From the Cortland Standard of Cortland, NY
Tuesday, January 12, 1875

(excerpt of a letter by A.W. Ferrin, Editor of the Cattaraugus Republican newspaper)


   The folly of bonding towns to help along railroad speculators is well illustrated by the results of such bonding in this county. Cortland is bonded for $250,000 - $100,000 to aid the Ithaca Railroad, and $150,000 to aid the Cortland and Utica Railroad. The first is completed, and in running condition, but the last is only graded for twelve miles, and will probably never be completed.

   The bonds have been issued, and after ( they ) pay-interest for thirty years, the corporation will have to pay the principal, and the only thing it will have to show for this large outlay is a few miles of uncompleted railroad.

   A branch of the Midland Railroad runs from Cortlandville through the towns of Cuyler and Truxton. For this road Truxton is bonded for $125,000, and Cuyler for $70,000, and although the road is completed, it does not pay running expenses and is of but little value to the towns except as a convenience in getting out and in. Along the whole line of the Midland Railroad much distress prevails on account of the bonding folly, and it will be years before the towns will recover from the baneful effects. It is well that the system has been constitutionality abolished.