The democrat. [volume] (Weston, W. Va.) 1868-1874, 1871-02-27

-S'7sSszaySe5zs-lFy7t-zezzs.
tf'idutinasd from, Fist Pas-)
sar, hs benefits, which cannot but tend
? 'v produce heavy lo.s "a the state
Thc question arises how is moa, J pro-
as ea v'trd to carry on internal improvements
=. -r IL this stale at present? The law IN
mos, eases prohibits the sale Of state bOnds
L,!o~ par Via, is the process resOr!sd
10 BY which to avoid its provisions, not BY
~ the Board Of public Kerks, tu, by those
whose interest tits to have ihc works ex-
res,ei, TO obtain the contracts. and secure
2i'' Tic application Of the fluids Laws are
,rg passed by ths general assembly appropri.
: s;ing several pillisas Of dollars to carry
in certain state works aud TO auhorii.
ih2 payment of subscriptions to works
---- heretofore existing The Board of public
q s5t wnrks ends itself without funds. They
s-s,lf axe prohibited fJem selling bond. below
- r'r. Persons whose business j, is 10 81.
ID gage ia contracting for works ,uust gu.
-1'n- gage large force to execute their ccn.
,racss, and tina. force must be employed.
Engineers engaged to manage and super
-. q 70 'g wise The works cannot expect to receive
r.,aqneratipd unless tic works progress
a., sgGsa .snle;smOury can be obtained, al! these
:, q, oa5 o. psr.cas arc thrown cut of employment
s7bbA ,sitis necessary that thcstste bouds should
'l'', I'll b.Pafcdassd tofusai,h the hoard With
------i le funds, -Con:sactors and others then,
!sa - hs arrangements among themselves. agree
10 borrow the amouns necessary to pur.
- =, chase the bonds and 10 buy them at par.
-r, they borrow such an amount of money
3 - -'. as will pay monthly estimates. They
---- -- have to pay. interest for, ihs money
~he.her it be shaving interest or not, who
an .fH knowst but lsgalintersst at least is to be
t..,~ -.,, paid. With the money 50 borrowed. They
as mel ssIgo to the treasury and offer 20 buy bonds
-----ss par. and deposit lhe-luoney necessary
for the monthly contract. The Board d
has ',7sS public works, sithout any violation
siso sssri hys authorize the bonds to be issued
The money, thus rsid into the tr, a:ury
60 ~ o. Affords the board The, means to pay III.
r aes7sI toatracIors and engineers for ;hsir scrk
Xl..aa Those who hars bought the bonds imme
80 1901 diasely set 10 vork,,o sell hen,,o REIN
80 5urse thosefrom who mtt4 money 10 make
the purchase va, borrowed, and to STOP
AAiJa me interest IS soua ii. possiBls. tn.
. =. hands are thrown into the market, without
.5.. I'm regard 70 its condition as affected by p1p.
size n ,rply and demand aud must be sold fol
yzs r.s Iss,,bOy will bring This again deptes
.rs their value. and they are consequent,
~ l sold for less than their intrinsic value a DC
frequently much less than the quotations
. o. the day in our own or in other markets
.-.r1 The loss sustained is the difference b..
'Fa s-I b. '-een the amour. paid at the treasury
,,r aud the amount lor which the bonds ar,
' s"ld. ."gah.'r with she Interest on The loar
~ az ,,-pi. 70 slFrsl ihr nu chase and the com
sysaa ban sais.ion ths broke, who made the sale
.-l-sal1I aud some prof. to the men who undertak,
to Sci about and perform this operation
,--lvy-, This loss is estimated to be at least tet
q Nit }Bpsr cent. slfit be that amonnt the con.
a. - FACTORS aud others who perform the oper
.asz.aai alton, iftheY have made contract upon
% -s whicha living profit only is made, mus,
- add this amount to the contract price to
.salll enable them 10 live. 1t is believed, that
the engineers who make the estimates for
rv-,y-r the work. and the contractors 10 making
their bids, add OF the amount Of the loss
% Las they know must be incurred, upon the
y. .t contract price, before it is made, and
consequently the state shoulders the loss,
-=Er or at any rate, tho greater part Of it. sls
saw But le!us view the subject in another
aspect The state has authorized the
Board Of public works to subscribe to
~ works to be executed BY joint stock CON-
panics. The companies subscribe two
81 ffths Of the necessary capital, and the
state the other three -fftLs-aud the Bosrd
ofpablic works pays the state subscription
pari passu with the cOmpany's subscrip-
ton, and cannot pay the states proportion
30 until the comPanys proportion is actually
.,. paid. How is this sccopTlr he'd B. If i,
bee be work IN whicb joaigidusls have con-
fdcnce. or which in aoir opinion ,iially
Eg.s affects their interests, they pay up the two
ffths in good faith. But again-hey are
sr- informed that the Board Of public works
.-- % g have NO funds on hand TO meet snbscrip-
'rs.s' tons authorized by the state, and which
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