The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1868-02-21
From ne LaaioWe Ne'-s.lea'e,-.
R0jJ Ro0d.

! ~ this is the question Of the day, and
/ the enterprise is meeting with some OPP
/ position. though less and less every week,
] il is well to bear in mind the following
facts:
1st. What the towns agree to aid is
/ taken in stock, and whatever that stock
/ viii bring AT any time within % gears
the towns receive back, if they desire,
/ or they may retain the stock, as they see
| fit.
2d. 1t is the opinion Ofthe best finan-
ciers and shrewdest men in Massachu-
sets, Maine, New York, and Vermont,
who have given the matter an investiga-
ton that the road will be a paying road
from the start.
81. That the stock taken by the towns
cannot be assessed under any contingent
cy beyond the amount the town actually
votes or agrees 20 pay. That is if the
road proves a failure financially, still
the towns can never be called on 10 pay
my thing more than the amount they
themselves determine under the Enab
ling act This fact has fully satisfied the
fears of a great share of the opposition,
when it has come 10 their knowledge,
18th Subscribing for stock by the
towns is done by ,critten contract.
that contract can be guarded as the
towns see fit, and no one has any voice
in the making of that contract except
the town interested. If any one doubts
this, examine the Act itself.
5th. The stock taken by town is TO be
paid for by bonds due in 20years. These
bonds are to bear such interest as the
town directs; but remember, that no
town will be called upon to pay single
dollar of interest until the road is built
and the cars running in the town Civ
ing aid. That Is, the towns are TO have
the benefit of the road before they have
anything to pay.
9Th The bonds themselves are not
to be issued by the towns until the cars
are running, except 10 per cent, and the
| 10 per cent. Is not to be issued until the
town, through its officers, are satisfied
that the road is contracted and riu be
[ built through the town called upon.
The other 80 per cent. will not be issued
until the road is in operation.
For example take the town of John
son. She assents to take stock to the
amount of $50, 900. To pay for that stock
she agrees to issue bonds for the same
amount Now, when the officers of the
town become satisfied that the building
of the railroad has been contracted, and
triU be built through the tOJOH Of johnson,
then they issue 5000 in bonds. Then
the matter rests until the cars are oc-
tud{ly running through johnson, carry
ing passengers and freight, when the
town issues the balance of its bonds
| And remember that no interest Is to be
paid on the first issue OfS500O until the
| last contingency occurs, that Is the run
ming of the cars through the town.
| Again, if any town has any fears about
issuing the 10 per cent. before the road
is in operation, they have the power to
i withhold the issue and not issue single
| bond until the ears are actually in mo-
ton.
9TH. The propositions for aid in BOs-
| ton and New York are not of the usual
/ kind. Generally, when aid is granted,
/ those who give it ask for security, and
/ that the amount shall be repaid. In our
case they give outright. They ask no
security, and guarantee that the amount
shall never be called for. There are Sc
veral connecting roads and Cos. that
will without doubt furnish this kind of
aid. The tendency ofsuch aid is TO make
the original stock of our road good, and
il can have no other effect.
Sth. If this road is built, it will pass
| through one OF the richest portions of
/ Vermont, and when once developed it
cannot fail to sustain r. r. especially
one that is to have such immense through
business in addition to its local traffic.
9Th. The business from the East to
the West and from the West to the East
has doubled in the last 10 years this
can be shown by authenticated statis-
tics. Business men both West East,
state that it will double again in the
next 10 years. If so, and there is no
doubt of it, what a thoroughfare cur
road must be at the end of that time.
1t must be a remulerative enterprise,
and the stock must be worth par. Ii so,
then the town that lends aid never loses
one dollar, but simply lends her credit
for the time being.