New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-10-29

81 the me ID ss,bscxibs to small number
shares stock intending increase my subscription
my means should permit; for the reason that felt
confident the inyestment would prove profitable.
Since that Time Constitution has been adopted By
majority Of the Conventions which seems adequate
the exgency III the affairs Of our State An unexpoc-
opposition has however to that nstr
ment whichrenders It's ratification doubtful UfI that
question b. decided decline paying any further isfdtmnts.
should the present Constitution be still fastened npon us
4 shall not only abondon my subscriptions hut shall con-
grstulate myself that not involved to greater
i amount. am, sir, very respectfully.
rye omit the signature, the writer is very quiet
and retiring gentleman and snc believe Of
Of his letter 1t sufficient that the letter is
4 in the hands Of Mr.. Flanders.l
So. we go. Yesterday respectable gentle
man, resident in the Fourth District, told us
that he knew of more than twenty gentlemen Of
that District who had come to the same determi-
nation, and who would refuse to pay one dollar
more towards the construction of any railroad
within the limits of this State, and would refuse
to meet any call upon the subscriptions they
have already made. A wealthy and influential
merchant of this city, than whom few if any
have been more Jealous in laboring for or more
liberal in subscribing to the NewOrleans and
Opelousas Railroad, told us yesterday, that he
would abandon what he had paid and refuse to
pay another dollar upon his subscription, if the
new Constitution was rejected. Such, he added,
was the determination Of every stakeholder with
whom he had conversed.
The reasons for such course of action are
thus stated LIST. Under the present Constitution
no Railroad Company can exist for longer Pc
Rod than twenty years; which is too short a
time for its construction, earning back the capt.
tai and interest of the investment, ETC., and
people do not care to throw away their money
in that way. Cd. Every attempt to build rail-
roads without the aid Of State credit has been
a failure. and the present Constitution abso-
lutely forbids the extension of such aid Public
spirited gentlemen who subscribe to the stock of
railroads, are willing to mortgage their pay
ments to the State, at the rate of one dollar of
their own for fifty cents of the States credit,
but, without such aid, they will not embark in
impracticable schemes, for which there would
be neither sufficient capital at home nor the
least show of credit abroad. The liberal and
enlightened spirit of the new Constitution meets
their views in the premises. 1t is utterly I'M
true that any sane man expects the State to
subscribe one dollar to the construction of any
work without the limits of the State
These facts show nice prospect for Louisiana,
if the new Constitution be rejected. In such an
event we would have to fall back upon the pre-
sent barbarous and restrictive Constitution
Louisiana for the next quarter Of a century
would have nothing but mud roads. New Or
leans would either stand still or decline rapidly
whilst the Mobile and Ohio Railroad drained
away the LIES blood of her commerce The
laboring man would find no increased demand
with its necessary consequences of regular en-
ployment and increased pay, for his labor. The
capitalist would find more desirable points for
the investment of his money, and Louisiana
would lag behind her sister States of the Union
be the very China of them all.