The Conservative. (M'connelsville, Ohio) 1866-1871, 1870-04-22

u b'lt- ''s
Iaa,i IS not ell. The promoters
OF ;bis road, when they ASKED tor
it and asked for ihis enormous
grant of land, such a grant as had
never been made before, rrofessed
that with it, aid without any mon-
ey subsidy, and without any mort
gage of the road to defraud any
body, they would go on anil make
the road. They ~Professed extreme
honesty, l infar from the charter
that vas passed giving them this
grant, that they would not put any
bonds upon the market by which
anybody could be deceived or by
which the road could be sold out.
They would not ask any money
subsidy from the government at all,
but they would raise the necessary
capital and go on TO build the road
and rely on the land subsidy to re-
rmburso themselves, together with
tho profits of the road.
Now, sir, what is that thoy ask ?
They ask that Congress shall au-
thorize them TO mako 4 mortgage,
not simply upon the road, but upon
every dollars worth of property,
real. personal, or mixed, that they
own; and not only that, but upon
their corporate franchises and fran
chiso OF being a corporation. If
that mortgage Is given-a mort
gsge given before there Is one SIN
gle shovelful of earth dug out, be-
fore there is anything done what
ever; q mortgage pat upon this
road without any limitation what
soever as to the price for which the
bonds for which the bonds MAY
seIl-what, I ask, will be the ulti-
mate fate OF the road under such a
mortgage mortgage unlimited
IL amount under which $500, 000,-
600 of bonds may be put upon :he
mrrket- without any limitation
whatsoever as TO the price for
which they shall sell or the inter
est which they shall boar? Docs
not any man who has the least tx
perience in the history of railroads
IN thus country know that there
cau be but ore outcome to such a
mortgage as that, and that Is the
sale Of all this property under that
mortgage and lis purchase by a
ring in the company itself? That
IS the common history of railroads
sale OF everything under this
mortgage and a purchase by Il ring
among the stockholders themselves.
That Is 20 &c the long and short of
it.
After the profits that shall have
resulted from manipulating the
bonds, after the commissions that
shall havo been paid to some bank
o. or broker. p'rhaps an interested
individual in the concern, after be
shall have squeezed the orange
and got ali lie can ont Gift, in the
end the whole thing will so 70 sale
under the mortgage, and all the
property belonging to this cOmpa-
NJ and given tc it by the govern
mcnt Will bcccme the property of
= ring in the corporation itself, and
freed from ITS liabilities because
sold under the PRIOR lien of the
mortgage. Then those who are
creditors Of that con,bany, then
these 10 whom it has become in
debteG, may whistle for their pay.
THIS ring VIII have thC road and
all its property uader the prior
lien Of The mortgage, andthe stock
holders who arc not iii the ring
and the creditors who ere not Sc
cured BY the mortgage may Whist
10 for their pay.
CONDITIONS IN THE IxTEREs OF ACTUAL
sETTLERR
l pass, then, to the second con
diton:
Second. tho price at which said
lands shall be sold by said CON-
pany 70 actual settlers as aforesaid
shall net exceed 81 . Per acre,
with interest st thu rate Of six per
cent. per annum upon deferred pay
mcEtS.
l have pat the price at 81 s. per
acre because l believe IN cheaplanfs
for the people; out If the senate APP
prove the general Iiea OF these cor
ditionS, and think that isto0 small
a prIce, that the maximum ought
to DC higher than that, then 1t viii
5o for the senate to say whether II
shall be increased 10 50 90 or 81 81
or whatever amount the senate
may see fit to fix | thinE the PRO
vision in respect to interest Is very
important. If you pun III resolution
a restriction npon the pcice, DC 1t
81 %. be /. 81 60, or be it 81 80, IN
asmuch as this company may sell
lis land for cash IN hand Or upon
deferred pay NETS, it would be en-
.itiId TO hare interest upon the de
ferred payments, and in most cases
Itcould stipuluto fer any rate OF inn
terest it pleased. IN most OF the
Territories the rate Of interest, l
believe, IS not fixed ut q very high
rate. IhIs road will 20 through