The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-02-02
Those Railroad Bonds.

ADAAOh ~ EHS:-H ILn SfcAG ACSiSLs
L observed in the last issue of the NEWS
proposition to the already very heav-
lly burdened taxpayers of the county |
to assume another 500 600 OF debt, for
the purpose of constructing another |
railroad through the city of Emporis |
and the village of Neosho Rapids, &c.
You are well aware that we are al
ready weighed down with railroad
debt Of $40e, 200, bearing m annual in |
terest of seven per centCrD, payable
semI-annually and now it is proposed |
to add another $l00,0C0, making it an
even half million; this new indebted
ness to bear interest at the rate of
eight per eentum per annum, and to
run for thirty years. "A pretty round |
debt upon community of only about |
5000 Inhabitants and an assessed val |
uation, real and personal, of perhaps
about $4,000. 900. And for what is this |
additional Indebtedness to be incurred ?
For third railroad, which the neces- |
stiles of trade demand just as impers-
lively as a wagon requires a fifth
wheel. We all know that either of the
roads we already have has more than
sufficient capacity TO transact all the
carrying business of this community.
But when we had but one road, we
were told it was necessary, ia order to
secure competition and consequently
reasonable treights, We must have a
second road. We have the second
road, but where are the competition
and low frsights? Instead of compe-
titlon We have combiaaLion and what
assurance have we that combination
would not exist after the construction
of third road? I am informed that
the combination is affected by means
Of system of pooling whereby each
road is obligated to pay the other a
certain bonus on all freight carried by
it. For instance, If the business of the
A. T. & s. F. be ten cars per day in
excess of that of the NJ. X. & T.. it
will pay the NJ. X. & T., say, sixty
dollars as a bonus and vice versa.
/ oppose the proposition on the
broad principle that no man has the
moral right to vote money directly
from his neighbours pocket to his own
or, as in the present proposition, from
pockets of the public to those of pri-
vate corporation. We might as justly
V0te tax to purchase for A farm or
herd of thoroughbred cattle; or for
B, q Touring mill or for C, foundry /;
because all these things would be
benefit to the public! cat our last
vote, believe you were with US on
this very principle). 1 would not have
any enc infer for a moment from these
remarks that am opposed to railroads.
Far from it. think they are essen
tial in the development of q country.
So is sugar in goOseberry p lie, but we
would not have it all sugar. 1 enter
tain the same opinion lately expressed
by distinguished citizen of Emperla
one who assisted in stumping the
county in favor of a like proposition
to vote $1o0, 900 In bonds, q few years
since, and whe, am informed, is in
faver of the present project, to-wit /:
"Railroads are good things, but the
mischief is we have too many of them.''
Freights and fares are very high all
over the west and how many roads are
paying dividends on their stock
How many are even able to pay the
interest on their Indebtedness Very
few. What is their stock worth on An
average? Take our own for an exam
pie. But few years since we were
Informed by former secretary of the
NJ. X. 6 T. road that it was one of the
wealthiest roads in the country, and
that its stock would in a short time
be above par. Please inform your
readers what it is worth to-day.
Our Commissioners lately engaged
to pay certain law firm $66, 900 in
said stock if it would compel said CO.
to show what it had done with its
franchise. fit cost that sum to be
put upon the trail of the stWolf," how
much will it cost to take him? Let
this problem be wrought out by some
of our estate financiers of whom we
seem to have an abundance of late.
The pr OPPOSITION to construct another
road in order to secure low freights
seems to me to be as fiimsy as that of
the Irishman who was informed that
if he would abandon the old fashioned
fireplace and purchase q stove he
would save half his fuel, when he re-
piled, "Faith thin, an I'll purchase
two an save it ALL"
But I Must desist lest l trespass
upon your space. Next week, 1 will
endeavor to show among other things
that . temporary imitation of the cur
rency, incident to the war of Rebel
lion, tended to an abuse of the credit
system and the consequent Indulgence
of an incorporate spirit of speculation,
generally, and particularly in regard
to railroad enterprises. That the