Year: 1861

In the Senate en- the Bill entitled An Act to change


the name of the SunJury and Erie Railroad and to IA


ciitate the mpletiOH OF Railroad from Sunbury to


Erie.


had it in my mind, Mr. Speaker, to say
word on this matter but | did not intend to
do so at this time. Inasmuch however, as
the discussion has taken not only the range of
a single section, but the range Of the whole
bill, if | say that word now, it will be said,
and | shall be out of the way


1t will lie remembered, sir that year ago,
there was a bill before this body with regard
to this same Sudbury and Erie Railroad com
pany 1t will be remembered, perhaps, by
some upon this foor, that voted against that
bill | said nothing about it, but | simply
voted against it i; and | feel, sir. that to be
consistent, in view Of the vote which | intend
to give upon this bill, l ought to say some
thing for, Of course, if can vote for this
bill, being on the record against the Sunbury
and Erie bill of last winner, shall be inquir,
ed of by some persons to explain this seeming
contradiction. | will say now that my expla-
nation is this :


The bill against which voted last winter
was one thing the bill for which | expect to
vote this winter is another aud very different
thing and the points Of difference are two.
The bill of last winter gave the company en-
tire control of the money that was to be rails
ed upon the bonds that were to be created,
which | considered q fatal objection to the
whole thing ; and | have said time and again
that ! would vote for no bill touching this
road that gave the company entire control of
the finances to be raised upon the bonds issu-
ed. The other point of difference is this
no Of
months ago was different from the condition
of those securities now. For when we were
agitating that bill, there was one million as a
prior mortgage. But contrary to my vote,
another lien, amounting, as you know, to
100000, was authorized, thgS changing the
position of the State securities, and rendering
them less valuable. This bill, on the contra
ry, guards the funds to be raised. 1t does not
give the company the unqualified control of
them, but deposits the bonds in the hands of
the Secretary of State, those bonds to be
drawn out and converted into money, that
money applied to the completion of the road,
the bonds drawn and the money applied par5
passH as the road progresses towards compile
ton And now, at this point, will answer
the Senator who has just spoken Mr.. CLY-
xER,)


He claims to have made an estimate and
declares that five millions of bonds is too
much, is unwarranted extravaganza, and that
no more than two millions are needed. 1t is
to be presumed that the engineers and agents
concerned in the construction of this road have
estimated its necessary cost. If | supposed
them so void of all financial capacity as to
apply to this Legislature for an Act author-
iziup them IN raise funds without first Calcu-
lated the amount positively needed, | certain
ly would vote against their application. If
they issue five millions of bonds, they cannot
on these realize more than four millions in
ready, solid cash with which to pay their
floating debt and complete the road. While
the Senator was announcing his estimate in
figures, it reminded me of a gedtleman who
proposed to build large house. He cStimat.
ed the cost of each item with great care and
then submitted it to a master mechanic for his
opinion.


After looking over it thoughtfully he said,
" well, sir, your estimate is carefully made,
and | will now tell you as l do all others in
in such cases, add one,fourth to your estimate
for things as you have forgotten and you will
have it quite correct"


The Senator has estimated everything at
the minimum cost undoubtedly, and now if he
will add oRe-fourth for things he has forgotten
his figure will approximate the company's own
estimate. But | do not intend this as my
answer. On the contrary the bill itself fur
nishes my reply. have it here in the last
section, section that gives character to the
whole thing, and without which l would vote