The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-15

vsetng the amonnt subscribed Tor him BY tho public
dsienes and Testimonial fund.-
BRI have read In the city article OF the oath inst
Ieng paragraph concerning the State Of Texas in general
Ten and Henderson Railroad Company.
A the in France Of this railway com
Dany, have read the article In question with at
tenton and - true and correct apprecia ton Is
rally looked for In the Times, permit to you
hat your information the subject above alluded to
b not derived from q good
The same remarks viii undoubtedly have been made
BY those OF readers with the actual stu
aton Of Texas and the present position Of the Galveston
therefore well assured that you win be glad to receive
from me without delay those facts which requisite
70 rsct'fy your first impressions Since the State OF
1xas wisey resolved TO itself to the great family
- the American Union, its political moral and
sal position has s6ectualiy and plesly changed In
place Of the intestine struggles and disorders Of indie
an the energies Of the inhabitants and the exceptional
1919 Of the country can now be, and are being, de-
unexampsd proportions under the protection
q government powerful and intelligent as that OF
81 the French government article dated the 9Th Of
juno last gives very detailed statement Of the extraor
Ai.sry aneoration and rapid progress Of this state
Railway Company, which represent, its proceed
iAgs have been conducted with the utmost regularity
and its financial and industrial position Is relatively As
advanced Is that Of any similar undertaking Europe
he coast Of the Gulf Of Mexico for distance Of 500
sss lresents but one haroor sufficiently deep to admit
Galvsston-the terminus Of our enterprise. Thus the
Galveston Houston and Henderson railway, intersected
- Richmond), and at Houston by the Red River and
Austin railways doth Of which are in process Of
srscton), viii become the great trunk line Of the State
And in uniting these lines win provide the
produce Of the East the West and the North The char
Ssr granted by the State IN February 1853 and in
Nay Of the year the civic authorities OF Galveston
granted special right Of entrance into the city In
put under contract, and the first section Of So
miles from Galveston to Houston ready receive
ths rails. All the capital has been subscribed in Anne
MI he Ave nftnn Af for ich HIND
bearing six per cent interest created and secured
BY . mortgage to the Hon. William Kent, late Judge OF
trustees Of the entire ne and also special grant from
tho State Of 40 acres Of land mile Of road to be
equal 20 acres Tor .ne nrst section
srtgsge the proceeds Of the sale Of these lands win
ferM sinking fund for the redemption OF the bonds
Dnltng the present month contrac. has been made
with German company to sell 100000 acres Of these
hnds Tor emigrants At price which, were the entire
would redeem the whole debenturs debt, and leave
. surplus Of est, 600 for division among the share
holders. annex list Of original and authenti-
tion Of ali parties interested In referring TO these
documents for the standardization Of all facts advanced
lie Galveston, Houston and Henderson Railway Compa
ny have not yet been publicly offered in sand but
= Many Paris bankers q eminenee have taken differ
PAragins remarks your notice Of the oath instant
1naSe without having the above facts before you)
calculated temporarily At least to damage the interests
4 ths company, leave it to your of justice to
give 70 my explanations the benefit Of equally extern
!, kse de- IA Paix, Paris, Nov. rs.
C6p, Of letter from his Excerency the Hon. J. Y.
Mason, Ambassador at the Court Of France from the
PARIS, April 4, 1854.
Ny Dear Sr-At your request, have examined the
which now return. The charter granted BY the State
II Texas 70 the Galveston Houston and Henderson Rail-
rssd Company is legal subssting act q incorporation
belong to that State and not to the Federal government
81 the United States, with the power Of disposition
ant to the railroad Of 1s sections Of land per mile 10
therefore legal and with the rapidly increasing popula
y. q . y % Other States soS
ssntans e40 acres By the act Of incorporation, the
company has the right to borrow money aid in com
By the proper officers representing the company organized
according to law The right to secure payment OF
ana ., en- loan On sns e.
and legally directed and executed The trustees in the decd
iasumbering the companys property for this purpose
hnew, il entitled to full confidence with the other
trustees not acquainted 1t gives me much plea
yesss and that have entire confidence in your honor
eandor and integrity and IS the section Of the railroad
which You are end.svorng to have constructed il Of
ssns Of the United states viii be sratiasd to hear
complete es aSoy
Col. GEORGE MAcKAY, Paris Consulate Of the United
States OF America, Paris, France.
certify that the above 10 true and correct copy Of
original presented at this consulate Paris Now Is.
3. MICKAY, Vice Consul Of the U. States, Paris.
The statement in this letter that the remarks OF the
1yNcs founded mistaken data 10 itself mis-.
IKE, and Mr. Micard does not refute single point OF
the paragraph 10 which he refers. The remarks in quss
Of the Awerican Railroad Journal last year, the line
not placed even having been projected and that
American railway and other securities the public would
D able to judge how far any proposals for long line in
YorS and Other money msrtst,. especiany as reputa
ton for notorious default is attached to the whole hsto
~ Of Texan finance As these assertions cannot be con.
cards letter, however, IN the light Of explanation,
few words are necessary He observes that since Texas
sexsd herself to the American Union her moral gene
raj position has and regards the contemplated
railway that It possessess charter from the state,
granted last year, together with donation Of public
hnds He adds, likewise, that all the capital Is sub
serbed in America with the exception of to be
raised by bonds in Europe and that German assoca-
y Of the eonpan, At an excellent price '' A. to the fact
sf the stock having been AL subscribed in America it
would have been much more important il statement
had been given to how much has been paid up 1t il
: europe Who may s aspossd 70 take the q
n. YORK. and fiadepSs the only y
en the present selling price Of the At those places
should also be stated When these particulars are
furnishsd the public IN London and Paris Win Be in
facts described Thursday seemed to warrant will
admit of modification Meanwhile it must be mentioned
That the idea Of the moral position Of Texas having been
completely changed since the date Of her annexation Is
entire deuson. While Texas republic she
facted loans at prices proporonate to the risk incurred
by the lender, but when the time Of payment her
Legislature passed law that she should not recog
nie her obligations except to the extent Of the money
actually received and that as it was then extremely
cut to ascertain the precise amounts obtained upon
each description of securityTreasury notes, bonds
certificates of stock, and audited paper-she should
form her estimate Of them and insist upon the
sent Of the creditors under penalty of their losing the
whole. Subsequently when annexation was agreed
.pon, the Federal government, before paying q
certain amount that had been stipulated, insisted
that she should produce discharge from the
holders of her public debt; but against this
Texas strongly protested. She offered the authori-
ties at pwashington her certificate that she
owed nothing, and considered that such document
should have been received from her sovereign State
without question Governor Bell, moreover, in . mes
sage to the Legislature only three years bacE, placed
the whole matter on permanent record 1.-THE republic Of
Texas he said 'having executed her bonds and other
evidences Of debt exceedingly ark and gloomy