The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-05-28
Letter Prom an Indignant Director
In the w. & l.. &. Railroad Co.

absence, and feel NO little establishment
OF finding 50 much Misrepresentation pre-
vailing, respecting q matter Of so much
importance TO all classes Of our people
particularly ailer there having been 4
complete exhibit Of the w. & l.. E. r. X
undertaking published in both your pa
per and the RICHTER, over the signature
Of Mr.. Wood, my associate in the BOArd
and also President Of the Company.
From all that ! can learn the OppOsi
ton to this enterprise and 10 the proposed
city aid to it, Is based upon the following
grounds. Firstly, an alleged want Of con
tidcnce in the honesty and Judgment o.
the members OF the City Council; and
secondly, the alleged absence Of guaran.
tees in the contract for construction be,
tween the Company and Mr.. Wilson and
his associates.
In respect to the first allegation, | am
unwilling 10 admit the correctness Of i'm
putations which you and others have lev
elled against these gentlemen, who have
at best but thankless duty TO perform
| am willing TO go further and express my
entire confidence that they will fairly and
honestly carry out the wishes Of the
people in this matter but after all let mt
ask you and shall be glad 10 have you
meet this question fairly and sQuarely
what chance will there DO for these gen,
tlemen to misappropriAte any portion Of
the city grantI.
BY the terms Of the contract referred
to, both the share and the bonded capital
must be placed under the control Of
trustees, who are required to see TO It's
application, and the contractor receives
nothing at all until twenty miles Of the
road are graded and tied, and the bridges
and masonry thereon are completed, and
thereafter only fifty per cent. Of the en-
gineer's estimate, 10 cash, from local and
other stock subscriptions, until the COM
ple,ion of the road. Neither can the
Railroad Company handle any OF the
cash raised in aid OF this enterprise, and
the completion Of it is guarded and Sc
cured by the provision that the contract
ors are obliged to first build twenty
miles OF the road out OF their own fund!
and afterwards TO put up dollar oil theil
own money for every dollar OF the compa
ny'G funds they are to receive. The Ian
guage of the contract respecting thes(
points Is as follows:
"3rd. The said Trustees shall take ant
"hOld the said bonds and deliver the samt
ito the said parties Of tho second part 1.-THE
r"contractors,) or their order or assigns, a!
"last at they shall be entitled to receive
"the same during the construction and
equipment Of ~ said Railway upon th(
"sHid monthly Estimates Of the said Chic
Engineer.
18th. And the said party Of the first par
"the Railroad Company further agree
ITO prepare forthwith the usual scrip Ger
"tifCatcs OF stock Of said Company, anC
ITO execute and deliver the same to sale
Trustee or Trustees, for them TO have
"and to hold Tor the purposes OF this con
"tract for the full amount Of the capita
"stock of the said Company authorized by
claw. And that the said Trustee or Trus
tees shall hold the same in trust for the
various parties in interest, and shall
deliver unto the parties Of the seconC
part or their order or assigns, so muCl
land such proportion OF said stock as they
shall from time to time require and b.
"entitled TO receive during the time o
Construction upon the said monthly es
climates OF the Chief Engineer Of sale
Company,
"And that the said Trustees shall alst
"hOld and from time to time deliver sucl
"amounts OF said stock certificates as shall
"be called for by the party Of the frs
part for delivery upon local and Olhe
"stOck subscriptions made in aid Of thu
said Company when such subscription!
"shall be fully paid up.
1t ia hardly necessary that | SHOULD
make single comment on these stipula
tons copied from the contract. Every
fair minded man must admit that unde
provisions which we have bound tn
company to'have inserted in the mort
gage to be put on the line, there is nj
loop hole through which either the com
parry or the contractors can withdraw {
dollar Of money, either Of share or bond
cd capital, except for work done and per
formed.
The trustees will deposit all local sub
scriptions in local banks in Wheeling ant
along the line OF the road and see to thei
application, otherwise the trustees vii
become personally liable for any defaul
in the execution Of the trust accepted b.
them. ! was assured by one OF the gen
tlemen employed to aid in forming III,
contract (Mr. Clark Bell, solicitor Of tn
Union Pacific Railroad, that these clause
Of the contract will have a most impor
tant influence on the value Of both tn
stock and bonds, and any man ofcommol
sense must see In them the best guAran
tee that our City Council cannot, il the
were SO inclined, lay their hands on dol
lar Of city money voted in aid Of the en-
terprise.
The following clause was put in the con
tract as q guarantee that the contractor
should not abandon the work when partial
| " done, viz: ut is, however, understood
6and agreed that no part Of the casl
payment from local subscription shall
be called for by parties Of the seconC
part (the contractors until after twent,
"miles of the said railroad are gradei
tied, and the bridge and masonry there
on completed, and thereafter, for grad
ing, tieing, masonry and bridges, onl.
tilIy per cent Of the engineers estimate
"or cost shall be called for in cash b.
parties Of the second part out Of tn
avails Of local aud stock subscription
"either for the said twenty miles or 70
"any subsequent work, until the sail
line Is completed"
If these carefully prepared guarantee
for the faithful and honest Performance
both by the company and the contractor
OF their respective obligations, will nc
satisfy you, sir, ! may say Hope wlthou