Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-06-19

.~;,hhold or not issue, like amount OF II
1T, year bonds until the company has pal
.hn interest and principal of its one year bond
md delivered them, with their coupons can
celled to such municipality. 1t is the opinlor
of your committee, that the cities and towns
will be safe in voting temporary loans uhoei
the conditions named and the company Will
be enabled thereby to have its cars running
through to Rockland, if no unforeseen oosta-
Gle arises, at an early day. The town OF
Wiscasset however, having exhausted It's
mower under the five per cent, by loanlng IT'S
credit to Kennebec and Wiscasset Railroad,
cannot vote a temporary loan to the Knox ana
Lincoln Railroad company
Asto the amount which should be raised to
complete the road, there exists some diversity
of opinion, but your committee were unanl-
nous in fixing upon the sum of six hundred
and fifty thousand dollars.
The instructions to MIR. Laurie were, to
make his estimate for a "frst class road IN
every respect" While it would be gratifying
to have the road meet that requirement at the
moment of its completion, 1t is quite evident
that it can for few years, do its passenger
and freight business in a satisfactory ana safe
manner, if it is not first class in every respect
Some deductions can therefore be made from
Mr.. Lauries estimate, without detrlment TO
the interests of the road. The estimate for
ballastnp, is for two feet in thickness OF bal
Last Mr.. Laurie himself thinks that an
average of one foot will answer at first. we
have therefore reduced his estimate for ballast
about $50, OOO-that for station buildings and
fixtures gil, 600-rolling stock, $4,000, con-
tingencies, 1888, 900, which together with some
other deductions, amount in the aggregate
to the sum of Sl55, 24532, leaving balance
of $50, 900 as absolutely necessary to COM
plete the road.
1t is expressly understood that one years
interest on the bonds already furnished, as
well as those which may be issued, should a
further loan to the amount of $780, 200 be
furnished, is included in that amount and is
to be devoted to the payment of so much in
terest.
While those who at the first earnest move
ment for railroad between Bath and Rock
land, opposed the plan under which the road
was commenced, find a complete justification
of their course in the existing situation of the
company and the municipalities, they and all
others interested are in dilemma, from which
they must extricate themselves or fare worse.
We are all in the same boat. 1t will do no
good to indulge now in elimination and re-
ordinations. Our differences can be settled
after present dangers have been surmounted.
There is, however, some consolation in the
TeEeCtlOu uldt Wiule VIC udutc anu nave tic
fiddler to pay other communities may profit
from our example. Your committee are So
licitous that the public shall not be misled.
1t proposes to present the case just as it is. If
1t has dark side it should be exhibited. The
question is narrowed down to choice Of
evils. If the cities and towns refuse further
aid, then the prosecution of the work OF con.
struction must be suspended for year at
least and probably for much longer time.
In the meantime there must be failure to
meet the interest which will become due on
the bonds. We have already alluded to the
consequences which must ensue from permit
ing the cities and towns to take possession OF
the road before it is completed. stoppage
of the work will Immediately involve our peo-
pie in difficulties and endorsements of a
most serious character. With the road an
finished and unable to earn anything, they
must be taxed at a fearful rate to pay the in
terest on all their bonds, and must also pro-
vide for the principal, as it becomes due.
With the road incomplete, it is difficult to ex-
aggerate the sad consequences which must in
eyitably fall upon this section OF the State.
This is one of the alternatives looking at the
question as a choice Of evils. The other, is
a completed road. This inquiry will natu-
rally suggest itself to the tax payers: Can the
road, say, during the first six years after it is
completed, earn enough to pay its running
expenses and the interest on the bonded debt
which will amount to about one hundred and
forty thousand dollars per annum, if the loan
now recommended is made? This is a matter
of opinion, and there are differences. Some
say, it is doubtful, others think that for the
period named the cities and towns will be
compelled to provide for the payment of the
interest on a portion of these bonds; while
others object to this latter view as too gloomy
a one and insist that it is a fair Offset to the
most unfavorable circumstances which may
occur, that the public most concerned will
have gained the advantages of railroad COM
munication between two important localities
and intermediate points and with the outside
world. But whatever may be the result, your
committee are all agreed that the cities and
towns will lose less by the completion of the
road under a third loan, as herein recon-
mended, than by allowing its further con-
struction to be suspended. This is what we
mean by choice of evils, and we feel entire
confidence that great preponderance of the
citizens interested will concur with us in the
conclusion we have unanimously reached, and
act accordingly.