Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1870-03-15
TIE CHARTER.

recently granted by the Legislature Of West
Virginia, TO the Shenandoah Valley Railroad.
1t will be perceived that the right to extend
this work Originally chartered by the General
Assembly of Virginia,) from the Clarke and
Jefferson line to the Potomac river, has been
given; and that the Board of Supervisors of
the county have been authorized to submit to
vote of the people at special election the
question of a subscription to the capital stock
of the company. The Board of Supervisors
under the authority thus given them. have
directed that an election be held on the Sd
day of March, to determine whether or not the
sum of $3.50, 600 shall be subscribed.
By provision of the charter "all the male
taxpayers of the county, who are above the
age of twenty one years, who are not unsound
10 mind, and who are not under conviction of
treason. felony, or bribery in an election, and
who have been residents of the State one year,
and of the county thirty days before they
shall offer to vote" will be entitled to suffrage
at the special election named. a majority of
the vote cast will determine whether sub
scription shall be authorized or not IF
majority of the vote be found in favor of sub
scription "the Supervisors Of the county shall
then have authority to cause subscription to
be made in their corporate name to the stock
of the said company to the amount proposed,
or any less amount on such terms as they may
deem advisable, and TO provide for the pay
mcut thereof by county taxation or loans."-
1t will be observed from the proceedings in
Dictated that they are to be directed to the
single purpose of placing the county in a con-
dition to make a subscription of S250,000
whenever it is satisfied sufficient capital can
be commanded to construct the road. When
ever assurances to that effect are given, and
not till then, will the Supervisors, empowered
by the people, at the election on the 31st inst,
make the subscription. And it will also be
noticed, that whatever amount may be sub
scri6ed to the stock of this road, it must be,
under the terms of submission, expended on
that portion of the road which shall be located
in Jefferson county.
With such guarantees, it seems to as there
should be no hesitation OF the part of the peo-
pie Of the county to authorize, by their vote,
the proposed subscription.
The importance of this work has been dis
cussed repeatedly in our columns, and all, We
think, must long since have been convinced
that the prosperity of the county and the great
valleys of the Shenandoah and Luray would
be immensely promoted by its success. The
exhaustless treasures of the region of country
to be Developed by this enterprise, would fully
justify the employment of the whole capital
proposed 10 be embarked in it.
An able editorial, with financial view of this
subject, is to De found in the Shepherdstown
Register. We copy the following extract -
From a reliable official source we learn that
the taxable property of Jefferson county is
estimated at seven millions four hundred and
fifty-three thousand nine hundred and sixteen
dollars and thirty-tour cents, (S7 .453 .9l634).
\ tax on this of one fifth of one per cent, an
increase only of two mills on the dollar, will
yield annually fourteen thousand nine hundred !
and seven dollars and eighty-three cents,
(SI4 ,907 $50. This will be nearly enough !
[lacking ouly s93.l7) to pay the interest on
the County Bonds, VIII CHI. at per cent, will
be $4,000. The Bonds will be issued at as
long dates as the law will allow. The Hail /!
road Company will receive them in payment |
for the stock which the county will hold in the !
road. Long before the Bonds will mature the /
Road will he in operation and paying divi-
dends upon its stock So that, il at any time
thereafter, the county shall desire to realize
in each the value OF its stock. i, NAV be put
upon the market and sold at par-probaby at
handsome premium, thus READILY re imburs.
ing itself for the temporary loan of its credit.
So it will be seen that, at n cost to the
county which will be hardly felt by any of its
fax payers. every dollar Of which will be ex !
pended within its limits. and for which it will .
hold an ample equivalent in the stock of n /
Road that will pay from the start it will /
secure for itself, and forever, one of the
grandcst lines of improvement in the whole
country, which will add millions to its wealth,
thousands to its population and. in short,
confer such inestn:ablc benefits upon every
portion of its territory and every class of its
people, that to attempt to make them more
manifest to our readers would be an implied
insult to their intelligence.