New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-04-21

HcI.- c. Mn 0ifGi--DBaf
letter Of the 18th last and have to thank you for the
valuable suggestions you have been pleased to make in
connection with the important railroads With which We
are associated and which in every respect will on COM
pleton all Of the many advantages you have so
clearly stated.
the question of substituting the bonds OF this city IL
lieu Of the real estate taxes subscription to the stock
ct companies, their capital will be 50 consd cradle
in amount and placed on basis reliable, that Invest
ments in preferred and irredeemabe stock or mort
gage bonds would Tor all time to come carry with them
security that will forever remain undoubted while New
Orleans stands city, and have truly remarked
while g she exists the railroads will exist y
Deemng the suggestions of letter Of great public
Importance We take the liberty Of giving them publicity
With assurances of our highest regard we are very
respectfully, your obedient servants,
JAMES ROBE, Pres't g. N. R r. Co,
]. HsoVERToN, Pres't g. W. R R. Co
NEW oRLEAss April 49, 1864
(etlesrThe deep interest take in the enterprises
over which you preside be my apology for troubling
you with this communication.
that these be completed but that they be speedily
completed Every day is precious. New York, philads
phia Baltimore Charleston and Savannah ell busily
employed in the construction Of railroads to divert
ton Of the of the valley of the Mississippi from the
channel which nature seemed to have destined IT to
flow It must be admitted that In these efforts they have
been partially successful Obstacles, whicha few years
ago considered have been
Mountains have been eveed penetrated and valleys
filed up and cities between which few days ago, no
commercial Intercourse could exist except by long and
circuous route requiring weeks for ITS performance are
now as if by magical process brought into close
proximity with each other
m the meantime while these cities have been every day
drawing and to each other New Orleans has
remained stationary She nearer to st Louis Louis
WILLIE Cincinnati and Pittsburgh than she was ten years
ago Relatively apeakug therefore. she is further on
and the effect Of this change has already to some ex
tent been felt In trade and in the dimnntion Of
that travel social intercourse the effect OF which
the prosperity of city Is not, perhaps auicenty ap
precsted
favor Of its early completion equally cogent the
important object of this road to connect New Or
Leans with Middle and Northern Texas All accounts
concur representing that region OF the finest in
the world WHERE the products of this vast region
destined at distant petiod to contain numerous pop
uation to GO and whence Its supplies to be drawn
some will reply New Orleans Of course and will thence
Conclude that there is need of troubling ourselves
about the matter But this is error Texas has ports
own ports daily increasing in population in wealth
commercial enterprise. Is it to be supposed that
these young and vigorous communities will suffer the
teeng their State to be poured into the
lap Of more fortunate rival in another State If they
can On the contrary know that they are
stranng every to draw these treasures to them
selves. towns whose not to he found on
map than ten years old have embarked with an n
ergy proportoned to she value Of the prize for which they
contending in the construction OF roads leading To
/ Middle and Northern Texas. State policy and State
pride combine with private interests to aid them in this
effort and if New Orleans should sumber quiet
rity oYerweenng confidence in the advantages Of
| her position she will assuredy wake up day and find
tIe preducts of Northern and Middle Texas passing y
her their way to New York precisely those Of
Southern Texas now doing But even supposng that
this apprehension is unfounded and that this land Of
l
should she at take possession OF her rich inner
itance railroad to that country would accelerate its
growth and settlement by half century, at least Why
then, suffer it to remain waste and unoccupied, and
transmit it in desert state to children and grand
| children, when, by slight exertion we can
4 Cause it to blossom like rose,'
| and reap rich harvest from its cultivation.
An additional reason for the prompt execution OF this
road Isl it is the first and most important link tia
chain of the Southern route to the Pacific Texas has
just made most liberal provision for road in that
State meeting it her border and extending thence
the Rio Grande When these two roads shall be com
pleed than one-haf of the distance between the
Mississippi and the Pacific will have been accomplished,
4 without the, mid Of the General Government 1t is
evident that in the struggle that is now going on
between the advocates Of the different routes, this cir
alone upposng that in other respects bs
equal and there is every believe it superior
its eonpetitors would give to the Southern decided
advantage over them
Am / not right, then, gentlemen, when say that, in
regard to the completion Of these roads every day ID
precious?
appears by your reports that owing to unforeseen
circumstances, the companies have not succeeded in
realizing money from their resources as rapidly as thy
expected.
you that it would be matter both Of policy and Of jrs
pride the States and cities interested in these
nifcent enterprises that they should, far pract
cable accomplish the object without resorting to foreign
aid The proposed substitution OF corporation bonds fol
Individual contribution which has been recently author
ICED by the Legislature will have doubt greatly ia
citate the companies in this desirable object The
ect of this communication is to suggest another mod
whereby the city in its corporate capacity can afford tn
companies considerable aid, and that, too without i'm
posing any additional burthen on her Inhabitants
mistaken, the effect of the decision recently
by the Supreme Court of the United States in TIL
suit growing Of the will of the late John McDonogh
the estate in the cities of Baltimore and New
by the testator Nevertheless although it is said tina
corporations have souls and therefore conscience
corporators have sometimes both and whatever may
obligation Of the city have doubt the citi
gems of New Orleans will consider themselves moral.
bound carry out the wishes of the estator in regard
the estate far as this be done consistently with tn
What the object of the teStatOr? /
provide for the establishment and perpetual sup
port of certain charitable institutions, Now. although th
= means by which he sought to attain this object hav
livery properly, think been pronounced illegal and i'm
practicable the object itself must be admitted all hand
be praiseworthy and only remains for the city
y complish it by other
Inths country where public stocks always made
deemable at comparatively short periods great difficult
is often experienced in making Investments for any pei
manent object believe that railroad stocks judciousl
seected generally considered preferable to any othe
for such purposes as they are both more secure and NOR
permanent than stocks in trading manufacturing
panies Few railroads offer greater advantages
such purposes than those which you respectvel
y preside Az long as New Orleans shall exist they
n exist long it sha increase in size and commerc
AZ Importance thsy must increase in value
My proposition then. Is that much of the estate
McDonogh 8pertans to New Orleans shall be inyeste
ION such terms and conditions may be agreed upon
the stock Of these two companies in irredeemab
a loan the companies. The dividends interests Q
= which, (or much thereof may be necessary to
applied to the establishment and perpetual support of tt
institutions designated in the will of the deceased
The conditions and guarantees which this inyes
will be made. must of coarse. be matter of q
fangement between the companies and the city. wou
suggest however thatif it be made in the form Of aoa
l. to the companies it should be secured by mortgage
ths roads if in that Of subscription to stock, that
80 eOlnranies should guarantee annual dividends Il
same certain rate say or per cent to bs paid
u foro any other dividends he made Yoar own exp
to rience such matters may however suggest 9th
N plan.
By this mode of investing Its interest in this large
tate the city will at faithfully discharge her du
as trustee in carrying out substantially the wishes
the testator and will expedite the completion of two
terprises which must be productive ofincacuabe adva
80 tage all classes of inhabitants will add too that
the law recently passed authorizing the substitution
city bonds for the tax real estate be approved as
trust 1t will be) by the popular vote the city WILL in
corporate capacity become largely interested in the
IL | companies as stakeholder
to McDonogh repeatedly assigns the motive OF his
nihcent beqnests his wish to benefit the poor of New
leans By this mode of investment the poor will ben
fitted in several ways Firstly the institutions propose
ed be established Secondly the employment which Il
he companies will always afford TO multitude Of laborer
Thirdly the dimnution which these will oceasc
in the price of provisions of fuel of lumber and
quently rent FourthBy the diminished of
otl and transportation
consider it not the least recemmendatiVe of this plt
OF disposng Of this fund that it will put eectua
ne to all further litigation in regard it. and will Il
e. management of it ont of the hands of public bod
whore It would IN all probability prove perpetual sour
of political intrigue and corruption and place 1t in tho
of private corporation The experience OF other citi
admonshes us that these magnificent requests to lar
he cities for charitable but too frequently from Il
abuses they engendr and the controversies they give
to- to be instead of blessings to the eit
" they were meant to benefit
ed If you approve of this suggestion It will be for you
take such measures you may deem proper In order
bring the matter before the municipal authorities.
Gu case should be agreed some legislation might oe