The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-21

and authority to transact AL such business OF the oompa
during the intervals Of the meetings Of this Board
lions and exercise N Board during
intervals OF the meetings Of said Board
At the meeting of the Board Of Directors, on the
Sd Of May last after the record of the proceedings
of the Executive Committee had been read and ex-
planned, and the resolution of Governor Thomas had
been passed, the following resolution was unani.
mously adopted by the Board -
Resolved, That the Executive Committee appointed at
the first meeting of the Board of Directors in November
last the same is constituted by virtue of said
appointment and this resolution continue in existence
powers and authority vested In said committee by the
original resolution well by the by laws OF the
pany, authorizing the appointment of an Executive
Committee, as one of the standing committees of the
company.
1t is stated in the pamphlet that Mr.. Walker and
others, by extraordinary activity and hypocritica
nbservism?y got themselves places on the Execu
To show the utter falsehood of this statement, it
is only necessary to remark, that when the Board
of Directors convened the first time, in November
last it was the earnest desire of large majority
that Mr.. Walker should be elected President OF the
Company, which he peremptorily declined
When, on the Sd of April last, he accepted that
office, it was only because it was deemed ndispen-
sable to the success Of the company that he should
occupy that position. When the Board of Directors
met on the Sd of May last, Mr. Walker rendered, in
writing, his resignation of the Office of President,
and the following resolution was unanimously adopt
ed by the Board
Resolved That the Board Of Directors decline to re-
ceve the resignation of the Hon. Robert j. Walker and
that he be- and he is hereby unanimously declared to be
position indispensable to the of this Company
1t will be perceived by the above resolutions that
Mr.. Walker, with the undersigned, and the other
members of the Executive Committee, were CONT
nued in Office by the unanimous vote of the Board
Of Directors after full examination of their pro-
ceedngs.
With respect to the large amount subscribed by
Mr.. Walker 1t is only necessary to state that it was
persons, (who had already expended large sums in
the enterprise and, as the result will show, has
been, and will be, used to promote the best interest
of the company 1t is very true that the original
from the subdivision of the stock of the company,
passing daily into the hands of small paying sub
scribers, it ia believed that cur stockholders will
soon be counted by thousands. However necessary
capital may be to the construction of this work, it
is obvious that such road cannot be built by few
individuals, but must require contributions from the
great mass Of the American people. In this case,
the vast domain contributed by Texas amounting to
many millions of acres of her fertile lands, appr0
prated in aid of the construction of this great work
through her tepitory, constitutes vast element in
our estimate of Available means, and is deemed by
us indispensable to success
The statements made in the pamphlet as regards
full paid stock, in connection with the names Of
Messrs. Walker, Green, Woodruff, &C., are refuted
by the resolutions to which they refer.
A principal secret motive of this attack is con-
tanned in the following statement in regard to Messrs
Walker, King and Fowlkes:--" Here are three
Southern shareholders acting as agents Of an assoc
alton OF men who have repOsed confidence in them
deliberately violating their trust, and with shame
less mpudence substituting themselves in place Of
the directors, the stockholders and the company.
Whatever money has been paid into this rotten con-
Germ has been paid by Northern men; but these
conspirators are not willing to so far compliment
the North as to allow them one member in this
unique Board OF Trustees; and proposition was
further mooted to interdict free labor" The Execu
tive Committee consists of three Southern and three
Northern men, (some of whom are now absent)
and we have heretofore shown the utter falsehood
OF the charge of violation Of trust and that we are
proceeding with the full confidence and support of
the directors and bon0>fde stockholders.
But it is charged that three of the committee are
Southern Shareholders" Is this any reason that
be constructed mainly by the aid Of her own lands,
shall be withdrawn from their supervision Does
the fact that they are Southern shareholders dis
qualify them for such trust 1t is true that the
abolition press Of the North has furiousy assaied
this enterprise, and ourselves its humble advo-
cates but it was left to this pamphleteer to disclose
the real motive of these assaults. Will the patriotic
citizens OF the North, devoted to the perpetuy and
glory Of the whole Union withdraw from this en-
te,piise because the road runs mainly through a
Southern State, is supervised to great extent by
Southern men and from the circumstances Of the
case must, like many Of the Southern roads, be
mainly constructed by the labor of the South The
work, though running to vast extent through
Texas, connects the North with the South, the At
laItc with the Pacific, and is better calculated to
preserve and perpetuate the Union than any work
devised since the adoption Of the constitution. In
such an enterprise we may we'll ask the counte-
nance and support OF every patriot and friend Of the
Union in Whatsoever State he may be located. But
we must say that New York has no more right to
dictate to Texas the character Of the labor to be en-
plOyed in constructing her roads than Texas to
dictate to New York what sort of labor shall be
employed on her railroads or canals. We should re-
greet if these sectional appeals of abotionists and
their organs should withdraw from this enterprise
the support of any of our Northern subscribers.
We do not believe that these sectional appeals will
produce such an effect But the construction Of this
great national work cannot thus be defeated.
If the North should desert us, the South, aided
by this munificent grant from Texas, will complet tie
this vast undertaking. We have not sought the
supervision of this undertaking. circumstances
developing themselves from time to time, seem SO
far to have forced it upon u.s. Our numerous and
Influential associates in Texas and other States Of the
South urge us onward our patriotic friends in the
North, discarding all sectional prejudice, encourage
us to proceed. We know that we have faithfully
devoted best energies to the prosecution Of this
great work, fraught with such incaculabe blessings
and benefits to our whole country. Our enemies
bave full copy of all our proceedings, and we
challenge the closest scrutiny of all our acts know
ing that they have been directed exclusively to the
promotion of the best interests OF the company
Already we have a numerous and constantly in.
cleasing list of paying subscribers We have raised
the three hundred thousand dollars required by Texas
ne deposit before awarding her charter; we have
made contract with able, responsible and expe-
rienccd contractors for the construction Of the first
fifty miles of the road: we have taken bond, with
ample security for the fulfment OF their contract:
we have caused to be made an instrumental survey
Of the whole Of the road through Texas to the Pa
ciic; we have another competent corps Of engineers
on the eastern line Of the work we have advanced
the first nstalment in cash to our contractors, and
will commence the grading of-the road with large
force. in the county of Harrison in the State OF
Texas, on the Fourth Of July next.
This is no concern got mp by us for the purpose OF
stock:obbing or speculation We have sought nc
aid from newspaper pufs nor have we made any ap
peal for Congressional appropriations Of land OF
M ne, bat relying upon the superior character Of
the route, the munifcent grants made by Texas Of
miiliol ninht hrn.lrnl ncrcs