is possible, as
has been suggested by one correspondent, that
the Mayor and Aldermen may make mis-
take, or be deceived or imposed upon, SO as to
issue the whole amount of bonds when the
Western connections are not secured beyond
possibility of failure; but even in that possible
contingency, the city will have 46 miles of road
with its equipments and franchise and Boston
connections, and who will say the security ev-
en- then would not be full and ample? If the
cOSulty 60 ocSAiCo oabiSAdStoly, tuCh lCt Wit
citizens "dOwn with their dust" by voting in
favor of the loan. .Fg r. .-.,.
EBut how is it with the security for the other
half Of the loan? 1t is admitted, We believe, by
those who oppose the loan that 100000 would
secure road from this city to North Conway
or to the State line. We have no doubt the
gap across New Hampshire would be filed
opening direct, short and cheap channel be-
tween Portland harbor and the Lake ports
The Board of Mayor and Aldermen is to be
satisfied that such ,Uould be the case and that a
reasonable amount is secured by subscription,
beff re dollar of the loan can be touched. II
the entire line should be opened, there is no
doubt it could be leased to responsible connect
ing lines at fair rate of interest. But sup
pose the connections beyoud the State line
fail; that the Mayor and Aldermen allsw them
selves to be deceived, so that the loan shall only
secure road to North Conway, who then can
doubt that a first mortgage ON the entire line
We i'd be good security for 100000, especially
whea it is considered that the road would tap
rich country the trade ofwhich now goes to Bos-
ton, finding at Meredith, N. H., its nearest rail
road station, and that it would open new
and desirable route for the immense White
Mountain travel? We think it of the first i'm
portance that road should pass up the Saco
valley, through Cornish, Hiram, Fryeburg to
Conway, which would afford facilities for di-
verting the business of Freedom N. H,-a
place of much manufacturing interest-and of
all eastern New Hampshire from that point to
the Mountains, in this direction. 1t would en-
large our trade, make popular route to the
Mountains, and become a road of vast import
ance for one of its length. That it would am
ply secure the investment asked for, even if
extended no farther than Conway, we have no
doubt, while with the contemplated connec-
lions it would be to Portland more interesting
than any other thoroughfare coming into the
city. 1t would virtually make our city the
shipping port for Chicago, secure to us lines
of European steamers throughout the year,
and make this one of the largest lumber marts
on the Atlantic coast. ~,
Upon this loan question our citizens are
soon to cast their votes. They are the arbiters,
and hold in their hands the destiny of the city.
The importance Of their decision can scarcely
be oyerestimated. If the security is deemed
sufficient we trust they will "down with the
dust" by voting Eyes," II VII I, ,,5fs..,f,
We close with the statement of suggestive
fact. 1t is this: that, SO far as our observation
extends, those most active in behalf of the loan
are the men of large wealth, engaged extern
sively in business, men OF public spirit, who
would suffer more than the average of our pop
ulation by any unsafe or inexpedient enter
prise, while those most active in defeating all
propositions looking to the enlargement of our
business and trade. and have the most to say
about the safety of the city, have not distin-
guished themselves hitherto by a readiness to
Invest money for purposes of public benefit.
Mere timidity under the name of conservatism,
VIII never build up city in wealth, spopula-
ton and material prosperity s,st, .