The Placer herald., 1870-07-16
PLACER'S RAILROAD STOCK.

Recent developments have shown that
previous estimates in the HERALD Of tss
value Of Placer's stock and dividends dus i,
from Central Pacific Railroad Company have
all been under rather than over the figure.
In November las. No made and published an
estimate OF the cost OF the construction O I
the road. and Of the means furnished the
Company BY the public. from which it ap.
pears ,ha. at that time there was due Placer
10 dividends and profits on construction. .
exclusive Of lands and first mortgage bonds,
the sum Of 1887 500, 10 which should be
added $3.50, 900 rs dividends from that time
to the 18th Of April last. the day upon which
our stock was sold, or rather given away,
making total due the county at the
later date Of Sl.037,5oO. This vast sun
the reader must recollect was exclusive Of
the value Of our stock and our interest 10
the lands and frs. mortgage bonds, which
are worth some s37,oooOOo. 1t now
appears that shares OF stock Of ,bis Com
pany. the face Of which is SlOO. is actually
selling for 81 900, or ten times as much as
We received for ours three months ago. Had
we TO day our $500 shares Of full paid stock
which the Supervisors sold for $3.50 900 in
April, they would nov bring the county
s., 100000, an amount sufficient to pay off
all our outstanding bonds and leave US $2
100000 10 clean gold coin. This cum in
vested in Government six per cent. bonds
would yield Placer county $l35 900 per an
mum, SUN more than sufficient 10 pay all
our State taxes and support the county
government, without one cent taxes on our
people. We claimed last fall in 40 articls
published on the 9th Of November ,ha. there
was then due the county ca profits OF con
strucion aud 10 dividends near 81 900 900,
and tha. our share of the annual dividends
should be at least 100000. and the result
now shows US to have been below rather
than above The true figures. However much
the readers Of the HERALD, and the tsxpay.
srs of Placer, may then have doubted the
correctness Of our Cancellations and esl-
mates. they must now all admit that We
we're right, and tha, bad We bave had our
way Placer to-day would have been out Of
deb. With millions to her credit, and free
from taxation for all future time. As i. is
we have been sold oat 40 far as i. was 10 the
power Of our officials to do so, and the same
purchasing firm holds our bonds and the pit
tanoe Of money We are promised. We refer to
these things now to show TO the people and
taxpayers Of Placer county that all these i'm
meuss losses have been en,ailed upon them
by weak or corrupt officials in the face Of
the repeated and reiterated reasoninga, pro.
tes,a,ons and facts and figures oftbe HERALD.
There never was a period 10 the history Of
Placer county when che needed men OF
brains, Of irmness Of honesty, and OF busi-
ness capacity, at the head of affairs as she
bss within the last year-aud she had them
not. 1t was within the power Of her Off
cials to have freed her people Tor all time to
come from all taxation, and made her terri
tory the chosen spot Of all The Pacific coast
for the Investment Of ca pi al and the settle.
men, Of population. All this is loet-los,
80 far ss i. was in the power of our official'
to cousummate the act. But is it all lost !
The present suit commenced agains. the G..
P. r. R. Directors gives hope .ba. the
Equity Courls may yet do us us.ice. 1t is
alleged, and will so appear, that the purchase
of our stock was q fravdulent transaction;
that it was paid for in part by our own mon
ey and by money belonging to the stocks
holders Of the Company, and not by the
money Of D. o. Mills & Co. or the Dirscto ora,
which will clearly prove the transaction
fraudulent on the part Of the purchasers 1t
was sold for less than one.ten,b Of its value,
which should show fraud on the part Of the
Supervisors. The stock was taken in pur-
suance Of vote Of the people Of the county,
ana the original Ac. prohibited the sale Of
the stock, except on the submission Of the
oue.,ion to a .acond vote of the electors Of
Placer, and grave doubts exist as 10 tho
power Of the Legislature TO authorize these
men to uncoudi.ionally sell ISe stock on the
terms they did. This Was question for the
people Of Placer county to determine, and
no, The Legislature Of the Stste--lI6 mem
bers out of l2O Of which had no rights Of
properly or interest whatever in the matter.
Blu, il the sale should be held valid as far No
the county 10 concerned, aud was paid for
out Of money belonging to stockholders.
then We still hold our prorats in the stock
as far az paid for by money due the county.
which would be a heavy sum when it is
known tha. Placer and Sacramento counties