The true Democrat., 1854-12-20

oeiol9lhg to sad company, and pertaining to sald road, upon being indemnifed for the out lay and expense incurred.
 Respectfully, your most ob't serv't
 H. M RECTOR,
 Ch'@ernadn hatcrnal Improvement Committee
 House Representatives
 ROSWELL BEEBE, Esq, President Of tie
 Caar0 a'ld Fulton Rallroad C0napanu
 Little Rock, Arkansas
 OFFICE CAIRO AND FULTON R. R. Co.,,
 Little Rock, Ark., 4th Dec, 1854.
 Hon. Il. M. RECTOR, Chaiynaan or the
 Inte'nal Improvement Committee of tue
 House cf Representatives:
 olR:-l have the honor to acknowledge the receipt oi your communication of the 2d inst, copy whereof IS hereunto appended for con- 'ehIent reference, as well as a copy of my re- ply to letter of the 18th ultimo addressed to- me by the lion. Paul R. Booker chairman of the internal improvement committee of the Senate, for your information. as it relates to the same subject.
 In answer to your 1st, 2d, Sd, 4th and 5th propositions, have to state, by authority. that thlS company, as at present advised, respectful " decline assentlng to any alterations whatever III thelr charter lest 1t might, and, probably would, deter capitalists from embarking in the enterprise; and for other reasons too extended to detail Ill this communication, the act of in corporation being, as we conceive, contract be- tween the Legislature and this company. under which rights have become vested. that are in honor and good faith binding upon the people. To disturb them now, might be a question of doubtful policy.
 The amendments submitted in your Sd and 4th propositions, 1 doubt not, will, upon inves tlgatlon, be found amply, if not satisfactorily provided for ln the act incorporating the con- pany, and well adapted to meet all the contin gencles that are likely to arise at any future time, III such cases.
 Inc oth proposition is fully answered by the provisions of the |" act of Congress for the re- lei ot settlers on lands reserved for railroad purposes" of 27th March, last. This act pro- vldeS that every settler on public lands which nave been, or may be withdrawn from market III consequence of proposed railroads, and who had settled thereon prior to such withdrawal. snail be entitled to pre-emption, at ordinary minimum, to the lands settled on and culti- vated''
 The Eth proposition is also declined. The company have 10 we'll grounded hopes of hay Ing 1t in their power to comply with these or similar restrictions, whilst 1t would in sheir judgment, be a breach of good faith on their part to promise what they could not perform: besides, neither the quantity nor value of the lands proposed to be granted could be ascer- taIned, until they were selected, examined. listed and piatted; and this, if correctly done, will be attended with no nconsiderable ex- pense.
 The company may we'll remark, in this con- nectlon, and, as directly bearing upon the com mlttees propositions, that during the late strin- gency ln the monetary affairs of the countrv- all classes of the community, and branches of business have been, and are now greatly embar- rasSed. Railroad enterprises have been serious ly affected. The whole fabric of internal i'm provements has been shaken to its foundations Confidence, Tn most of these enterprises, has been greatly impaired, from which 1t will not rpeedlly recover On the other hand, capital IS not, at this time, seeking investmentin new railroad projects of this, or like character. To invite It Tn so great an undertaking, at this par ucular tune, or within any reasonable period, will require, as a basis, a we'll digested financial plan, and, even with the aid of these lands as foundation of credit, unrestricted in their ap- plication, nothing useful can be achieved in car rying forward this work without great energy, and the most unRinching perseverance-untl confidence in money matters, and commercial transactions are fully restored To proceed in the construction of work of this magnitude without system or thought for the future, would be reckless expenditure of money, and a cen- surable disregard of the interests of the con- pany, and abuse of public confidence
 As it tregar1s the 8th and last proposition, the Cairo and Fulton railroad company, with due deterence to the opinion of the committee state, that notwithstanding they have the fullest con. hdence in the strength of their plan thus far, and their ability, with the aid of proper legis- latlon, and the confidence of the people, as heretofore, to build the Cairo and Fulton rail- road within reasonable time, if what they have already done and propose, should meet the appreciation of the Legislature; or, at least, as soon as any other company, having the like confidence of the public, could, or would be justliiable in promising at this period of dis trust and impaired confidence, in nearly all railroad stocks and securies of every kind: pro- vided, the lands granted by Congress, in aid of its construction, should be turned over to them, free of embarrassing onditions-restriction which it might not be within the scope of hu- man foresight to e1iectualy guard against.
 It is useless to attempt to disguise the fact, which every candid mind must admit, that the times are sadly out of joint, and that works of this kind cannot now be pressed forward with any degree of rapidity; yet, rather than that their labors of more than a year should be lost by failure to cause the line, or route of the road to be definitely fixed by the Legislatere, and a copy of the survey of the line of the road, made by this company to be Forwarded to the proper local land offices, respectively, and the General Land Office, at Washington city, within ninety days after the completion of the same," (which limitation will expire on the 23d of this month"; as required by the act of Congress making the grant; and, in order that these lands may be legally selected and reserv- ed to the State. so that they may bc applied to