Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-02-23

mediate1y granted to other parties. What
is charter but grant comforting rights and
privileges? What is it but an authority and
privileges to do certain things which thOus-
and others may be privileged to perform
When a ship or vessel is registered or Ii
censed by the government, there are rig ghts
aud privileges conferred, but the same rights
and privileges can be, and are conferred on
all others that apply for them. So we might
say of many civil officers who are licensed or
commissioned by the Government. But the
thousands of acts of incorporation granted by
this Legislature in years past, for manufac-
turing puposes, banking &C., are just in point
They receive acts of incorporation without
the remotest idea but that other companies
may be Incorporated to locate right by theiI
side and run in competition. Manufactures
banks, and Railroads all receive their author
tty by what is called an act of incorporation
and no more exclusive rights are conferred
in the one case than in the other.
This legislature, to-day, stands perfectly
free, and has full liberty to grant authority
to any set of men, to enter into manufactur.
ing business, or to construct railroads, where
ever they may see fit. Nor do we, in the
least, do injustice to any one in the exercise
of this right? This is a sacred right we the
people have always reserved to ourselves
and no corporations who have received au-
thority from us, to do business, have right
to complain if we grant the same privilege to
others. And of all the corporations in this
State, there is not one who has SO little rea-
son to complain, as this p S. & P. Railroad
Company. Chartered by this Legislature
thirty three years ago. it has had the exclu-
siye right thus far, to do all the railroad
business going west from Portland, and has
always done a profitable business. In the
year lS47, it entered into a perpetual lease
with two other railroad corporations viz. the
Eastern Railroad Company, running from
Boston to Portsmouth, and the Boston &
Maine, running from Boston through Exeter
Dover, &c. to South Berwick junction. The
lease could be terminated by either party
giving the other $50 days notice, and by pay
ing to each 100000. During the past q
years the 2. S. & 2. stockholders have re
| ceived per cent. per annum upon their stool
| in gold or its equivalent Or from 1861, t
| 1867, they received per cent. in currency
and since '67, they have been paid per cent
in gold by the other two roads. The business
on the z. S. & p. railroad had increased tt
such an extent, and the lessees were making
| such good thing out of the p S. & ?. stock
holders, as to determine them to give the no
tce to terminate the lease. The l80 days ex
pired on the Goth of last month, when the 7
e. d. L.
the Eastern 100000, and now runs on it
own account.
The B. & M. and Eastern roads have en-
deavored to make another contract with the
7. S. & p, but all negotiations have entirely
failed notwithstanding 10 per cent per annun
on the Capital stock has been offered, and
$200,00O beside freeing them ''from all
other liabilities" These offers calling al
other liabilities S50000,) equal to at least 2i
per cent. for the next year have been declined
by the z. S. & P, and why? Because the
Directors know very well that the road will
pay them more than any offer they have
had. Now Mr.. Speaker and gentlemen,
say to you that the officers of this corporation
are extortioners; standing as they do at tn,
very threshold of our State, and extortine
from the public, rates that are injurious t
the great industrial interests of our people
Not satisfied with dividing 27 per cent. thu
coming year, they decline all offers that car
be reasonably made. Seeing then that thi
p. S. 6 2. railroad is such profitable piec,
of property to its stockholders, the question
forces itself upon us whether or not there il
not business enough to support two roads
Let us see! The p. S. & 2. Railroad is 5:
miles long, and cost, including the expensive
bridge at Portsmouth $1,000, 900 or $29, ,00t
per mile. The Boston & Names extension
from the junction to Portland would be only
SO miles long, and ought not to cost mucl
over a million dollars-but call it a millior
and a half. Then you have the cost of tn,
two roads amounting to $3,000,000. TheI
the business of the two roads must net $3.50,
600 per annum to pay per cent on the capi
tai of both. Can they do it? We will see by
| what the z. S. & z. has done in past years.