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ni 
 
 
 tAM ILTON AND PORT jOTOjAILWAY. 
 
 )3> ADDRESS 
 
 OF 
 
 THE DIRECTORS, 
 
 TO THE 
 
 CITIZENS OF HAMILTON, 
 
 AND THE INHABITANTS OF 
 
 TOWNS, TOWNSHIPS, ANB VILLAGES, 
 
 ON THE LINE. 
 
 HAMILTON: 
 
 PRINTED AT TUB SPICTATOR OFFICE, COURT-HOC8B S<)UARK. 
 
 1866. 
 
 T^m:^ 
 
 5«/V*r <Jl3 >eJ'\s^ OlJN£*H£^cX3Ne>''(a^^D(rV£>^(2^^D6NtfJ^e^t)6N^^ 
 
itf 
 
 
. HAMILTON AND PORT DOVER RAILWAY. 
 
 V 
 
 ADDRESS 
 
 OP 
 
 i 
 
 THE DIEECTOES, 
 
 TO THE 
 
 CITIZENS OF HAMILTON, 
 
 i 
 
 AND THE INHABITANTS OF 
 
 TOWNS, TOWNSHIPS, AND VILLAGES, 
 
 ON THE LINE. 
 
 HAMILTON: 
 
 PBINTBD AT THE SPSCFATOR OFFICK, COURT-BOUSK BQUABX. 
 
 1855. 
 
Si 
 tl 
 
 M 
 
HAMILTON AND PORT DOVER RAILWAY. 
 
 To the Municipality and Citizens of Hamilton, and the Inhabitants 
 of the localities interested in the construction of the above line 
 of Railway. • 
 
 GENTLEMEN— 
 
 The Directors of the Hamilton nnd Port Dover Railway 
 Company, being desirous of securing your individual, as well as 
 corporate aid, in the construction of this undertaking, beg to lay 
 before you such information as they possess, in order to show the 
 importance of an immediate commencement, and vigorous prose- 
 cution of the work. The subject of a South-Western Railway, to 
 open up a communication between the head waters of Lake 
 Ontario at Hamilton, and the extensive and populous country 
 lying South- West of us, as well as to obtain the shortest and best 
 connexion, by railway, between these two great lakes, Ontario and 
 Erie, has of late excited so much attention and been so fully dis- 
 cussed by the press, that the Directors of this Company deem it 
 unnecessary to enter at great length into the merits of their Line. 
 In this City in particular, where the question has perhaps been 
 more fully canvassed than elsewhere, the conviction has gradually 
 spread itself amongst our merchants, mechanics, landed proprietors, 
 and indeed amongst all classes, that the time has arrived when the. 
 work should be commenced. The unanimity and enthusiasm with 
 which the Council voted the credit of this City, for the sum of 
 i)50,000, the Directors of the Hamilton and Port Dover Railway 
 Company, believe to be only fair evidence of the general desire and 
 feeling of onr Citizens. 
 
 For the information of such as have not given the matter their 
 serious consideration, the Directors beg to state a few of the rea- 
 sons, upon which they base their claims for the general support of 
 the public of this City, and on the proposed route of the line. 
 
 In the first place they would state, that the present Company 
 was incorporated by an Act of the Legislature, passed in 1853- 
 
H 
 
 II 
 
 with a capital of £500,000, divided into shares of £26 each. Dur- 
 ing the year 1854 a survey of the line was made, under the direc' 
 tion of R. G. Benedict, Esq., Civil Engineer, but owing to circum- 
 stances which it is unnecessary to refer to, no steps were taken to 
 put the work under contract, or to raise funds for its construction. 
 The expenses thus far incurred for surveys. Secretary's salary, and 
 printing, only amount to about £1,300, which have been paid. 
 The Company is therefore free from liability, and are in a most 
 favourable position for commencing work. 
 
 The next thing to be noted, is the face that the population of 
 the southern tier of Counties, bordering on Lake Erie, now amounts 
 to nearly 200,000. This tract of country, which is unprovided 
 with railway communication, is over 200 miles long, and of an 
 average breadth of 20 miles. In the fertility of its soil, the mild- 
 ness of its climate, and the industry and energy of its inhabitants, 
 it is equal if not superior to any other given tract of equal extent 
 in the Province. 
 
 Hitherto, but a small share of the products of this fine section 
 of country, have found their way to our market, for want of means 
 of transit. A small amount of merchandize may have been sup- 
 plied by our merchants ; but limited as our commercial intercourse 
 has been with the shores of Lake Erie, it has been seriously affected 
 by the opening of the Buffalo and Brantford Railway, which has 
 cut us off from much of the business south of the Grand River. 
 
 The Directors have the strongest reason to believe, that in 
 less than three years, what is called the Southern Railway, will be 
 completed. This line, as everybody knows, will extend from the 
 Niagara to the Detroit River, and will pass through the very heart 
 of the tract of country referred to. It is almost too obvious to 
 need remark, that when this Southern Line shall be completed, 
 the entire commerce of the Southern Counties, with all their nume- 
 rous towns and villages, and a population of 200,000 souls, will be 
 lost to us beyond retrieve, unless we put forth great efforts and 
 construct the line from here to Dover, or to Simcoe, where a con- 
 nection will be had at a favourable point, with the Woodstock 
 and Lake Erie line, and also with its western extension, which 
 is to form a part of Southren Railway. With such a connection, 
 it can be demonstrated almost to a mathematical certainty, that 
 y,/^arl^r if »if»t nnito all r»f t.hft hfiavv freicrhh traffic of thi'' line must 
 flow to our City. 
 
 I 
 
 
I 
 
 
 In order to oitablish this position and make the matter clearly 
 understood, it is necessary to state tho well-ascertained fact that 
 the bulk of the freight trafiic through tho State of New York, is 
 retained by the Canal, notwithstandimg the active competition of 
 the two great lines of railway, and tho great loss of time by the 
 former as compared with tho latter. Now, as New York has be- 
 come our chief market, tho same rule applies to our commercial 
 intnrcourse with that City. The bulk of our freight consequently 
 passes through the Erie Canal, either by way of Buflalo or Oswego. 
 If by the former ten days are required to go to, or from tide water 
 at Albany ; whilst by tho latter route only five days are consumed. 
 The distance from Hamilton, or Niagara to Oswego, by steam-boat, 
 is now accomplished in a single night, so that these places are, in 
 point of time, fully four days nearer to our chief market than Buf- 
 falo. With such an advantage, it will not be surprising, hereafter 
 to see freight transported from Fort Erie and Port Colborne, to 
 Hamilton or Niagara, by rail, in order to gain time, by taking 
 Lake Ontario. This fact being established, the question, as to the 
 relative claims of Hamilton and Niagara, for becoming the entrep6t 
 for Southern Canadian trade, presents itself. 
 
 In reference to this point, the facilities of transport being- equal 
 to both places, the superior advantages of Hamilton in size, wealth, 
 and population, and as the established centre of Western Commerce 
 are such, that there would be nothing to fear from the competition 
 ot her would-be rival. But with the Southern Railway built, and 
 the extension from Simcoe to the Suspension Bridge, which is to 
 be made a part of the main line, completed, nearly the entire 
 freight of the Southern Country and of Lake Erie and the Western 
 States, flowing on to the Southern Line, must of necessity centre 
 at Niagara, and none of it could reach Hamilton, unless the Fort 
 Dover Line be constructed. 
 
 With both these Railways complete, our line intersecting the 
 Southern at one of the points indicated, let us see how the matter 
 will stand. The distance from Simcoe ( supposing that to be the 
 point of intersection) to Niagara, via the Suspension Bridge, is 
 about 80 n^ lies, or nearly the same as by way of this City ; whilst 
 from Simcoe to Hamilton, it is only about 37 miles. The distance 
 in favor of Hamilton will then be 43 miles, and the charges on 
 freight are the same on the Lake, whether to, or from Hamilton, 
 
6 
 
 Toronto, or Niagara, and the difference in time by Steamers only 
 two and a half hours. 
 
 Tho actual cost of carrying freight on the Railways of Now 
 York, to say nothing of tho profit, has been found to be about 80 
 cents a mile for an ordinary train of lV5 to 200 tons. It would 
 therefore cost $34 40 cts. more, to move an ordinary freight train 
 between Simcoe and Niagara, than between Simcoe and 
 Hamilton. These facts, it is conceived, settle the question as to 
 the superiority of this ,City, as tilt entrepot for South-Western 
 Canada, as well as ^"--r such foreign commerce as may be carried 
 on through this part of the Province. 
 
 But admitting that only one-half this business was drawn 
 through our City, it would still be an object worthy our ambition 
 to secure it. 
 
 As to the Grand River business, the same arguments apply 
 with equal force. There is a Railway already in operation 70 or 
 80 miles long, which is to be extended to Goderich. By tapping 
 this line at Caledonia, or some other convenient point, there is no 
 reason to doubt that all the important freighting business of this 
 fine country, situate in and near the valley of the Grand River, will 
 immediately centre in Hamilton. Here then is another immense 
 source of business both for the City and the Railway, which will 
 benefit alike the inhabitants on the line of road and the City itself 
 — ^for all advantages of this nature are mutual and reciprocal. 
 
 The Lumber Trade of the Grand River, which centres at the 
 very point likely to be crossed by our Railway, has become of such 
 importance and magnitude, that it merits special notice. The 
 demand for lumber at Chicago, has already had the effect of drawing 
 supplies from the Grand River, so that the manufacturer has the 
 choice of two great markets open to him. By means of the 
 Hamilton and Port Dover line, the great staple product of this 
 section of Canada, may be delivered with equal facility at Hamilton ' 
 where, what is not required for local consumption, may be shipped to 
 Eastern markets by way of Oswego, or at Port Dover, to supply 
 the western demand. 
 
 In addition to these extensive sources of business, the trade be- 
 tween the two lakes, that will flow over our line, will doubtless be 
 very great. This trade has so increased that the Welland Canal is 
 
 <l 
 
<l 
 
 this Canal in from 20 to 30 hours. It now roquircH a whole week, 
 and this roiito hus bccomo nearly am todious, as that by tho Erie 
 Canal via HufTalo. It has been shewn that a cargo of wheat or 
 <lour, leaving Cleveland in tho evening and arriving at Port Dover 
 in tho morning, may be again set afloat on I^akc Ontario, by means 
 of our Railway, the following evening, and bo delivered at Oawogo 
 the next morning. This may seem inerediblo; but with tho 
 improved means of transhipment by Steam and Water [.jyer it is 
 perfectly practiblo. We may therefore confidently count upon a 
 largo trade from all parts of the thickly settled shores of Lake 
 Erie, and for the establishment of one, or more daily lines of first 
 class Steamers, in connection with tho Hamilton and Port Dover 
 Railway, between Dover and Cleveland, which is the mouth of the 
 groat Ohio Canal, as well as to other points on the Lake. In 
 addition to tho advantages possessed by Dover, as a point of con- 
 nection between iho two Lakes already staled, it is nearly 100 
 miles higher up the Luke than Buflalo, and is open several weeks 
 earlier than tho latter in Spring, and also avoids much of the 
 perilous navigation of that stormy Lake. It is besides, opposite 
 tho great coal fields of Pennsylvania and Ohio, whence cheap and 
 inexhaustablc supplies of Coal will be all'ordcd to tho Province. 
 As a freight line, tho Directors of tho Hamilton and Port Dover 
 Railway Company, believe that its importance cannot be over 
 estimated — and it is this class of business that contributes most 
 largely to the growth and wealth of towns and cities. The 
 carriage of passengers through a country, adds but little to the 
 general wealth, although it :s valuable as a means of profit to 
 Railways. 
 
 • There is no reason, however to doubt, that this line will have 
 a large passenger, as well as freight traffic. It is a universal law 
 of commerce, that tho movement of passengers, is always more or 
 less influenced by the general course of trade. If Hamilton be- 
 comes the entrep6t for Southern Canada and the shores of Lake 
 Erie, those who conduct the business of the various localities, will 
 necessarily be frequently drawn here,and our business men will have 
 constant occasion to visit tho sources of business. Thus, in addition 
 to local, we may count upon a large through passenger traffic. 
 
ESTIMATED COST. 
 
 l-he Hamilton and Port Dover line, as surveyed by B. G. Bene- 
 dict, Eoq., will be about 42^ miles in length, and t^e total estima- 
 ted cos?, including Rolling Stock, will be about ^^50 000 o, 
 £10,600 per mile. In reference to this estimate, Mr: Benedict 
 remarks-l'^ The cost per mile, may upon first thought be considered 
 « targe, but taking into consideration, that in order to reach Port 
 -Dover or the line of the Woodstock and Lake Erie Railway, 
 -the ascent of the Mountain, the crossing the Grand River, and 
 » several other smaller streams, have to be accomplished, all withm 
 " fv distance of 42^ miles, it will no longer be considered so, but 
 
 - on the contrary wUl be looked upon as a very rcusonable amount. 
 
 " In making the estimate, I have endeavoured, as far as possi- 
 -ble, to cover all the items that usually go to swell the cost of 
 -Railways, except the loss upc . Bonds, Debentures, Commis- 
 
 - sions, &c., which are not included, as the payments are supposed 
 « to be in cash ; neither are the Statun Grounds estimated, it being 
 -impossible to do so with any degree of certainty. Their cost 
 " will in a great measure depend upon their situation, and the 
 " management of the Company in acquiring them." 
 
 Mr Benedict further states, that the work is to be, in all res- 
 pects, equal t^the Great Western, which is now regarded as the 
 most substantial on this Continent ; and the fencing and some other 
 portions of it superior to that road. The Directors of the Hamil- 
 ton and Port Dover Railway, beg to assare the public, that they will , 
 use thoir best exertions to procure the construction of their line, on 
 the most economical principles, consistent with the obtammg of a 
 ^•sUlass railway, and that they have the fullest confidence m their 
 ability to accomplish this object within the estimated cost. This 
 estimate, they hope may be materially reduced in Mncunt, when 
 another and n.ore minute examination of the route shall be made, 
 with a view to the final location of the line. 
 
 Ill 
 
ESTIMATED PROFIT. 
 
 It may seem, and perhaps is, a very difficult thing to estimate 
 the probable amount of business, that such a line as that between 
 Hamilton and Dover will command. We have no parallel of a 
 line of railway, connecting two such lakes as Erie and Ontario, 
 wiiich teem with so vast a traffic. With respect to the local, or way 
 traffic which may be certainly calculated upon, we have fortunately 
 more reliable data, collected by railway men in the Umted States. 
 From a careful examination and compilation of this data, made by 
 A C Morton, Esq., Civil Engineer, the local receipts on the railways 
 
 of New England and New York, have been ascertained to amount 
 to #3 per annum for each inhabitant tributary to them. In the 
 State of Michigan each individual contributes something more. 
 
 Here then we have a basis for forming an estimate of receipts 
 from local traffic, which even on the Great Western, having such a 
 large through traffic, constitutes about one-hp.'.f its gross receipts. 
 The Port Dover lino will serve the Counties of Wentworth, Haldi- 
 raand and Norfolk, and the City of Hamilton. These Counties had 
 in 1852 the following population :— 
 
 Wentworth ....28,607 
 
 Haldimand IMS? 
 
 ^-« •.!^Va 
 
 Add 10 per cent, per annum for increase for five years from 1852 
 t.i 1858 (by which time the Directors hope to have had their lino 
 one year in operation,) without taking into account such parts of 
 adioining Counties as may be tributary, or Hamilton, which, at 
 its present ratio of increase, will then have over 30,000 ; and we 
 may fairly base our calculations upon having a population ot 
 110,000, contributing directly to the support of the Port Dover 
 
 ^'^Tt 13 a head, this would give for receipts for local traffic, 
 mo 000. Supposing the through business between the two lakes, 
 together with the undoubtedly large traffic that will be drawn from 
 more distant parts of the country, by lateral lines such as the 
 Buffalo and Brantford, and the Southern Bailways, should amount 
 
10 
 
 to only one-half as much as the local traffic, instead of being equal 
 to it, as in the case of the Great Western through business, the 
 annual gross receipts would be $495,000. Deduct from this 66 
 per cent, (which is a large allowance,) for working expenses, and 
 there will be left for profit $232,730 per annum. This would 
 give a little over 1 1 per cent, upon a capital of £500,000. 
 
 The Directors consider this estimate to be exceedingly moder- 
 ate, and they have such confidence in the enterprize, that they ^ 
 believe,if judiciously managed, it will prove one of the best invest- 1 
 ments in the Province. 
 
 ft will be unnecessary to enter into any lengthy argument in 
 order to shew to the inhabitants of this city, the effect which rail- 
 ways have, in creating wealth and adding to the comfort and happi- 
 ness of the people of all classes. This has been too recently 
 exemplified by the opening of the Great Western line. This road 
 has only been some fifteen or sixteen months opened for trafl5c, and 
 the vast effects that it is calculated to produce, are as yet only par- 
 tially developed ; nevertheless, the value of all assessable property 
 has been nearly trebled, as appears by the following important 
 statement, compiled from the books of the Corporation by one of 
 the City newspapers : — 
 
 Anmial value of Assemble Property in the City of .Hamilton, in 
 each of the undermentioned years. 
 
 Value before the Railway was opened, 1 849 £60,725 
 
 Do. do. do, 1850 6l'674 
 
 Increase from 1849 to 1 850, in one year 'sso 
 
 Value afle. it was opened ". 1854 167 000 
 
 Do. do. do. one year, 1855 lOo'oOO 
 
 Increase since 1850, the year the work was commenced 
 on the Great Western Railway, to 1855, after the line 
 
 had been one year in operation 128,500 
 
 Rate of increase for five years, over 300 per cent. 
 Rate from 1849 to 1850, about 1 per cent. 
 Rate from 1864 to 1855, about 22 per cent. 
 
 Revenue in 1849 5 OOq 
 
 1^0. 1854 2o',000 
 
 Let the owners of property on the route to Port Dover ponder 
 over these results, and be assured, that all their property will be 
 increased in value in a like ratio, by the construction of this highly 
 important road. The Directors could give many instances of farms, 
 10, 20, 30, and more miles dist^mt from this City, which, six years 
 
11 
 
 
 * 
 
 ago would not have brought over $25 or $30 an acre, which have 
 recently brought $00 to $100. 
 
 The Directors trust, that following the example very generally 
 set by the residents on the lines of Railway in the United States, 
 every man, both in Hamilton and on the entire route, will promptly 
 put down his name for whatever amount of Stock he can conve- 
 niently pay for. The calls upon it will be spread over fully two 
 years, and at no time will there be more than 5 per cent, required 
 at shorter intervals than 30 days. Interest will be allowed upon 
 all payments made upon Stock, and Corporations will thus be 
 saved from collecting the assessments levied to protect their de- 
 bentures, during the period of construction, and, as in the case of 
 the Great Western Railway, they feel confident that by thus lend- 
 ing their credit, to enable the Company to carry out speedily this 
 great work, the Municipalities so aiding, will never be required to 
 pay one shilling. No great undertaking can be accomplished with- 
 out strong individual efforts, sustained by the enterprise and co- 
 operation of the whole community. The Directors of this en- 
 terprise, therefore, appeal to the public spirit of all who are inte- 
 rested, to enable them speedily to accomplish the task they have 
 undertaken. 
 
 Upon the Citizens of Hamilton in particular, would they call, 
 to set the example which they hope will be followed by all on the 
 route. Let the Southern Line be constructed and the Grand Trunk 
 finished to St. Mary's, before the line to Dover and the Berlin ex- 
 tension ai e opened, and our City will be cut off, and isolated from 
 the most promising elements of its future prosperity, both on the 
 south-west and the north-west. It is no longer a matter of choice, 
 but one of urgent necessity, to complete without delay, both these 
 enterprises, which will make Hamilton, in a few years, the first 
 Commercial City in British America. 
 
 A. N. MaoNAB, President. 
 
 Wm. p. McLaren, 
 
 H. C. BAKER, 
 Geo. W. burton, 
 H. B. WILLSON, 
 J. T. GILKISON, 
 JAMES LITTLE, 
 J. D. PRINGLE, 
 R. P. STREET. 
 
 Hamilton, 19th June, 1856. 
 
 Directors. 
 
19 
 
 APPENDIX. 
 
 THE COAL TRAFFIC. 
 
 Assuming that the movement of freight on the Hamilton and 
 Port Dover Railway can be effected at the same rate, as in New 
 York and New England, namely 80 cents a mile for a train of 175 
 to 200 tons, coal may be brought from Dover to Hamilton, by 
 railway, at a cost to the Company of less than 17 cents a ton. 
 This is lower by 3 cents than is now paid for Burlington Bay 
 Canal Tolls, to say nothing of the Welland Canal Tolls, which alone 
 would give a handsome profit to the Railway. Toronto, as well as 
 Hamilton, and indeed all our neighbouring Towns and Villages, 
 could therefore be supplied with this most important article of con- 
 sumption, at a greatly reduced cost. This traffic will therefore no 
 doubt become one of large profit to the Company, when it shall be 
 properly developed. 
 
 
 THE WELLAND CANAL. 
 
 A few years only have elapsed since the completion of the 
 enlargement of the Welland Canal. It was thought when this was 
 effected, a capacity had been created for the growing trade of the 
 West for half a century at least ; but if we examine the question, 
 we will find that the greatly increased facilities now afforded by 
 that route are tcxed to their utmost ; and the subject is already 
 under consideration of further increasing the capacity of the canal 
 by an additional tier of locks. Such being the case, it is evident 
 the time has arrived for providing other highways for the transit of 
 western products to the Atlantic, and no stretch of imagination is 
 required to realise that before ten years other means of transit 
 will be required for this purpose, in addition to the proposed Port 
 Dover Railway. 
 
«lij 
 
 RAILWAYS IN MICHIGAN. 
 
 The following article, taken from the Detroit Tribune of last 
 evening, is so pertinent to the question of completing our railway 
 system, that it is particularly commended to the attention of our 
 citizens'. The paragraph printed in italics is just as applicable to 
 Hamilton as to Milwaukie. It is a notorious fact that during one 
 period, a little before the Great Western Railway was begun, our 
 city actually decreased in population, and that the increase above 
 shown in the annual value of our assessed property, consisting of 
 £128,500, from 1850 to 1855, represents a positive increase of no 
 less than £2,141,600 in the actual value of real and personal pro- 
 perty, but a small portion of which can be attributed to the altera- 
 tions made during the same period in our assessment laws :— 
 
 " FUTURE POLICY OF DETROIT." 
 
 " We perceive by the proceedings of the Common Council 
 that a resolution has been passed requesting the Mayor to call a 
 public meeting of the citizens of Detroit, for the purpose of taking 
 into consideration the expediency of removing the restriction from 
 the city charter prohibiting the city from loamng its credit to Rail 
 Roads or other public works. If the faith of the city be not 
 pledged to her present creditors not to increase her public debt 
 except as may be required to enlarge the capacity of the Water 
 Works, we hope this disability will be removed. A city that 
 neglects or refuses to avail herself of every means withm her reach 
 to improve her condition, no more deserves success than the 
 sluggard who refuses to plow by reason of cold, deserves a harvest. 
 An enlightened and liberal enterprise is as much the duty of a 
 community as indu t. .• is of an individual. Detroit has natural 
 advantages for being one of the first cities in the west. The 
 resources that lie within her reach, and which all seem waiting to 
 pour their wealth into her lap, are numerous enough tomake Detroit 
 a citv of 300,000 inhabitants in the next twenty-five years. It 
 only needs that we should open avenues of trade with the various 
 portions of our State to secure this noble result. Private enterprise 
 even if our business men were much more public spirited and 
 liberal than they are, is not competent to effect all that is reqmred 
 The city in her corporate capacity should aid in^ securing the 
 advantages that are now offered before it la too late. 
 
" Within tue last two years Milwaukee has loaned her credit 
 to various railroad enterprises extending from that city into the 
 interior of the State towards the Mississippi, to the extent of 
 nearly $1,260,000. The effect of this upon the groioth, and the in- 
 creased value of the real estate of the city, has been most remarkable. 
 For several years previous, the city had made scarcely the least 
 perceptible progress, in population, or wealth, or improvement, and 
 the general opinion was that the city was finished. But the people 
 were determined not to give it up so. They knew that there were 
 resources enough in the State to build Milwaukee into a first class 
 city, and they resolved to secure them. Their first step was to 
 start the Milwaukee & Mississippi Railroad, striking the Father of 
 Waters at P rairie du Chien. This has already been completed to 
 Madison, the capital of the State, and will soon be finished. Two 
 other roads leading tc the Mississippi, besides one or two other en- 
 terprises, have been commenced and are far under way. The 
 people of Milwaukee have voted from time to time, almost 
 unanimously, to loan the credit of the city to each of these works 
 to the extent of from $250,000, to $300,000. Why may not 
 Detroit with much more wealth, a much larger population, and 
 with quite as strong a necessity for some prompt and efficient 
 action, do what her enterprising sister city has done ? " 
 
 " It seems a formidable proposition, we admit, even to loan the 
 credit of the city to the extent of half a million, or a million dol- 
 lars. But it is a very different proposition from incurring an ab- 
 solute public debt to an equal amount. ******** 
 *********** But even if the city should 
 lose that amount in each of the railroads now so much needed, her 
 property holders would be the gainers by it. The real estate of 
 the city would increase in value more than four times the amount 
 thus lost. The public good demands that the public itself should 
 take this matter in hand. *********** 
 
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