New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-05-06
NUMBER 81.

value partner to put in his capital stock That
agreed upon it could not be Imagined by man Of busi
capacity that the partner shy slipping cut a
the by the effect of such estimaio Of stock
and leaving you the purchaser Of the the price
estimation And yet. this Transparent sbsurdity in
sisted upon in the street and by Ctizsnp that the
Pontchartrain Railroad stockholders selling tbeii
stock at parn
a capitalist had been applied to by the Pontchar-
fan hairoad Company for million and half Of dollars
Ihe proposition had been made that the capitalist should
take that amount Of stock his and natural inquiry
wond 1 or what part Of the total of the stock
OF tne company does this Pontchartran Railroad Com
pany enter intot 1t is replied S500e00 and the
sons above gwen The capitalist may have reason TO
think it oyef estimated be IA desirou of invsstin
hs money In road to Mobile BECAUSE he thinks II viii
yield him good returns io the shape CT dividends and
says would do better BY building road myself To No
be ana making no use Of road short distance
that it is available to in coming into the cy and
care not to connect y.ef this my enterprise TO No
bile. with a road to the Lake
Our capitalists may think it all very well hut whsve
are his charters to pass through Louisiana Mississpn
and Alabama Who has the exclusive privilege These
are small matters together with the lands granted
that the company might perhaps insist upon with snne
earnestness Finally our capitalist might be brought
disf the value of the companyfs stock upon airer
terms You have, says be, 10 per cent paying stock
let us know your calculations. We calculate the reply
Is that we shall derive advantage by the extension
erecelye now 10 per cent. feel may make
u or Il per cent But be your road will be in
nred by the extension It's receipts will be deere ased
Ins 10 gratuitous superstition We have much right
suppose that have in the estimates of the Mo-
bile extension if shall be reduced to per cent
is this difference between
stock of the Pontchartran and the estimated profits
the contemplated extension to Mobile the one is fixed
fact the other is an estimated profit But granting aay
the company that business will be Injured who does
us the injury and who makes the gain 2the extension
to Mobile Upon principles Of equity then there must BE-
eompensationwe must enter into the division Of the
Pots from the general enterprise (exisng road
tension in the proportion of capital contributed
Upon any other principle than this you expect
man to infict voluntarily an injury upon himself
Now this capitalist the Company applies to is the CITY
she asked TOR the loan OF her credher bonds at thr
years The advantages offered to her great in s
shape of dividends for be it noted that no one under
takes to assert that this road will be of the best
paying in the country y the advantages indirectly result
ing to her. as city still greater in the advancement
OF her business and commercial interests the increase
of her population and weaith-the consequent demand
for the labor and skill working man and the aods
OF the tradesman This the greatest benefit that she
purposes in aiding this enteprethe good of her citi
zens at large in which her prosperity is completely
identified and it is against this that nsdious voice
is raised prompted by the Jealousy of rival enterprises
in instigatng the public hgge about terms and drves
ton sir that while in every part of the United States tn
marks Of progress evident the handwriting on
the wall, New Orleans stands STILL We have become d
place Of transit of the produce that floats down the
spdi How long will it continue float down while our
ndefatgabe and cnterprsng negbbos of the North and
East are daily diyerting it more and more.
| From New York to Charleston and Mobile the great
valley Of the Mississippi being reached Texas below
u.s. is constructing her roads to the seashore will
soon hnd outlets and ports the Gulf. We like
beseged city with but certain time to hold out longer
against the enemy and the time employ in guarreng
4 goo
lsit not the more commendable that should unite all
energies and good wishes towards the three great
enterprises-the 0pelousas, Mobile and ackson Upon
LIBERAL enlarged and enlightened views they cannot pure
each other for they destined make prosper
this cty1 which is to make all prosper. Consider sir
that there three roads that for time to
| enter New 0reans-the opeousas Mobile and jackson
such is our geographical position that it is impossible
devise in the imagination another road unless you in
slst upon road by the banks of caving river Now is
the day and hour to strike blow for our salvation We
want all the and that nature has or art
can place around US Let US not then put our hand to
| the plough and look back. Onward is the word The
akecoast is about to be faubourg of New Orleans and
even Mobile itself may be suburb; its Mobile and ohi
Railroad will be tributary to New Orleans and you
in few years the first passenger that comes by rail
from the Ohio river will be landed New Orleans by the
Mobile and New Orleans Railroad The road from Mobile
to Girard Composite Columbia Georgia will be built by
the time Of the completion of this road what then
railway communication to the Canadas briug-
York - ~, ''4' -9'9' "'''''' '-iee aA's q AsN
But find myself led away insensiby from the object
had proposed On this subject hereafter Let US
| return to the objection of Citizen and others
ltis objected that this enterprise connected with
any private interests at stake afford to the
city for its management and success quite agree with
Citzeni his views the danger corporations
governments embarking in schemes of public improve.
meDts. Corporations framed muucioal purposes
and these enterprises entirely foreign the
OF their creation and inconsistent with their working
and organization The results have been less disas-
trous IN the North than in the South We the State
of Pennsylvania about to sell her public mproveme
amounting to many millions. The State has derived no
|
batch fpoca loafers. But it that there is no
amount from individuals stake this enterprise? l.
the city the only tockholder The stockholders of the
pontchartrain Railroad Company have the whole of their
capital embarked in the enterprise of extension
bile if it fails it is clear they be the in pro-
portion to their stock Because forsooh the amount
private subscription may be less than that of the city
does it follow that the stockholders interested in
preserving their rights Have you not here Citizen
what you ask that individual intelligence shrewdness
and caution brought to the superintendent of the i'm
provement guaranteeing economy in its construction
fidelity in the application of the towards the com
petion of the road sn Do you really think Citizen
that there any number OF in this community or
any other outside OF edam that willing waste away
half million of their money for the simple plea urt
of wasting larger sum for corporation and co.stock
holder
Compare this material guarantee with that furnished
by the Jackson road for the security the and city
subscription, amounting In all to So 100000 If
rectly informed the private subscription amounts
s6l7I5u the market value Of tax scrip tkirty-three
cents on the dollar. makes it equal to about 100000
Now virtuous "Citizen,n why-haye you taken the
alarm before! make complaint of it. but urge that
the moral guarantee which the character bond
that company holds forth is sufficient combined even
with this small interest And after ALL what other qua
rantee you have from the directors of the Bank of
Louisiana if you will that they will embezze the
money the stockholders than the moral guarantee Is
the bond of $1,000 the of city bonds sufficient
to supposabe defcatOn the part of the City
| Treasurer!
had occasion to say in the first number of nv COM
munication, that should find myself obliged to differ
with the proposed plan of the directors. will admit
that the first impressions unfavorabe this point
rElfhle subscription was DOt connected
with the enterprise My views changed far
to consider it wholly without guarantee. hope that the
managers of this enterprise will be induced open sub
scrptons for such further might reasonably be
expected could be subscribed in New Orleans especially
if that be made the ground of concession and the
great object obtained which most of It's look with inter
est the building of the road to be accomplished upon
| anything like fair terms to the city
The next objection is that the city is not sufficiently
represented in the Board OF Directors BY the charter
the number of Directors ia The city is entitled to
three The stoakholders prvate) who have $590ooo in
stock elect four. Now, presume it would BE- main
tanned that the city should have majority of Directors
for the that the city Directors elected by the
City Council in joint ballot, and
If they had majority of Directors it would throw The
control of the corporation wholly in the hands whom
OF the nominees of political corporation 1t would give
arise at to that state of things which Citizen
| feeingy depor in his third number-the embarkng Of
corporation State in public improvements-'a prin
eipe disastrous wherever has applied Since
then Citizen, you cannot, consistently ask fer the ma
ury wha do yon propoee to do with the seventh Drec
except perform the Judgment OF Solomon him
Here then another evidence of the singular nconsis-
tency Of this writer He is in favor of road to Mobile
He wishes that road to be under private management and
control in essay and in the next finds aut with
for doing The truth is other could in safety
be adopted No could be got to subscribe his
to corporation to be managed and controlled by men
elected by the City Council 1t would be unsafe to the
/ individual and disastrous to the corporation
The further consideration of this subject must be post
| poned to my next Az REyoIR.
New Orleans, Mobile, and Great Northern
| Railroads.
Mr.. Edttor-After having laid before the public the
Nl.g