The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1868-02-21

mand it.
We will not stop to discuss the ques-
ton of the benefit a Railroad VIII De
to our rich and at present isolated Val
/ ley; but simply ask every candid ana IN
/ telligent man to sit down, take map OF
/ the United States; see what our cOnnec-
| tons East and West will be; see the I'M
portance of this link; study the benefits
to himself and his neighbors, and to fu-
ture generations, and then ask himself:
| AD3 Ito be the man to stand iI1 the t0dy
! ofthis great public enterprise III not
| selfish he will answer, Never; no, never.
18th. If we refuse to accept this OPP
pOrtunity it is our last chance; and let
me say, for / feel it to be true, that any
I delay or refusal ON the part of the VAL
ley in the matter is absolutely danger
Gus. If the towns from Danville 10, and
including MOrristOwn, refuse to render
. aid the road is certain to go to Mont
pelier, because a connection can be made
there by building 80 miles less road than
to 90 to Georgia, and 10 miles less than
to 20 to SwantOn.
Again, if the towns down so far as,
and including MOrristOwn, render aid,
and the towns below refuse, the cOnnec-
ton will probably be at Waterbury over
the Mt. Mansfield route from Norris
Vile. Hence, it stands every town i'll
the Valley in hand to be ready with her
proportion of aid. Follow the example
of Hydepark, and within six months our
whole county Will be sea of life. Where
is the man or town that is willing to
assume the responsibility of defeating
this great and noble scheme.
18th. Every town should vote to ae-
cept the act
ifthey refuse, their hands are tied up,
and it might happen that the very men
who now oppose would be glad to take
advantage of the act in some forms Ac-
cept the act, and then if you are not
ready to complete the action Of the
town, let the matter rest till you are
Accepting the act simply makes 1t law
so far as the town accepting is concerned.
\ vote to accept the act has not
binding effect whatever. Such vote
only puts the provisions of the act with
in the towns reach. Now every town
man be glad to have this act within their
reach.
18th. This is a question that will bear
discussion. And it will be found that
the more it is discussed, and discussed
upon the basis upon which it really ex-
lists, the less opposition there is to the
project in all Intelligent and thinking
minds. Don't make up your mind till
you know all there is about it, and you
will have no trouble and will be perfect-
~ willing to give the enterprise your aid.
Remember that the stock or bonds
cannot beassessed beyond their par value.
That no town is obliged to issue bonds
or raise a tax or pay dollar, until the
road is in operation, except as above
stated.
fanny town has any fears that the
stock can be assessed beyond the original
amount signed, this can be put beyond
any question by just inserting in the
contract a prOvisO that the stock taken
by such town, when paid by bonds, shall
not be liable to assessment under any
contingency or for any purpose whatev-
er: and that when said town shall have
Issued bonds to the amount of their sub
scriptiOn or aid, said town shall neverbe
liable to pay any more by virtue of as
sessments on stock or otherwise. Now
when the corporation accept this con-
tract, they do so subject to the above
provisions. A contract is sacred, and
when once reduced to writing, signed
and accepted, its terms must be liAed
up to strictly.
Now, in any of those matters, if towns
have any fears, they can have just such
remedy as they choose, by placing prop
per guards in their written contract of
Act" gives this power, in terms, and an
examination win satisfy every doubling
mind.
Again, the Enabling Act says the
towns shall not exceed twelve times their
grand list. Now how can a corporation
compel the town to pay more than that
amount, either by assessments or in any
other way? Nothing short of special
act of the legislature could give that
power, and none such exists, and should
one be enacted it would repeal the pres
ent law.
The General Statutes provide that "no
assessment shall be laid upon any shares
in such corporation to q greater amount
than the sum at which the shares shall
bc fixed by the charter of such corpora
ton, or by any vote or agreement of the
stockholders"
Now, what is meant by this provisO?
In the first place the shares are fixed By
our charter at 500 each, The Law re-
quires that when subscriptions for stock
are made, per cent. is to be advanced.
That leaves 80 per cent. due. With this
per cent the corporation commence
the construction of the road Soon il is
found that more money is needed. Then
the stockholders by vote or agreement
make an assessment of 20 per cent, and
it Is paid. Then there is still due - per
cent. Soon another assessment is made
of % per cent, and it is paid. Then
there remains due 50 per cent: and SO
on; and if there is sufficient subscription
for the stock to more than build the road.
then the stakeholder would not be as
sessed even to the amount of his origin
al subscription. If the stock subscrip-
lions are not enough To build the road.
then each share can be assessed to the
full amount fixed by the charter: viz;
500 and no more. But if, when a per-
son subscribes for a share, he paws down
the 500, or the amount fixed by the
charter, he is not liable to any assess
ments thereafter, and when such ASSESS
ments as L have referred to have been
made, the stockholders, by vote or agree
ment, cannot make them any greater in
all than the original subscription. These
assessments are for the payment of the
original subscription; and thestatuts re-
fers to nothing else.
In past times this law was difRarent
and stock could be assessed beyond its
par value; but the evils of those days
nave called forth guard from the legis-
iatuIe' ana now when the stock found Ii
lhsuiilclens and becomes exhausted. the
corporation Is compelled to borrow MON
ey instead OF assessing the stock. That
part OF the section which says, ''or by
any vote or agreement of the stockhold.
ers, SIMPLY refers to the size of tbs
shares; that is, when the size of the
shares is not fixed by the charter, then
the stockholders by vote or agreement
nx the amount the shares shall be called,
ana when it is fixed in this way assess
ments cannot be laid for greater sum
THAN Is thus agreed upon, for the size of
the SHARES and the assessments on both
the payments of the original subscrip-
ton, and not for something in addition,
as some claim If the shares were al
ways fixed in the charter then there
would be no need of this part of the
clause.
a careful study OF this matter will sat-
isfy any one that there is no danger Of
assessments beyond the amount sub
scribed. And allow me to say that the
great capitalists who are lending aid to
this enterprise willingly consent that
each town may provide in their contract
against any and all such contingencies
in as strong language as they see fit. III
any one doubts our statements we are
prepared to give authorities. / have
said that the law requires per cent. to
be advanced. This is avoided by eX-
ureso Stimulation in tho contract that