The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1882-06-08
The Railroad Tar Appraisal Again

been extensively copied by the other state
papers, bat which. as We are credibly IN.
formed. does not give the whole truth,
and does manifest injustice to some per
sous interested II claims that Colburn
did not go over the rohds at all, Gleason
went over only portion OF them, while
| Dwinell went over the whole OF them.
When the appraisers met they could not
agree. Gleason wanted 10 make the APP
praisal about az 1t was one year ago. OWN
nell stuck for higher appraisal while Col.
burn endeayored 10 effect compromise
between the two. but that the appraisal
was finally fixed at the appraisal OF Col.
burn who had not been over the roads at
all
The facts are that previous TO the ap.
praisal Col. Colburn had taken a contract
TO build ten miles Of railroad in New York
and informed Governor Farnham that he
could not possibly attend TO his duties OF
appraiser as his business engagements i'm.
perativoly required his absence from the
state, and asked TO be relieved. After con.
sultation the governor decided that, as all
the appraisers had been over the roads one
year ago when'their condition was not ma
terially different from what it is now, that
he would not let Colburn of, but that he
should devote what time he could to it,
under the impression that it would be bet
ter to leave the matter thus than to APP
point a new man who would be wholly un.
acquainted with the roads.
With this understanding the arrange
ments for the appraisal we're made. Glea.
son and Dwinnell were to go over the roads
and note any changes that might have oc-
cured and Colburn was TO meet with them
two days to look over their minutes and
finish tue appraisal
This arrangement was substantially car
ried ont but on meeting Gleason and Owl
nell were found to be hopelessly divided
on the question of rates of appraisal and
nearly two days were spent in the vain en-
deayor 10 get them to meet on some mid.
die ground Dwnell would not bulge
an inch and Gleason, though he was will
ling to yield somewhat, was not willing
to come mp TO Dwiuelps figures. Not
withstanding some assertions to the con
trary we are credibly informed that one
wear ago there was no serious disagreement
in regard to the appraisal At the meet.
ing this year the question came up wheth'
err certificates signed by majority Of the
appraisers would be binding or not.
While they thought that they would yet
there was serious question about 1T and
IL was conceded that ii would be better to
agree. But it was found after many hours
OF fruitless effort that no agreement could
be reached and Gleason and Colburn fin
ally settled on the report which they sign
ed and Dwinell made one of his own.
We understand that Dwinell based his
valuation of the roads on the net earnings,
allowing one half for rolling stock, depots
etc. II that is the case we do not see how
this complies with the law which says that
the appraisers shall rate the roadbeds ct
their true value in money, As we said in
former article on this subject, the true
value in money of the railroad beds OF Yer.
mont is a matter rather difficult to deter
mine. 1t rs a matter OF fact that the stock
of m ost Of the roads in the state is worth
less or very nearly so. From this one
would infer that the. roads are not very
valuable to the original owners at least.
Most OF the roads were heavily bonded to
purchase rolling stock, etc. These bonds
are not regarded as the best in the market
and sell for much below par. fthe roads
Of the state were really profitable invest
ment we should SEQ Vanderbilt or Gould
or some sharp railroad manager trying to
&c, control OF them, Int none OF these men
are attracted to this state No man has
grown excessively itch from the roads Of
this state. and hundreds and thousands Of
people have lost money by them.
Now we believe that while the roads of
this state are not very profitable TO their
owners, they are Of vast benefit to the
state. In this view they are worth all they
cost aud much more. And while they are
run at small profit TO their owners We be-
lieye il is the best policy of the state to
deal generously with them in regard TO
taxation. Even the Brattleboro Rgformr,
which bellows the loudest for heavy taxa.
ton OF railroads and other corporations,
thought that Brattleboro could afford TO
give $50. 600 for the b. 4 W. railroad,
although Brattloboro had very good rail.
road connections before The Rcfo'-mer was
right, and provided the road. now IT is
built. proves poor inrestmnt TO its own
ers, il will be RICH, TO tighten up on lis tax
e. for the reason thai !, is a benefit not Oh
" 10 Brat,leboro but to many other towns
10 the state. When our railros Is begin to
pay dividends or fair rate Of interest on
their actual cost then we believe they
should be rated 10 the tax lists the same a.
other property bu. until they do they
should be rated pretty well down in the
scale. ia our Judgement
There il some speculation in regard to
Ds.nells change Of programme this year
10 Kissing his appraisal over Las, year. We
learn iha; be mentioned 10 one or more OF
his friends that he would like TO be lieni-
governor this year This is = laudabie
ambition aud We DO not think that this had
anything to DO With his railroad appraisal
bat there ara people who think otherwise