WESTERN RAIL-ROAD CORPORATION. Ar a special meeting of the Western Rail-road Corporation, held in Boston, December 12, 1838, and very numerously attended from all parts of the Commonwealth, The President and Directors were instructed to apply to the Legislature, at its next session, for a loan of the credit of the State to the Western Rail Road Corporation, for a sum sufficient to complete and put the road in full operation, not exceeding the sum of Fifteen Hundred Thousand Dollars; by a State Stock, expressed in the money of Great Britain, having thirty years to run, bearing interest at five per cent. per annum, semi-annually; - principal and interest payable in London, to bearer, with interest warrants attached. Ordered, That a Committee of fortyseven, to be nominated by the President, be appointed to aid the President and Directors, in their application to the Legislature for a loan of the credit of the State, as expressed in the preceding vote; with power to enlarge their number. The following persons were accordingly nominated and appointed members of said Committee. Francis Jackson, Chairman. Amos Binney, Bodwell Sargent, James Boyd, Henry Stearns, of Springfield Samuel Greele, Chas. Grennell, of N. Bedford, George Darracott, Chas. Stearns, of Springfield, Joseph T. Adams, Charles P. Curtis, P. P. F. Degrand, Esq., submitted the following draft of an Address to the people of the Commonwealth of Massachusetts. ADDRESS. To the People of the Commonwealth of Massachusetts: FELLOW CITIZENS, At a legal meeting of the Stockholders of the WESTERN RAILROAD, duly notified in the newspapers, and very fully attended, from all parts of the State, and held at Boston, at the Old Common Council Room, on Wednesday evening, Nov. 28, and by adjournment on the 12th of Dec. 1838, the following vote was adopted by an overwhelming majority, viz. : Ordered, That the President and Directors of the Western Rail-road Corporation be, and they are hereby requested and enjoined, to apply to the Legislature of this Commonwealth, at their next Session, for a loan of the credit of the State, to the Western Rail-road Corporation, for a sum sufficient to complete and put the road in full operation, not exceeding $1,500,000, by a State Stock, which may be expressed in the money of Great Britain, having thirty years to run, bearing interest at five per cent. per annum, semi-annually ;-principal and interest payable in London, to bearer, with warrants for the interest attached. At the same meeting, it was resolved to submit to you some of the reasons which make it for the interest of the people of Massachusetts that this plan should be adopted: and after mature consideration, the Stockholders determined to submit to you the following statement of facts and conclusions, naturally arising from these facts. FELLOW CITIZENS, Thanks to the enlightened public spirit of the Legislature of Massachusetts, for 1838,- the Western Rail-road, that great work which is destined to restore to our Commonwealth her wonted rank, among the first States in the Union, has been progressing, since the last Session, with unexampled rapidity and with the greatest economy the very money spent in its construction furnishing sustenance to a great mass of industrious men, many of whom, but for this, would have been out of employ, and enriching, by its disbursements, the country through which it passes, as well as augmenting the active capital of the State. The magic power of the credit of Massachusetts, has not only served to draw from abroad, at a low rate of interest, all the money thus spent, but it has, also, by furnishing a large amount of exchange on London, — equal to specie, had a direct tendency to protect our banks against any demand for specie. By inspiring a general tone of confidence, it has greatly assisted these banks in resuming specie payments, long before the period prescribed by the Legislature, without causing that degree of pressure, which greater curtailments would necessarily have produced. Thus has the wisdom of the Legislature of Massachusetts given very important aid, in bringing about,in fifteen short months, and with comparatively trifling sacrifice, -that great financial change, (the resumption of specie payments,) which Great Britain herself was twentyfive long years in accomplishing and which she only accomplished, after the prostration, several times repeated, of whole masses of her most industrious, most enterprising, and most useful citizens.-What a proud trophy this for the people of the Bay State! FELLOW CITIZENS, It is now placed beyond all doubt, that the Sinking Fund, which (agreeably to the provisions of the Act of 1838,) is provided by the Western Rail-road, will exceed, in amount, the anticipations of the friends of the Law, and will be fully adequate to extinguish, before maturity, the full amount of the State Stock, loaned by Massachusetts to the Western Rail-road under that Act. The character of Massachusetts, long advantageously known in Europe; the Statistical Tables of the $50,000,000 annual product of our industry, which the foresight of our Legislature had caused to be prepared, (and which the Directors of the Western Rail-road failed not to forward to London)-the advantageous and convenient shape, which a wise legislation has given to the Stock itself, have procured, for the Western Rail-road Loan, the highest price, in the London market, of any loan, of any date, of any kind, by any individual, or corporation, or State, on the whole American Continent. The Stock thus far disposed of (being all that had been received in London,) has been sold at a premium which (added to the premium on the exchange,) will create, at once, a Sinking Fund of 11 per cent., to be paid over to the Treasurer of the Commonwealth, and to be by him invested:—and this is five per cent. more than the friends of the Law had calculated upon as the basis, while advocating the passage of the Act. FELLOW CITIZENS, Before the close of next summer the Western Rail-road will be in full operation to Springfield. The most difficult part of the road west of Connecticut River, being that part which it would. take the longest time to construct, has (agreeably to a wise provision of the Law,) been attended to, with unceasing indus try, and upon it as many men have been constantly employed, as could possibly work to any advantage. Our neighbors of the State of New York have already constructed a link, for our road, from the Western limit of our State, to Hudson, on the Hudson River, on the line of Rail-roads, which is partly already finished, and partly in construction, and which, at no distant day, will carry us to the interminable web of Rail-roads, now preparing for our reception in the Great West and also carry us to the 25,000 miles of navigation on our inland seas, and our boundless rivers and canals, in the great Valley of the Mississippi. All these advantages we shall secure, by completing our Western Rail-road, which is only 116 miles in length!! FELLOW CITIZENS, Much has been done, and been well done, towards uniting our Commonwealth with the great Western World: - and it now remains to search out and to point out what future course will most promote this great object. It cannot be denied that a Rail-road saves three fourths of the labor, and of the expense of transporting burthens, and of transporting persons, taking into view the great saving of time. At a low estimate, it is calculated that this expense (of transportation and travel) for the whole Commonwealth, exceeds $16,000,000 annually; admitting, therefore, the capacity of a saving of $12,000,000 per annum. Is it not, then, most clearly, for the public interest, that this wasteful expenditure of three fourths of the enormous sum, paid by our people, for transporting burthens, and for transporting persons, should be at an end, as quickly as possible, as to every inhabitant of every foot of our soil? Every month's delay is a shameful waste of $1,000,000! The Western Rail-road, in continuation of the Worcester Rail-road, is the great backbone of the system, which will expel, from every section of our territory, this vast, and needless, and wasteful expenditure. IT 13, THEREFORE, FOR THE PUBLIC INTEREST, THAT THE WESTERN RAIL-ROAD SHOULD BE FINISHED, AND BE IN ACTUAL OPERATION, WITH AS LITTLE DELAY AS THE NATURE OF THE COUNTRY WILL PERMIT. LET US RESOLVE THAT THIS SHALL BE DONE, and let us soberly look to the actual, practical means, within our reach, to carry our purpose, unerringly, into effect. FELLOW CITIZENS, After expending the whole amount of the loan, furnished by the State, under the Act of 1838, the Western Rail-road will still want $1,500,000 to complete it to the State line, and to furnish it with depots, and cars, and locomotives. If the State of Massachusetts should, at once, decide, that they will issue, as wanted, their Stock to that amount, and for that purpose, under the like safe and salutary provisions, which guarded the Act of 1838, -THIS SIMPLE DECISION, INVOLVING NO RISK TO THE STATE, WILL SOLVE, AT ONCE, THE WHOLE PROBLEM, AND WILL |