Litchfield enquirer., 1869-02-11
MORRIS, FEB. 8tll, 1868.

MORRIS, FEB. Sth, 1868.
 MR. EDITOR :-Another reading of MT. Pierponts Essay on Political Economy, as applied to Internal Improvements, discov- CTS another point which he raised and to which will now call attention a.
 After denying what had been stated in the Supplemental Report, as the position of the leading andinfuential citizen of the Eastern district, on the subject of tdaation, he declares his statement to have been {: |" that if town subscribes to the amount of five per cent. of it's grand list, it will be obliged to raise the money to pay for the same ]! that is, H ,could De compelled to Dsat | ,ohich, byits rote, I lad agreed to do-no repudiunioa." .'.'' i.4 .:t
 His position on this point is impregna- Eble. It llas never been denied, nor can it be disputed. .- I.... t. If the Road should earn nothing for it's stockholders- which he Minks would be true-he says '' that the interest on such g subscription for stock would fall upon the | tax -payeis'' He Is not correct, even in this deckration, for he makes no allowance whatever for any increase of the assessable property of the town owing to it's develop ment by the Road. yu vs
 Let the taxpayers of Morris understand the precise business effect of subscribing for $21 300 of the capital stock of the She paug Valley R. R. . l To pay for this stock, the town would is- sue it's bonds for $2l. 300, the interest or wbiehiwould be $1278 per annum. Tc meet this annual interest the town would | have all it's dividends earned on its $21, 300 of stock, and all taxes levied on property created by, or drawn into the town in con sequence of the building of the Road. l If the Road should, within reasonable time, earn as much as the average of the roads of this State @, 9-10 per cent. tht town stock would yield $2, 1Os, 70, leaving ; balance in the town treasury, after paying ! -,,--" AanfAn, -e --1lJ and there seems to be but little difference in opinion on the the part of those bes competent to judge, that its future would prove as prosperous as the average of oul roads. @-t.'.E, 1T. s
 If, on the other hand, it's earnings should prove no more than the earnings of the roads to which he has found it conosnient tc refer, viz :: four iper cent, the town stock would earn but 1852, leaving deficiency of $426. -''~-i5 ..a.,- ;
 It may here be remarked of the roads which attraaed his attention that they de pend almost exclusively on agricultural products for their tonnage, and in most cases, encounter severe competition. 2 have made no allowance. in either case, for any revenue to be derived by the town from it's increased grand list, which would undoubtedly provide for any such possible deficiency in railway earnings, in the one ease, oradd largely to the surplus ofsuch earnings, over the interest, on town bonds, in the other.
 l, therefore, can see no reason why if the the towns lying along the proposed line of road, can secure it's construction by be- coming the owners of majority of it's stock, Representing but one fourth the cost of the road, and which are forever to enjoy al it's Incidental benefits advances in the value of real estate, the introduction from abroad, the chief transportation of persons and home productions, to which allusion is made in the Report of the En- gineer--can refuse to accept such advanta- ges so clearly without ultimate cost to themselxes. [ Il .s,st6E. 1.i- D.
 MORRIS, Feb. 9th. 1869. ! Ma EpToR :--I see by your papers there