Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-02-07

fully guard such important points, lest a
stronger man enter in and take possession OF
the house.
have not felt that it was necessary for mo
to elaborate these points; you can understand
them in all their bearings as we'll as myself.
have simply presented them as the reasons
which will govern me in my votes upon this
question. / regard the action we are to take
as very important; the committee has yielded
in body to the demand of this power, the
other branch has followed by an overwhelming
vote; both ignore our courts on this question
and only this body stands between the people
and this great irresponsible power. I can but
hope that we may have wisdom to discern the
path of duty and that strength may be given
US to walk therein.
MIR. CHASE of Washington was Inclined at
first to accept the amendment offered by the
gentleman from Kennebec (Mr. May, be-
cause he saw no harm in it, but since that
genteman's colleague (Mr. Foster) had ex
planned, he should vote against the amend
ment. 1t seemed to him that this bill simply
allowed this company to go into the market
and get money, reasonable request They
want 81, 500, 900, and it will be our advantage
for them to go to New York armed with such
authority as they ask for. The people of
this State ought to be in favor of anything
that is for the interests OF the State, and that
will bring capital here. 1t is too late to talk
of monopoly, and that combined wealth is
dangerous. 1t is only demagogues who talk
of monopoly and aristocracy and combined
wealth. 1t is too late to talk of such things.
1t was a strange idea that our Maine rail-
roads are a monopoly. They never paid any
dividends or interest money. He would al
most be willing to give his bond that the
railroads in Maine would ever exert any
dangerous influences. They are not like
those of New Jersey. We cannot expect our
farming interests to increase, nor our lum
Der interests. Onr shipping interests are
greatly depressed.
Now what do we want? We need capital
and we want to encourage it to come here,
and bring into use and occupancy our i'm
mense water-power. We want the action of
the Legislature favorable to such invest
ments. These railroads which some are
trying to hamper and bind, we must look to
for the opening up of the facilities he had re-
ferred to. We must avail ourselves Of the
advantages we have if we expect to compete
with the west. We must encourage capital
to come here. We must have factories on
the banks of our rivers. Our railroads will
carry the products Of our farms to market,
and add to our wealth.
If sufficiently liberal policy is adopted, it
| will induce our young men to remain here.
| Let us do what we can TO save our people
| from going away. He had heard of a rail.
| road influence being brought to bear on mem
| bers. But he had not seen any evidence of it
| Mr.. FOSTER of Penobscot moved to ad
| journ, which was negatived.
Mr.. Kinks of Hancock opposed the amend
ment and favored the passage of the bill.
He centended that the Maine Central COM
pany had not consolidated against the ex-
pressed wish of the Legislature, nor had
consolidation been brought about in violation
of law.
Mr. DINGLEY of Androscoggn called for
adjournment.
The motion was lost.
Mr.. HARRINGTON of Oxford explained the
reason why he should vote as he proposed to
vote. He did not believe that consolidation
was a fact, and that question being in the
courts as it is, was evidence to his mind that
consolidation had not been accomplished, or
was so regarded by the people of the State. If
this bill is passed, will it not result in conso-
idation, not only of the Maine Central but of
all the roads leased to it? He gave notice that
he should offer to amend by striking out all
after the word s'effect' in section 2, and in
sert ''on and after the decision of the courts,
establishing the validity of their lease with
the Portland & kennebec Railroad now pend
ing in the Supreme Judicial Conrt"
Mr.. HowEs of Franklin moved to adjourn.
The motion was lost.
Mr.. FOSTER of Penobscot said the danger
came from the abuse or the wrong use of the
powers contained in the bill. He should vote
for it however, on account of the confidence
he had in the men who asked for it.
Mr. HADLOCK said:
MR.. PREsIDENT-As regards this loan, il
appears to me legitimate business transac-
ton, in which the Maine Central Railroad
corporation asks power to issue mortgage
bonds for the obtaining of funds with which
to pay off its maturing obligations, and those
of the roads associated with it, and with which
to put all of those roads in the best possible
order for doing business and accommodating
with safety the public requirements. The as
ISOLATED roads wish to join in the mortgage,
that they may be able to contribute toward
the same; so that when the JOINT mortgage
bonds are put in the market, instead of sew
eral companies competing with each other for
| the sale of separate bonds, they will be able
to offer strong bond, that capitalists will
| readily accept. And as TO its being CONSOLE
dation disguised, cannot, from what has
| been shown from the facts brought out at the
| hearing before the Railroad Committee. and
from examination of the case, so view it,
| These roads will still have their separate
boards of management. If consolidated there
would be but one such; and one management
of these roads would no doubt result in better
dispatch ofbusiness, more profits to the roads
and more good to the public, than HARM Ant
if these associated roads are willing to risl
themselves in joint bond, as they appear to
be, and take their chances, as they evidently
are, 1t is none of the business of outside par.
ties as to the propriety of their so doing.
| One thing l think is certain all such bonds
are regulated by the market in which they are
offered for sale; and think the amount OF
bonds to be issued have never been specified
in any railroad charter. The amount of stock
is, and that regulates the amount of bonds
that are issued. SO that the amount of stock
of these roads combined, as contemplated
| will regulate and limit these bonds.
| There can be no doubt that this loan being
accomplished as contemplated, will be of great
public good, as large portion of the money
so raised will be expended for pay ment of la.
Dor and material, in repairing and putting in
perfect order all these roads; and in aiding
and encouraging other railroad enterprises
thereby encouraging more manufacturing es.
adjustments along our inland rivers ant
streams that now run to waste. Agriculture
and all our Industries stimulated to create,
,,Axr, e..