Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1877-06-28

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what possible sivastsgs en- i - =
anybody. Who nay hsve oosarss a tn
rosd. to hses our eod'sdsaee vitkosse
our nsterial support wapt Of eoaA-
denes does not signify Opposition. lts
managers. il they understand their bus
mess. are a. familiar With the chsrac.
teristics that make = paying road - .
jockey 10 Of the points that constitute t.
good horse; and as the cost Of the con.
struction Of the Southern Maryland rail.
road will be triAing affair, they will,
in my opinion. build it If it is to be (.
profitable enterprise, confidence or no
confidence. They would in all proba-
biIity refuse any assistance we might
prefer them sooner than be encountered
with il.
The idea Of endorsing the conpauy's
bonds, provided the county is indemni-
fed by lien on its capital stock.
is simply absurd. What possible I'd.
vantage can accrue to the county to
be in position to control every one of
its shares of capital stock If it does not
pay expenses and create sinking fund
sufficient to redeem its bonds At their
expiration II the company cannot
make it pay expenses the county can
not. Certainly, il the road pay. we
could control no part or parcel of it for
simply having endorsed the company's
bonds without initiating its capital stock.
If lien on its capital stock is not suf-
hcient guarantee to capitalists for the
payment Of the interest and principal Of
the bonds, q lien assuredIy is not sufi-
eient for the eounty's endorsement Of
those bonds.
Clearly then if we endorse the bonds
Of the railroad company. we take all the
risk where We have nothing to gain. II
is also equally clear that we had much
better subscribe to its capital stock, for
We should then get dividend should
the road be . paying one and we could
only lose in case it did not. Moreover,
as the appropriation we have already
made is safe now. tins would seem I'd.
visable. The county stock ($l6S,-
OO0) will be issued to it and the State
will lose nothing" I certainly never
dreamed otherwise than that the coun-
ty held one thousand six hundred and
thirty shares Of its capital stock for the
money invested until now. Perhaps af-
ter all the Commissioners took the right
view OF it. foreseeing no doubt that a
Stock Certificate would not be worth
the paper required to write it on, as
subsequent developments show that
there is nothing TO SELL" There is
nothing yet OF the road but the dirt Of
the road-bed and the right of way and
some piles Of cross-ties." If the gen.
tleman who wrote under the caption Of
Southern Maryland Scenes" had have
confined himself to the subject matter
OF his communication and let the South
ern Maryland railroad alone, the COM
pany in all probability would find less
cause in the future to regret his visit
here. too would let the railroad alone,
but | cannot go from home without dis
covering new evidences that the repub-
lican ticket will be run IN its interest Al
the first favorable opportunity. If the
means by which to complete the road has
been arranged. and 1t is advisable for
them to commence operations in the
face Of a $4,000 suit, what do they
want with railroad ticket: No legis-
lature in its senses will either revoke OF
refuse to extend their Charter, for il the
road Is ever built, every body will be
glad Of it, unless the county shares the
cost. lhave been assured. however, by
knowing ones that the idea Of railroad
ticket is an erroneous one, and these
correspondence may have the effect oil
soaring the managers Of. So fas - the
ticket is concerned, have my opinion
to the contrary, notwithstanding. And
as to soaring the managers OF, all the
soaring in the country wont be worthse