Daily Kennebec journal., 1877-09-01
THE PROPOSED RAILROAD.
SUBSCRIPTION OF Sl50, 600!
70 the Voters and Taxpayers Of .4Vgusta.

To the Toters and Tar-payers Of AVgusta.
On Wednesday next, Sept s.. YOU will be called
upon to determine whether you will pay ONE
HUNDRED AND FIFTY THOUSAND DOL
LARS Tor the construction OF a Railroad from
this city to West Waterville.
Ii is not merely the loan of the ctys credit that
is asked-to be secured by mortgage and ulti-
mately reimbursed-but it is in effect the actual
gift OF this large sum outriRht-on which the city
vii have to pay NINE THOUSAND DOLLARS
A YEAR interest and in the end the entire prin-
cipa of one hundred and fifty thousand dollars.
We say GIF because all the city gets in re-
turn is fifet n hundred shares OF common stock in
the Messalonskee & Kennebec Railroad Co.,
which every intelligent man knows will never pay
a cent dividend and never have any market value
whatever. The certificates OF stock in the City
Treasury will be worth simply the paper they are
WI itteu upon.
Nearly thirty years ago the city loaned its cred
il to the amount Of S2j0,000 towards the con-
structiVn Of the Railroad from the Kennebec to
Portland, but in return for this loan the city had
a mortgage prior to all other hens-preceding
the first and secend mortgages issued by the Rail-
road Company and also preceding. of course,
the common and preferred stock in other words,
the city was amply secured for Its loan by over
two millions of value underneath it, and in the
public meeting where it was voted. the late Hon
Reuel Williams gave his word a sagacious bust
ness man-always trusted in Augusta-that the
loan WAS perfectly and entirely safe, and secured
beyond doubt. All these precautions were tax
en- at that time before the city woald advance a
single dollar.
Now it is proposed to plunge at once into this
new scheme and increase the permanent debt of
our city by the large sum of one hundred and IF.
~ thousand dollars, and vastly increase the taxes
Of every man who has q dollar of taxable proper
ty. Our debt is already $685., 5,000 and with this
addition will amount to nearly HALF A MIL
LION OF DOLLARS or between IL and l3
| per cent. on our valuation, involving an annual
payment OF 600 interest. Wise political econ
| omy has taught US that municipal government
| can not with safety have debt of over five per
cent OF its valustion aud the people of this State
| are about to vote upon and doubtless adopt Con-
| sututlonal amendment limiting municipal debt to
| hve per cent. OF valuation. We are already in
debt more thal eight per cent. of our real estate
| valuation, and unless we wish to utterly DESTROY
| our credit, rulnously increase our taxes and
frighten every one from settling in our city. we
| will call halt and not permit another dollar ef
debt to be saddled upon US.
| And for what are we asked to vote this large
glttf Simply for railroad through Belgrade to
| West Waterville, there TO connect with road al
ready built TO North Anson,-a road deeply in
yolved in pecunisry embarrassment, and utterly
| unable to pay dollars interest on the bonds is
sued for its construction. This road stops at North
ABson, and the Company not able TO build an
add iona mile, nor are they in condition to bor-
row single dollar in any direction. A great
deal has been SAID about connecting with A
road that leads to Soon and Bingham; but who
Is TO build the road to Scion and Bingham II
Will take more money to build that extension be-
yond North Anson than IL will take to build from
} | mere 10 west Waterville. IL Augusta first to be
plunged INTO an outlay of $50, 900 to get TO Wes,
"atervile and then 70 he Immediately told that
ths money advanced will sll be lost aud worthless