The Kentucky Gazette

[For the Gazette.]

Elizabethtown, Lexington, and Big Sandy Railroad.

In a very short time the citizens of Lexington and residents of Fayette county will have an opportunity to cast their votes for or against subscribing $500,000 of stock in the Elizabethtown, Lexington, and Big Sandy Railroad, the vote to be taken separately- $250,000 each. The incalculable advantages to our city and county to be derived from the completion of this road, have already been so repeatedly discussed and fully set forth, that it is unnecessary to reiterate them.

Kentucky, we believe, started the second railroad built in the United States, and yet is a shameful laggard in the race. Whilst her young sister States, which were wildernesses when she was settled, and comparatively old, are now threaded with railroads, prospering and going on to prosper. She remains in a sort of Rip Van Winkle sleep in regard to all such matters. Fossil-like, there seems to be no redemption for her in the way of improvements.

The gentlemen who have this road now in hand are not eastern capitalists or adventurers, but men of integrity and wealth, whose interests are wholly identified with the interests and prosperity of Lexington, where all they possess through labor was acquired. But it was simply our purpose, in commencing this article, to call attention to a clause or two of the charter of the Company, to show that it was gotten up in all fairness, and that the taxation will not be as burdensome as those averse to the road think it will be. The special attention of all-those who are in favor and those opposed to the road-is invited to the following extracts from the 15th section of the charter:

"The Mayor and aldermen, or chairman and board of trustees of any town, Mayor and council of any city, or the county court of any county that may subscribe for stock in said railroad company, are hereby authorized and required to levy annually and collect a tax upon the taxable property in their respective towns, cities and counties, as listed and taxed under the revenue laws of the State, a sum sufficient to pay the interest on said bonds as it accrues, together with the cost of collecting the same. They are also authorized and required to make provision for paying said bonds at their maturity; and to enable them to do this they may establish a sinking fund, and loan out the same at any rate of interest they can obtain, and if necessary collect the same by law, or may adopt such other means as to them may seem proper and expedient, and may levy and collect taxes annually or otherwise on the property aforesaid for this purpose. The person collecting said tax shall give tax receipts for the same, and any tax-payer paying tax to said road under the provisions of this act shall be entitled to stock in said railroad company to the amount of taxes he may pay, and the town, cities and counties, under whose subscription the tax is levied shall be divested of stock to the extent of stock issued on said tax receipts; and whenever such receipts to the amount of one share or more shall be presented to the company or an officer or agent designated by it, a certificate of stock shall be issued to the holder and owner of the receipt, but no certificate shall be issued for a fractional part of a share."

It will be seen that the above proviso puts a value on the tax receipts we may receive, and all persons who pay taxes can sell the same at any time for something near a par value. It is earnestly hoped that both city and country will vote for this desirable improvement.

AN OLD CITIZEN.