Washington telegraph., 1852-04-21
Memphis and Fulton Railroad, etc.-No. 2.
IEoR THE IELEGRApH.l

made rough estimate of the cost of a Railroad
from Memphis to Fulton, and l fixed it at less
than four millions of dollars | may have made
1t too high, for those who pretend to know about
such things, seem to be confident that the road
can be constructed for less than thirteen thousand
dollars per mile. Be this it may there is moth
ing lost or gained by my estimate; for if we
could build one that would cost twelve, we could
build one that would cost fifteen thousand mile.
But from what have read and heard on the sub
iect within the last few days, l am satisfied the
cost will be not less than what estimated it at,
and consequently l shall make $4,000 per mile
the basis of my present and all future calculations
The land we will get from Congress, will yield
over two millions of dollars, and we must make a
shift to raise two millions more Let us try and
put that land to good use this time; for we have
received, from first to last of the General Govern
ment, but little less than S5OO.OOO in cash, for
the improvement of our rivers, and they are but
little better now than they were before. We
have received also, from first to last for various
(but mostly for internal improvement purposes,
over twenty millions of acres land! What has be-
come of this Where is the money much of it sold
for? What roads have been built what streams
made clear of distractions By the bill COM
monty known as the Swamp Land Bill, we get
little over ten millions of acres, and much OF 1T
very valuable. This land, if managed and dis
posed of judiciously, and not squandered as the
100000 acre fund, will be of immense advantage
pursued at the present, would say, let 1t alone,
until we can have Legislature with capacity
enough to dispose of it to some good purpose
But have not set down to write about swamp
lands. | am after Railroad, and Railroad we
must have, and that right speedily II sectional
feeling should spring up and our next Legislature
get into a snarl and adjourn, without doing some
thing determinate on this subject every man who
can get away from the State will pack up and
leave! Why stay here ?-what is there to stay
for? We have tried to :" live on nothing and go
naked long enough: and every man who can
get away ought certainly to go, for he most assu-
redly will not make his condition worse than 1t Is
now We only stay here-we but little more
than breathe-we know nothing about what 1t is
to lire! Every man seems to be willing, and very
MANY are anxious to sell out. Go into a crowd OF
farmers lawyers doctors, artists or preachers and
YOU will hear nothing so often spoken OF as enlSrd-
ton Their talk will be about what a fine coun-
try this that or the other section of the Union Is
Some have cast their eyes longingy towards
Texas-some to California-and some to other
parts of the world. Indeed it is rare thing to
find man who is satisfied more restless, dis
contented population than ours is not to be found
Why is this so! Have we not as good lands as
can be found any where2 Are not in the very
heart of the cotton growing region? What more
could we want if we had Railroad to bear off
our produce to market? A Railroad we must
have. or break up and leave. The people have
stood it long enough-they have starred and re-
mained lean as long as they can. We now call
upon the Legislature to do something, or let us de-
part in peace But there is a remedy for all our
ills and if applied, cure will be effected The
times and the disease call for bold, wel-read en-
ergetic physicians, who will not cram our craWs
full of opiates, and make sleep still more pro-
found The depicting and stimulating plan would
suit the disease under which the body polite Is
now laborng.
have said that the State should take stock. and
so should the counties through which the road will
run The law, of course, would regulate the
amount of stock both State anc counties would
take as also the time the bonds would run and the
interest they would bear. 1t would then be left
to the counties to say whether they will take the
amount allotted to each. The State should help
the countes-it should pledge its faith (if it has
such .hing) for the payment of the county bonds
the counties should levy tax and pay them
when due We should profit by the experience of
our sister States in these matters. When the sub
ec of county subscription was first proposed 1t was
not very popular from the fact that the people dd
not understand it; but after the plan was tested,
it was found to work admirably, and the difficulty
in Kentucky, Tennessee and other States now Is.
to restrain the counties from over-doinglt. Many
think that what they pay Railroad tax is lost
gone forever But this is great mistake. 1t
amounts to only loan at last. He who Is taxed
500 dollars and pays it. gets certlhcate that he
becomes stockholder to the amount OF that SlOO
If a man only pays S5 as Railroad tax he gets
his certificate. and it is good to HIM tor that
amount. That is the process in Kentucky and
Tennessee and those certificates are as good to the
holders as Spanish milled dollars. They are trans
ferable like note for many dollars, or bill OF
exchange: and are really sought after by capl-
taists who have funds to invest In our county,
we all know there is much of what we call scrip
in circulation. This passes In payment OF debts,
in the purchase of goods &c. Now 1t Is clear
that the Railroad certificates will be much better,
for they will be in greater demand. Moned men
will seek for then-for there is no KIND OF stock
50 apt to attract the attention of capitalists as
Railroad stock Banks may break-the directors
NAV be ignorant bad men, and mlsrnanage the IN
stitution. and bring the concern into bankrupt
cy. Not so with Railroads When they are once
made they cant run away-the iron, the ties, the
trestle work the bridges and grading, &c cannot
leave. They will be apt to remain, though stock
in one of them may change hands. Ii Hampstead
county, for instance should take 100000 OF stock
all she has to do is to issue her bonds bearing SIX
per cent interest, and that interest payable annu-
ally The interest on that amount OF stock Will
be $4,000 per year. Can this county not pay 1T
and not feel it ?-or rather can she not loan 1T and
not feel it? Would we not better give, yes give
$4,000 wear and never see it again, than to have
no Railroad Assuredly we would and will
show it at the proper time. will show that we
pay double that amount every year In up and
down freights that we would not have to pay II
We had Railroad. 1t would save us every year
$4,000!
The stock would be payable say In 20 years.
The interest would only be paid annually and In
Is years time the profits of the road would pay
the debt Experience has proved this to be so.
In the Louisville and Frankfort Railroad, the city
of Louisville took about half million OF stock,
and will take heavy interest IN the road from
that citv TO Nashville. now under contract
Wherever this scheme has been tried it works
admirably. New York issued her bonds as
have before stated for eight millions OF dollars to
build the Erie Canal. They were due IN twenty
years if mistake not, but the dividends arising
from the Canal, enabled her to pay OF the ponos