The Republican journal., 1870-01-20
AFTERNOON.

| The Committee to which had been refer
ported rs follows
TO THE STOCKHOLDERS or THE BELFAST AND
MoosEIEAD LAKE RAILROAD COMPANY.
! The undersigned, your committee beg leave Ia
! report That from various causes prominent
among which haze been the open opposition of a
few OF our wealthy feloW-citizens the construct
ION of amy Railroad leading through or from our
city; dStru9t thereby created in the minds of some
OF the original Subscribers for stock of the pcasi-
blilty or policy OF constructing such road the
pecunihry inability, rs it has proved. of some few
SUBSCRIBERS TO pay the amount of their subscription
anu most especially the reputation of their sub
scrlplons by several towns on the route it has be-
come quite apparent that recourse must be had to
some source on other for funds necessary To conf
plce road in seasonable time to meet the re-
quirement contained in the contract for lease Of
it 10 the Maine Central Railroad Company.
The amount required for that purpose is various
~ estimated; the largest sum named in l50 thous
and dollars
In the Judgment of your committee ii is safest
and wisest To assume that that sum will be requir
ed. How shall it be raised?
Your committee Of opinion that it can be
raised on the Bonds of the Company, secured by a
mortgage OF It's road and appurtenances, more
readily and acceptaby than in any other mode
IL was not contemplated in the commencement
OF THIS enterprise that the necessity for placing
mortgage on the road would ever arise Had All
those who pledged themselves, under their hands
to take stock, faithfully redeemed that pledge, the
necessity never would have arisen. But we must
accept the case rs ii stands leaving all such to set
Tie the matter with their own conscences as best
they may. Some of them may do without any
great mental or moral struggle acting on the old
legal maxim that "Corporations have soN}S'' of
course, no conscience 10pNs are, in the eye Of Tie
law, Corporations.
Your Committee, however. find consolation in
the faith that although towns in their corporate
capacity have no c0nSctenceS, they have purses
into which the strong hand of the law will lind its
way, and that the delinquents will ultimately be
comp elled to do that which in the exercise of com
mon honesty they should have done willingly ono
ago.
For the reasons stated your Committee recon-
mend that legal provision he made for raising the
sum before stated, and in the mode before s,lo,,4ut
ed; and that the Bonds issued aud secured hy
mortgage have precedence of all other similar de-
mands against this company
lour 'oihihittee beg leave to report, further;
that among the original subscribers for stock there
are some OF limited pecunary ability but whose
hearts are bound up in the enterprise. Straitencd
somewhat III their finances, they will be compelled
20 loon abroad Tor the means to enable them to l-
ed for.
Upon their certificate of stock pledged as S.
curlty, they will find difficulty in raising the
iuhds necessary to enable them TO pay the balance
que on thelr assessment, provide they can give
win such pledge the that their stock will
not be deprecated in value by future pledge or
mortgage OF the road, this can be effected by Civ
ing To them i'll connection NTH their certificate
bond as collateral security for the repayment OF the
amount by them invested As shown by their ceriti-
cate, with a mortgage as before recommended, in
case Of the issue of bonds to raise the $50 thous and
it'll their certificate, and bond and mortgage
accompanying, the necessary funds can be readily
raised. No wrong will be done thereby, and the
Company will suffer no prejudice therefrom as
such bonds would be second in order to the bonds
herein before provided for.
As no distinction of persons can wen be made,
the same bonds, or security, if it may be 80 termed