The true Democrat., 1854-12-27
Railroad Lands.
Important Considerations.

In regard to the disposal of the lands granted by Congress for the Cairo and Fulton road, many important considerations are involved. The great object with the Legislature is to dispose of them in such manner as to insure thelr faithful speedy and judicious application to the purpose for which they were granted. 50 far as faitztM application of the lands IS con- cerned, the subject is relieved of all difficulty by the terms of the grant itself as no title vests in the State or can be transferred so as to vest in any company, until they are fully, if not doublv paid for by work done on the road.- Twenty miles completed would give the State right to 12O sections. and, until an additional 20 miles were completed, she would acquire no further right. It is only as the road is complet- ed in divisions of 20 miles each, that the title papers from the United States in portions of 12O sections, are issued to the State or to the com pany to which the lands may have been trans ferred. FaiayA and successful application, therefore, is an element of the title to the lands and is indispensable to its creation and existence This being the case, to require deposit, on the disposition of the lands, would not only be ua- necessary, but it would involve the principle of requiring payment twice for the same thing Besides, the requirement of this deposit will not only, to the amount of it, cripple the resources but will imply doubt as to the ability of the company to build the road, which would impair its credit in negotiating for the means of doing so The credit of any company to which the lands may be transferred will depend in some degree upon the confidence in its ability manifested by the Legislature, and hence restrictions and con- ditions of every kind not necessary to insure faithful, speedy and judicious application should be avoided as matter calculated to weaken the company and materially affect the availability of the lands.
 If these lands be disposed of to company composed of citizens (and surely citizens of the State are entitled to equal favor with those who reside beyond her limits) such company would be prompted to apply them faithfully, by con- alterations of State pride and the desire to en- nance the value of their own lands, as we'll as l to leuuei IHeli SuoCh IHNoSGIlcHtS productive. The latter of these considerations only would operate upon company of strangers or citizens of another State. It could not reasonably be expected that they would feel very deep in- terest in elevating the character, or prosperity of State where they did not reside, or in con- tributng to the value of property they did not own. A company thus composed would have no other inducement to build the road than that of profit upon their investments in stock-a mere dollar and cent influence; and whenever this became doubtful they would abandon the enterprise.
 The management of railroad enterprises is, at this day, considered most safe, in the hands of those within reach of their influence More economy and more perseverance because of a greater interest, are the certain consequences Hence capitalists, both in this country and ill Europe, will more readily loan money to a company so composed, or become interested as stockholders, than where the management is in the hands of distant individuals whose sole ob- ject is to make money on their Investments Recent events which have occurred in the At lantic States and in England, no doubt, have conduced to the establishment of this prin- ciplein the financial operations of railroad companies Experience has fully establish ed the fact, that plain, honest practical men interested in the agriculture of country, are the most reliable managers of railroad enter prise. In this connection it is due to the Cairo and Fulton railroad company, to say that we regard 1t as being composed of such men, They amount to between six and seven hund- red, and ninety-nine out of every hundred who own Its stock are farmers or producers the most useful of our citizens. Six or seven coun- ties along the line of the road are also stock holders and, 1t may be added, that the people of these counties would compare favorably ill point of wealth, intelligence, and patriotism, with those of any other county in the State.