The Portland daily press., 1877-03-06

A proposition has been made to the city to
purchase its interest in the Portland s. Ogdens.
burg railroad for $3.50, 1000, which proposition
| has not found favor, probably on account of the
insuffciency of the security offered. Several
| writer's, possibly influenced by selfish motives,
have written articles adverse to sale of the
citys interest at the price named, claiming
that the city should still continue to foster the
road, and one has gone so far as to suggest that
it might be best for the city to go to an outlay
sufficient to put the road in still better state
| OF efficiency than it is now in. 1t seems hardly
possible that any citizen of Portland of fair
business ability, can seriously propose that FUR
Their burdens shall be laid upon the taxpayers
to aid this road, unless he be blinded
| by SONS selfish interest. Certainly many
| who have carefully looked into the matter and
have only the citys interest in view, whom the
writer has talked with on the subject have ex-
pressed themselves decidedly in favor of selling
| at the earliest practicable moment at $250,0Q0,
providing a large enough payment is made
down and sufficient security is given for the re-
| mander. If the interest of the city could be
| sold in the two roads for 100000 it would
plsh. 1t would remove an incubus from the
spirits of the people, most assuredly, for them
to feel that great temptation was taken from
the way of schemes, and which, if it remains as
now any length of time, will be likely to excite
their fervent brains and cause them TO bring
forth something which may prove still more
Injurious to the peoples interests. If the in
terest of the city is sold question has arisen as
to what shall be done with the money. Sup
pose that $500, 600 is obtained for the interest in
both roads, what shall be done with the
money? In reply to this the following sugges,
tions are offered. There are always men in the
community who would build, thereby adding to
the taxable property, if they could procure
sufficient funds to do it with. Many own lots,
but have not available cash to build upon them.
Suppose building fund is created with the
money obtained from sale of these roads and
loans made to the extent of not over one-half of
the taxable valuation of the property when i'm
proved at g per cent semi annually secured by
first mortgage ON terms of five and ten years,
the principal payable in i1stalments, if thought
best; the interest received going into the fund
to be relOaned in the same way. Could the city
get better security in any other way, or do
wiser thing? Ii the 600 was taken up,
as it doubtless would be double that amount,
nearly, might be added to the taxable property
Of the city and if the interest and instruments
as received, were reloaned, a much larger
amount could be added. Then how long be-
fore this fund would amount to enough to wipe
out the entire debt? 1t is near enough for our
purpose to say, that money loaned at per
cent. interest, payable semi annually, will
double in ten years. 1t would therefore take
but little over twenty-five years for the
100000 to amount to $3,000,000 or about the
amount of the entire liability incurred by the
city in aid of the two roads. Something
should assuredly be done to extricate sthe city
from its present situation which is disastrous
to all enterprise. People are timid about start
ing business here on account of the dangers
which they foresee may result from further en-
tanglements arising from the city's connection
with these roads and the prospect of heavy tax
alton. Real estate is depressed, for people will
not buy property in city threatened. The
great thing now needed is, to get rid of the
roads at some price, even if small .one. and
create fund in some form which shall liqui-
date the debt in certain time. This will re-
store confidence, which is so much needed, and
our beloved city will be in position to avail it
self of some of the fruits of promised revival
of business; but so long as it is entangled with
bankrupt railroads, so long will it laDguish.
'ViftVS in dcti0ne cOnSiStt.
A FREE LANCE