The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-01
AN EMPIRE GIVEN TO A RAILROAD COMPANY.
from the New Orleans Delta, July PAL

.rrom the New Orleans Delta July 24]
few days ago Mr.. Robert j. Walker, late Score.
Mr.. Jaudon, late cashier Of the United States Bank,
and still later the drawee of sundry bills held by
citizens Of New Orleans, which remain unpaid to this
day, to the ruin and despair Of hundreds Of people,
ing with him 81 900 900 Of Texas bends valued, &C
cording to the Texas graduation, at $500 900. This
sum Is to be deposited In the hands of the governor
Of Texas In behalf Of the Grand Pacific Railroad,
of ten millions, and various other citizensinclud
ing the Rev. Counsellor Joel G. Sever late Of this
city, whose stock only amounts TO the modest sum
OF $500 900 ow immense amounts.
Now, extravagant as the whole scheme has seem
ed, Mr. Walker, by his address, skill and manage
rnent and without any violation Of any Law or other
inn ropriety has placed it in train which promises
the most magnificent results Tho State Of Texas
in moment Of madness aud folly imp aralleled In
the annals Of Legislative insanity--passed law do
ating twenty sections per mile to any company
which shall build road across its territory, near
The parallel OF 49, OF the simple condition that said
compar shall commence the road by the 18th OF
August, and shall deposit $500, 900 in the State
Treasury which the company can draw out "a
il nshe the FIRST fifty miles Of the road at then the
said fifty miles Of the meted road shalt be pledged
for the completion of tho remainner. On these sim
pie conditions, this company will receive scrip which
takes preference Of all Others for twenty sections
of land per mile for eight hundred miles, max
ing over ten millions OF acres of land, tue average
value of which, we understand, will be nearly, If
not quite, one hundred millions Of dollars. Now,
II highest estimate Of the cost Of road from the
Mississippi to TIE Rio Grandc, has never exceeded
twenty million s, for the building Of which this com
psny will receive land worth one hundred mil
lions.
But this is not all. There was an old charter in
Texas, creating the company called the FL Pas0 and
Vicksburg road, 20 which had been previously
granted sixteen sections per mile; and this company
having OF organized, Lot being abo to sell its stock,
epfnved iufn naUnfiafiOno NTH GhQf6nld Wn1Earfr
predecessor In the grand Pacific, alias MoOnshine
road, to dispose Of its charter Pending these ncgo
tiations, some legal gentlemen Of Texas, who hap.
peDed to be Of the matter, called the President
Of the company, and asked how much of the stock
was unsubecribed. were informed that there were
twenty millions. They immediately entered their
rames for that balance; and when Mr.. Chat6eld
came to lose his purchase they required him pay
stock. This was the single advantage obtained By
Texas throughout this whole negotiation. All the
rest, we consider, displays the most extraordinary
infatuation on the pal OF the people Of Texas, to
leading managers in this affair." VINO represented tbs
interest VI tho State and were bound TO protect it
The Moonshine Company obtained the additions
sixteen sections per milo b. longing to the III Past
there ia little doubt the later grant Of twenty sec
toDs all that will be pecessary TO enjoy both right
viii be to build double track railrosi Thcreupor
this company, started upon moonshinc, will become
Inc oWntrB oi the largeSt capltal ever nclo Dy
corporation, and the people Of Texas will have solo
their biIthright for less than Q mees Of pottage
Walker and his companions arc blameless In tn,
matter They respond to the invitation Of the State
and though there ia not cent Of their stock taken
| in Texas, they come with the cash. and with
brigade Of contractors and workmcn, who have a
ready commenced work In Eastern Texas, comply
ing fully with all the conditions prescribed.
General Rusk, the Senator from Texas, gives hi
full sanction To tho scheme, and 90 do Governs
Pease and the Leg islsture, and the people appea
has much csusc Of complaint however great ma,
be their establishment at tho madness which rule
tho hour In certain parts Of our country IN regsr
to raj roads and reckless appropriations OF the pub
| Lie domain.