Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1870-03-26

this place. goes to Calvert. Nj. James
Washington has been sent 10 Shepherds.
town, and +. w. Boolhe to Berkeley.
"O OUR RAILRoAD.--Manyp persons
having called on us within the last two weeks
for information in regard to the issuing Of
County Bonds in aid Of the Shenandoah Valley
Railroad, we have about concluded that vast
number Of our citizens do not exactly under
stand, not only in what manner the bonds in
question are 10 be turned into ready capital,
but how or where they are to be redeemed.
In view OF this fact, and for fear that many
friendly 10 this vast internal improvement may
know precisely what they do when they vote
for the proposed appropriation Of $3.50 900, on
the 3lst of this month, We shall endeavor to
show as briefly as possible how the bonds are
issued, when redeemable and by whom eventu
ally liqudated.
First, then, il the majority Of the citizens Of
our County declare by their ballots that they
are in favor of such an appropriation, bonds
OF various denominations ranging we suppose
from 500 TO Is, 200, making in all an aggre.
gate amount Of $3.50 900, will be issued, the
bonds bearing interest, We will say, at ten
per cent, redeemable in Is, 90 and 30 gears.
Thess bonds are then thrown upon the market
Tor sale at our chief money centers, New York,
Philadelphia and Baltimore, and from these
sales the ready cash is realized Immediately.
and We have no doubt but their par value can
be obtained particularly if bearing interest at
ten per cent. For this amount (S250, 000) the
County pledges its faith and credit. When the
road is built the Corporation known as the She.
nandoah Valley Railroad Company, will as
sumo the payment Of the bonds, principal and
interest; so in fact the County Of Jefferson Is
only an endorser or security for their payment
the same as an individual note presented to a
bank for discount BY good and responsible
party, endorsed by friend.
From the time the bonds are issued until the
road is perfected, the county necessarily will
pay the accumulated interest as il would hard
ly be expected that the road would assume the
poyment Of interest until il 10 in o condition to
accumulate; that is TO say, il could not afford
TO pay when il has no possibl, means OF profit
which must be the case uutil il is in running OF
der. But after il is completed il will not only
assume the payment Of the bonds, principal and
interest, but will refund to the county all the
interest 1t may have paid duriog the time Of
the construction Of the road.
Now the idea that our people are to
be GENEROUSLY taxed for the purpose Of rair
sing ready capital, is most erroneous, Un-
der the most upfavorable circumstances we will
not be called on 10 pay the interest Of the
bonds for greater period than two years, as
the road will under ordinary good management
be in Q condition to assume the debt ny that
time. Allowing the bonds 10 bear the maxi.
mum interest OF 10 per cent. and putting our
iaxabls property iu tbs County at the minimum
figures Of S7,600,0O0 il wonld only require
levy - mills or % SO on the thousand dollars
TO realize the sum Of s26,0o9, q lhs interest on
s250,0O0.
II seems 10 Us that every person who has
any interest in drawing capital trade and en-
terpriss to our County, should vote for the APP
preparation, for as the number Of railroads are
Increased, eIorbitant frelsh,s must decrease.
No one, no matter how for he may reside from
The proposed ronse of the road. but has an in
tersss in the general welfare and prosperity Of
the whole community. Then vote for the en-
eouragement Of railro.d.