Shepherdstown Register

OUR RAILROAD.—Many persons having called on us within the last two weeks for information in regard to the issuing of County Bonds in aid of the Shenandoah Valley Railroad, we have about concluded that a vast number of our citizens do not exactly understand, not only in what manner the bonds in question are to be turned into ready capital, but how or where they are to be redeemed. In view of this fact, and for fear that many friendly to this vast internal improvement may not know precisely what they do when they vote for the proposed appropriation of $250,000, on the 31st of this month, we shall endeavor to show as briefly as possible how the bonds are issued, when redeemable and by whom eventually liquidated.

First, then, if the majority of the citizens of our County declare by their ballots that they are in favor of such an appropriation, bonds of various denominations ranging we suppose from $100 to $5,000, making in all an aggregate amount of $250,000, will be issued, the bonds bearing interest, we will say, at ten per cent, redeemable in 15, 20 and 30 years. These bonds are then thrown upon the market for sale at our chief money centers, New York, Philadelphia and Baltimore, and from these sales the ready cash is realized immediately, and we have no doubt but their par value can be obtained particularly if bearing interest at ten per cent. For this amount ($250,000) the County pledges its faith and credit. When the road is built the Corporation known as the Shenandoah Valley Railroad Company, will assume the payment of the bonds, principal and interest; so in fact the County of Jefferson is only an endorser or security for their payment the same as an individual note presented to a bank for discount by a good and responsible party, endorsed by a friend. From the time the bonds are issued until the road is perfected, the county necessarily will pay the accumulated interest as it would hardly be expected that the road would assume the payment of interest until it is in a condition to accumulate; that is to say, it could not afford to pay when it has no possible means of profit which must be the case until it is in running order. But after it is completed it will not only assume the payment of the bonds, principal and interest, but will refund to the county all the interest it may have paid during the time of the construction of the road.

Now the idea that our people are to be onerously taxed for the purpose of raising ready capital, is most erroneous. Under the most unfavorable circumstances we will not be called on to pay the interest of the bonds for a greater period than two years, as the road will under ordinary good management be in condition to assume the debt by that time. Allowing the bonds to bear the maximum interest of 10 per cent. and putting our taxable property in the County at the minimum figures of $7,500,000 it would only require a levy of 3 1/2 mills or $3.50 on the thousand dollars to realize the sum of $25,000, the interest on $250,000.

It seems to us that every person who has any interest in drawing capital, trade and enterprise to our County, should vote for the appropriation, for as the number of railroads are increased, exorbitant freights must decrease. No one, no matter how far he may reside from the proposed route of the road, but has an interest in the general welfare and prosperity of the whole community. Then vote for the encouragement of a railroad.