Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-05-09
CAN A COUNTY AFFORD TO VOTE
INSCRIPTIONS To RAILROAD:

Referring to the W. 2. u {. railroad,
the Wetzel Messenger says:
The railroad when built will he valued
at about Sl5O,OO0 for taxable purposes in
this county. At the present rate of tax
alton the county will receive, for county
purposes atone, 81, $50 in taxes from the
company each yeaT-mOre than one
third of the amount asked to complete
the purchase of the right of way. Would
any sensible person vote against the
proposition for such an investment?
This suggestion might be carried much
farther. Ii Is popular delusiOn in our
State to consider a subscription to the
building of q railroad in the nature of
gift for the benefit of company or cor
pOratiOn. Our people are accustomed to
regard it in much the same light that
they would a public subscription to set
up an individual or Il firm in the dry
goods or grocery business or a company
to establish a mandatory.
The relations of u railroad to the
masses of the people are very different
from any other kind of business. 1t
may be owned and operated by and for
the benefit of company rs any mer-
camille business is done, but that does
not divest the railroad Of its public char
acter and the community of interest
which the company operating it and
the people who use 1t have in the road.
When a county subScribes tOthe build
ing of a railroad it is nothing more nor
less than an investment in the stock of
that road-and this is so whether the
subscription is an absolute gift or pur-
chase of stock. 1t cannot be otherwise
under our laws. The property must b5
taxed by the express terms Of the Con-
StitutiOn. The tax comes back To the
people. 1t comes back rs in
tercst on the investment. 1t
is the same as if that much money had
been invested by the county in bank
stocks, or loaned TO u company on in
terest. IL is better; for the bank may
break or fail to pay dividends, and the
company may fail or be in default on
the interest; but when a subscription Is
made to a railroad it is in effect an in
vestment in real estate, which is some
thing always tangible and within reach
of the process of the law and the county
has first lein on it for its taXes-its in
terest on the subscription. Just rs in
the case cited above by the Messenger,
the value Ofthe w. Z. X G.. railroad in
Wetzel county would be Sl5O,OOO, and
the taxes due the county every year
would he 81 800 on this property, or 10
per cent. interest on the value Of it.
The county may not have subscribed
a cent to the road, but it receives, never
thelesS, yearly dividend, so to speak,
from the company which builds the
road. But frequently, and most COM
monty, when q county subscribes to the
building of a railroad, it is not a gift, but
purchase of stock. 1t holds certificates
of stock for every dollar of its invest
ment, upon which it is entitled to divi-
dends equally with any other stock
holder; but, unlike any other stock
holder, it exaets, besides its dividends,
n tax or interest on not only its own in
vestment, but on the entire property, to
which all the other stockholders must
contribute.
This is the exact status of an invest
ment made by county to any railroad,
and, if rightly considered, is more
safe, more profitable and in every
sense, more sensible investment of pub
lie funds that can be found or devised
for any county.
But this is not all. The full profits OF
the subscription have not yet been eSti-
mated. They are only half summed
up. Each taxpayer who has cOntribu-
ted to the subscription made by the
county to the road, not only gets his pro-
portion Of the dividends and his interest
or tax on the investment returned to
the county, but he receives personal and
individual benefits and profits from the
enhanced value of his farm or property
from the increased price of his farm
produce; from the ready and easy mar
ket and increase in the population and
volume of currency which railroad
brings him; and thousands Of other ben
efits, the value of which ii would be inn
possible to estimate.
Compare the price of the farm prod