Springfield 1636-1886, History of Town and City, by Mason A. Green ...

418 SPRINGFIELD, 1636-1886.
the spring of 1837. The work during this year was delayed on
account of lack of funds ; many refused to pay assessments and
surrendered their stock, which was in some cases resold. Six assess-
ments ($900,000) had been made, but only about two-thirds of the
amount had been realized. Mr. Bliss, who took a prominent part
during these trying days, says :
—
The estimates of the engineers for the whole line were before the board by
midsummer (1837), requiring for grading, bridging, superstructure, and land
damages a little less than $4,000,000, exclusive of engineering, depots, and gen-
eral expenses. The funds provided were only $3,000,000 in stock, if the whole
should be paid ; and under the most prosperous condition of the country, there
was enough to dishearten the most arduous friends of the enterprise. But
superadded to this came the financial storm of 1837, which was winging its fearful
course over the entire land, visiting Massachusetts, and particularly Boston, and
sparing no commercial community. Those who had subscribed to the stock
taxed every energy to meet the calls. But the cold paralysis had blighted the
fairest prospects. The stockholders of this company suffered with the rest, and
it became necessary that some power, measurably unaffected by the pressure,
should again step forward.
This relief was the credit of the State, and State scrip to the
amount of $2,100,000, payable in thirty years in London, at five per
cent, interest, was authorized after a severe struggle. The directors
of the Western road were compelled to combat lukewarmness also at
Albany, as little or nothing was being done by the Albany company
but talk, and there was every evidence that the stock of that com-
pany was to fall into the hands of the New York capitalists.
The directors of the Western were again before the Legislature for
State aid in 1839, and secured, after another investigation, author-
ity for $1,500,000 more in scrip, and by October, 1839, trains were
running between Worcester and Springfield. There was a grand
celebration upon the arrival of the first train the first week in Octo-
ber. James Parker was the conductor, and continued in that service
for many years. A procession was formed, and after marching down