Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-08-17
A BLESSING TO MAINE,
(Continutd From Page SIX

H. OSgOOd of Lewiston was a member
| of the railroad committee to which was
referred the bill authorizing the con-
tract with the Bangor & Aroostook for
exemption from taxes. This measure
had the active support of Col. Csgood.
He has long been prominent in
democratic councils, delegate to
national conventions. and is Il rich
isctockholder and officer in the corpora :
ton publishing the McGillicuddy organ
| in Lewiston. and was prominently
| mentioned as democratic candidate
for the LEGISLATURE from Lewiston. this
year.
| When the Bangor & Aroostooll
matter came up. he had a wide
personal acquaintance with the situa-
ton in AroostoOk County, and he ap-
piled to the consideration of this pro-
position the same sound Judgment and
| sagaCity which have made him one of
the foremost business men of the
State. He believed that it was a good
trade for the State,-Said as much to
gentlemen in the committee ROOM
land no doubt would just as quickly
lembrace another opportunity to secure
lsimilar results to the advantage of the
State and it's people.
The proposition came before the
Legislature as business proposi non.
Party lines were not drawn nor
thought of. The act was unanimously
lrasscd. without a dissenting voice or
vote of Democrat or Republican.
But this exemption from taxation
was not enough to secure the building
of the road. This afforded them no
ready means. but only aided them in
operating and developing the road
after it was built. TO secure the
money needed for construction. the
County of ArOOStoOk subscribed for the
preferred stock 1T the rate of S.. 900. 90
per mile. Whether or not the county
should take this action. was submitted
to the people of the county, who voted
on it. The result of that vote was
sol yes, and sos no. Here again no
party lines were drawn. 1t was a
simple business proposition whether or
not the benefit to be derived by ArOOS-
took County was worth the expendi-
lure. The larger towns and business
centres. containing men who APP
Iprcciatcd what the road would do.
We're almost unanimously in favor of
the road. III Fort Fairfield the vote
was 402 yes. and 4 no. in Pressure Isle.
SAB yes, and 1 no.
Under the authority of this vote, the
county of ArOostook purchased and
pald for in cash at par, preferred stock
10 the amount Of almost threc-nuarters
OF million dollars, $72S,000.OO to be
exact. The county issued its bonds to
raise this money. and paid interest up
on th"S" bonds for years at Az per
cent. receiving no dividend upon the
preferred stock. until 1901. when the
railroad company purchased the pre-
1erred stock under a contract from
which the county has received y srm
sufhclent to pay the interest on its
ponds since that date. and will event.
| uaiiy be reimbursed for the original
| expenditure.
-rooStook County has never COM
| planned Of the trade it made. The $40 :
| ooo.oo or more in interest money which
IL laid during those ten years for the
sake of obtaining the road, has been
offset a hundred fold each year bv the
| advantages which the county has de-
rived from the building of the road.
| me State aS whole has derived an
| enormous benefit from this ROAD, COM
pared to which the trifing sum repre-
| S"nted Dy the exemption from taxation
| seems small.
| Just what has happened SO far as
the State was concerned? In the first
| place, if the aid of the county and
| state had not been granted SO that the
| road could have been built the State
| would have derived no tax whatever.
but would have gone on as before. 1t
was built, and the State agreed for a
| period Of twenty years to practically
| exempt it from taxation. In all prob
ability it gave up nothing in doing
| this. rs without the aid the road could
not have been built, and there would
| have been no tax.
Eut what has it secured, so far az its
| dirc"t relation to the road is concerned ?
Ky IN" aid granted the road. it has
| built up in this State a system at rail
road. which at the end of the twenty
years contract in 1911. will be a source.
of revenue forever to the State, Co the
| extent of ut least SEQ, 10000 to start with
for in that year this whole railroad
| system will commence laying in to the
State treasurer the full amount Of its
| x.
H1t what has the State received in
the ncantime' The valuation of the
| county of ArOOStOOll in 1890. before the
projecting Of this road. was $4,000, 900
In 1904 it was s26, 500, 29l.oO, an increase
Of SIS $50, $500. traceable almost en-
tircly to the building of this road. The
| mere fact that it was to he built ran
| the valuation up more than seven mil
lions between 1890 and 1892.
Fut this is rot all. The road is not
confined to ArOostook County, but OK
tends into Penobscot and Piscataquis
In the same period the valuation Of
Piscatapuis County increased about
80, 900. 10000. and that of Penobscot
| about SO, 600. 10000. making n total in
| crease in these three counties of S33.-
| 600. 10000. \ large portion of the in
crease in Penobscot and Piscataquis is
directly traceable to the building Of
this road.
The whole town of Millinocket has
grown up where, before this road was
built, the forest primeval covered the
| earth, and this is in PenobscOt County
More than $4,000. 10000 expended upon
the building Of this road was obtained