Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1868-08-13
For the Gallipolis Journal.
Racco0n River Improvement,

Mr.. NAsH-SR:-Allow me, through the
columns Of the Journal, to say a word to the
Stockholders of this Company, in order to
correct some misrepresentation that are afloat
along the line of the Improvement, and that
has been started for some purpose to me un.
known, unless it be to retard the progress OF
the work. | believs it is mainly traceable TO
those who are not stockholders, and who are
trying to find fault merely tn excuse them
selves in the eyes Of their neighbors, for not
taking stock or helping in this work. that
every man and woman on the line must be
benefited by. There is in every community
a set of old fogies who oppose all progress,
and it is very easy for such to find excuses
for their positions, and they are not very par
tlcular whether their opposition is based on
facts or lies. 1t is reported that | said In
! speeches i made to the citizens along the
line, that "the subscribers would be called
upon to elect the officers of the company, be-
fore they paid in any part of their stock"-
This is not the truth. | never addressed a
meeting without being introduced as Presi-
dent OF the company, and stating who the
other cOrporators and officers were. never
made speech. on this subject, but read the
law Of the State to my audience, as fol-
lows:- tH..
SIC. 9. That the corporators named in
said certificate Of incorporation shall. open
the books Of the said company for subscrip-
tion TO the capital stock of said company,
and so soon thereafter as fifty per cent of tbs
capital shall be subscribed and paid in msney,
they shall call q meeting of the persons who
have subscribed stock as aforesaid, and shall
then and there proceed TO elect five directors
who shall be stockholders in the said COM
pany, dc. This is the law of the State, and
n oarlaI nj 1t : .
be stocEholder until he pays in fifty per
cent. OF his stock. The law presumes he
must be interested, by having paid in fifty
per cent before he can vote, and then there
must he so per cent of the capital paid in. %
says the Statute. | further said to the peo-
pie that we corrorators were the mere instru-
ments of the law to bring the company into
existence. and act until the stockholders were
qualIhed bv payment of stock TO elect our
successors. That we cOrporators were sworn
TO per!orsI our duties as such, according to
the laws of the State, by laws and resolutions
of the company. All OF which we most ma.
suredly have done. This COMPANY has been
according to law, in the same man-
ner as bank, mining or any other corpora. |
tion has to be put in motion under the law II
Those who subscribed stock are liable to nav
their subscriptions, and when paid are stock |
holders, no certificate of stock issues till the
stock is paid. Again. The law gives US the |
right of way, of course. if the company
damages any person, 1t must pay the damage.
W hat possible damage can be done to any
mill owner, by running a boat into a lock be-
low the water power of the stream? What
damage can it be to the land owner for a
boat TO pass up aud down on the breast off
he water? What damage to cut down 4
an M Ion traa that ,uauIH |
life or property, on the boats or that would OBJ
itruct navigation? Ye we have some men,
who profess to ba men OF good Judgment,
who refuse this to the company. WHY is
his? Surely not on account of any pecuni-
Try damage that it will do them. We ,pro.
,ose to pay one half the expense Of keep
ng dams in repair and watertight, that are
low hall the summer season useless TO the
'wners, thus improving the water power on
he stream, and adding at least 25 per cent.
. the business Of the mills. Surely no u
nan values an old tree on the banks, as
f more value than The life or property Of
lis neighbo9 or perhaps member of his
WI family who may chance to te on passing
oat, destroyed by falling timber II we
ave such men on Raccoon, the sooner we
II know them the better 0-
Again, some have said that they would not
av in stock because the salaries of some of ]
he officers were too high Is it the act of
,isdom on your part, to oppose the making {
great Improvement, that You oil adj !
lit will be great benefit to us all, mere
: because some officer gets too high . sal,
ry7 when you have ample power to correct
lis, or any other error Of your officials. No, .
lere is proper way to do everything. I ,
nd | here say TO you that the best has
cen done that could be done under the cir.