The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-04-26
THE PRESS.
Friday Morning, Ap.il 26. 1867.



OppositiOn 10 the Railroad Loans. =
We have hitherto published one briet, candid
article in opposition to the proposed loan, sign
ed Homo" written by one of our best citl-
zens; and upon the first page this morning
will be found long, elaborate article IN oPpo-
sition, the familiar initials OF the writer re'o',-
ing its authorship quite as plainly "' 'nouen
b;sfnll mama had heen attached. Three things
are to be noted; LIST, neither writer oeiiies 'he
,.o.,.,-- "a ofbatter communication with the
W.. ~ o,der TO secure the future prosperity
ond oroxtb of the city; 3D. neither denies that
the nroposed routes if opened, would meet
o,,. ,eca .sities and, Sd, neither of them oppos-
as the loan on any ground that would not be
equally forcible if urged against any other
possible loan proposed to build up the trade
and prosperity of the place. &. B.
"Homo" opposes the loan purely on grounds
of financial prudence-that the aided compa-
MES may fail to pay the interest coupons they
mag fail to meet the bonds at maturity, so
that the city may have to pay both interest and
principal. In Offset to this it may be urged,
that in all past loans for railroads, whether by
this city or any other in the State, the coupons
have been invariably paid without draw
ing a farthing from the treasury OF the city,
and so far az PortIa nd ia concerned the bonds
themselves seem in a fair way of being provid-
ed for
81 C. w" combats the proposed loan to the
portland &, Rochester road mainly on the
ground that the York & Cumberland road did
not redeem its PROMISES; did not extend and
comnlete its track as the public were assured
If would do when bonds held by individuals
were allowed to be put into stock at 80 per
cent their par value. 1t is TO be remarked that
the Y. & c. road never had dollars aid from
the city; it was weak corporation, and had to
fight its way against all the disadvantages un-
der which our early roads were built More
than this it seems to us no more fair to oppose
the Portland g. Rochester road because of the
failures and ADVERTISEMENTS of the York &
Cumberland, than it would be to clip the wings
of butterfly because, aohile an its grub state
it did not mount up and fly, and spend its time
in fitting from flower to flower. Because those
who shouldered that old enterprise found it too
heavy for their strength, it by no means fol-
lows that the respectable gentlemen who are
trying to carry through the p. & r. road and
thus bring business to our city, are a set OF
swindlers who promise one thing while intend
ing to do another and infinitely disgraceful
thing. -'i5 l'-5 sDa ss
The opposition to the Portland g. Ogdens-
burg road is equally unfair. The gentlemen
who are laboring to promote that enterprise
are not lot of Spectators, as ~. c. W." init
mates. They are men who are laboring for the
upbuilding OF the city, who work without fee
reward, and who will profit no more by the
loan or by the construction of the the road than
any other business men. We think our COR
respondent will have very hard work to make
the people of Portland believe he can be any
more solicitons for its growth and material
prosperity, or for the safety of its financial
credit, than are the gentlemen behind this en-
terprise They are emphatically men of pub
lie spirit, the most of them active business men
and look for their reward in the increased ben
efts the enterprise will bring to the public, and
not to any advantage they may derive
from cashing bonds, from discount on the
bonds or from foreclosing mortgages. "a @
We trust If the loan is to be defeated it may
be done by fair, honorable opposition, and no.
by aspersions, either expressed or implied, up
on the business character or personal integrity
of the men who are laboring to extend the
borders of our trade and business by extend
ing and multiplying the facilities which thai
trade and business demand for future develop
ment -. ..- Gil.
And while the necessities of the city stand
confessed; while it is perfectly self-evident to
business men that new modes of communica-
ton with the West must be opened or Portland
will soon reach her maximum prosperity ant
growth, we insist that gentlemen, in opposing
the proposed loan, should submit some better
more feasible and safer method of meeting tn,
pressing necessities of the city, or they will b.
liable to the suspicion of disregarding the flu
ture growth of the city in population and usi
ness, its increase n valuatian and consequen
decrease in the rate of taxation, through feal
that largely used railroads will not be good fo
first mortgage given to secure a fourth or
thirds of their cost. Shall it ever be said tina
the prosperity of Portland is to find a full stoI
through any such timid spirit on the part o
her people? We don't believe it. u .sE