Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-06-19
Chr Railruau cutstiun.


TO THE TAX PAYERS OF MON TELLER. !
= he Undersigned, members Of committee APP
pointed at a meeting held at Village Hail. on the
Doth of March, TO consider the subject OF a railroad
from Montpelier 10 St. Johnsbury, submit to you
the following statement Of facts
The Committee met on several occasions-they
heard the engineer directors and others interested
in building the road, and have spent considerable
time in the discussion and investigation OF the
subject At the last meeting the sum OF Si6O,OOO
was named, by General Pitkin, as the least that
would be accepted Of Montpelier to commence
the prosecution Of the work and he desired no
action of the Committee that would result in rec
ommendng to the town to raise any less sum on
the grand list
TO raise this amount would require a tax of
about $1,000 on every dollar Of the present grand
list or an annual tax, to pay the interest at gov
eminent rates, Of about 30 cents on the dollar
II is confidently believed that under such burden
the lis. would be reduced that nc least 100 cents
on the dollar would be required to pay the inter
est II was claimed however, 10y General Pitkn
that onebal Of this interest would be refunded by
the corporation on their bonds but. at the same
time it was admitted That the money raised by the
towns would only bee sufficient to begin the work
and thus enable the directors 10 mortgage the road
for funds sufficient TO complete the same. Three
f1urths Of the expense Of the work would undoubt-
eddy be embraced in the mortgage, and the relia-
biliy of the bonds of a corporation whose proper
ty is heavily incumbered by mortgage, can be
tmated 10y YOU as well by MS. Judging, how
ever, from the past history Of Vermont railroads,
no reliance can be placed on such securities for Ell
ther interest or principal, and in the opinion of
the undersigned the question falls back upon the
first proposition, whether it is advisable for the
town to impose upon its grand list a sum equal to
an annual tax for all time to come of 100 cents on
dollar for the payment OF interest. This tax
must fall heavily upon real estate, and the under
signed verify believe, that the burden would be
such as to check improvements in building, stop
the increase of a valuable population. and essen
tally decrease the grand list of the town. Enter
tanning this opinion, the undersigned could not,
in good conscience, recommend to the tax payers
to assume such a debt. We do not here propose
to discuss the propriety of building add equipping
railroads the grand list. No railroad, thus far,
has been built in this State upon such basis
Where the experiment has been tried at the West
to build upon the bonds Of cities, or by the aid Of
farm mortgages it. has generally, it not universal
ly, resulted ia repudauon or litigation, and we
do not hesitate 10 say that oppressive tar, for
UGH an object would ieopardise the prosperity Of
any town, and be unjustifahle in those who i'm
posed IL.
While we are thus constrained to doubt the
prudence and propriety of mortgaging the town
in the mode and for the amount required, are
not uumindiul of the deep interest of the citizens
OF Montpelier in the success Of the road, and Of
their Willingness to contribute literally 10 1t and
an expression OF our own interest, we are ready
to recommend to the citizens Of Montpelier to
raise fifty thousand dollars and invest that sum in
the stock Of the Company, and to give it, as a bo-
ms, TO any corporation, person or persons, who
will subscribe the balance OF one hundred thousand
dollars to the stock or bonds, at par Of said Com
pany-thus realizing for the road, if capitalists
shall have confidence in the undertaking. all that
seems to DE required at She hands of Montpelier.
This we would have done bat for the desire of
Director Of the corporation that the proposition
should not now be made.
-. BALDWIN,
r. RICHARDSON,
J.. F. JEWETT,
j. A. PAGE
ORANGE FlFlELD,
CARLOS BANCROFT,
FRED. L. SMITH,
GEO. w. SCOTT
II. W. HEATON,
j. G. EMERY,
G.. ROBINSON.
DENISON TAFT.
GEO. c. SHEPARD
JAMES r. LANGDON