New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-26
New Orleans and Mobile Railroad.

Below we publish a communication upon TINS
subject. We do SO without comment upon the
Correctness of the position taken or the force of
tie arguments used, leaving the reader tojudge
fof himself Those who have taken the trouble
to learn our opinion, know well enough that we
have been and are now strongly in favor of the
Z Instruction of railroad to Mobile and that
oar columns have ever been open to free dis
c,tssion of the question IN every light. Edito
rally, however, we do not choose either to sup
port or oppose the proposition of the company
Who now have the matter in hand, because,
while, as we before stated, strongly in favor Of
the road, VIC are not quite ready to pronounce
iii favor of placing the financial interests of the
city at the disposal of men in whom we have not
full confidence
We advocated the passage of the ordinance by
The City Council as matter of principle, as
sindication of the proposition that the people
Lave the right to decide upon questions of their
own affairs; and we then had no reason to
doubt the good faith of the company or their in
tention to honestly fulfill the terms Of whatever
contract they might make with the city Cir
eumstances, however, which have already been
dence and to make doubtful the propriety of our
further advocating this scheme as likely to prove
beneficial to the city. The old proverb has been
forcibly recalled to our recollection, and with
regret we have been obliged to admit its truth
that e he who cheats will lie, and he who lies
will steal''
Had d fair proposition, emanating through
Railroad to Mobile, there would have been
very little opposition to the city subscription,
AMI essential aid would have been contributed
| most willingly through private sources,
The opposition so much complained of arises
from the total want of confidence in 1.-THE scheme
md schemers engaged in it, Avery superficial
reading of the charter clearly shows to what
. base purposes" it may be lent
i will venture the confident assertion that I'D
uninterrupted line.of road to Mobile was never
lreamt Of in Mr.. Egerton's philosophy Signih
| can't of this would point TO the ordinance re-
qniring but so miles Of road to be finished pre-
eious to the last issue of bonds. This extent is
made up exactly between here and the Rigolets
and Mobile and Pascagoula. These two short
lines, completed, would monopolize the whole
traffic Of the Lake Now for the denouement.
The Pontehartran Railroad stock, being con
sidered worthless in view of the Mobile road, is
W ue DefEeu IL VIII lGS deDGS at u value U!
about 100000 (not worth copper to the new
road) This, with one and half million bonds
and $4,000 or 10 per cent. of half million
aominai private subscription required by the
ordinance, would fall short of completing the
work, some 2 or 100000, to borrow which
IN short time the road would have to be pledged
| and the lender and has triends would then
| Become the o,onerS. The present innocent stock
| holders Of the Ponchartrain road, who have
shown such unwavering faith in the smartness
| Of their President, win then find out the true
value Of their stock, and our city the cost OF
misplaced confidence.
The recent disclosures, which hold up in a
strong light the frauds perpetrated by this
| Company, are nothing beyond what was very
generally believed, and it is acelt understood
that $50 900. if necessary, is to be spentin pro
| Curing ootes A negative poll would brand The
schemers with their infamy, and disarm them
| from future mischief MORE ANON.