The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-01
The Grandest Scheme or Modern Times.
An EMPIRE GIVEN TO A RAILROAD COMPANY.

rom the Nov Orleans Delta, July "a.
A few days ago Mr.. Robert J. Walker late Score.
tary Of the T. easury, accompanied, we believe by
MIR. JaudOn, late cashier Of the United States Bank
and still later the drawee of sunday bills held by
citizens Of New Orleans which remain unpaid to this
day. to the ruin and despair OF hundreds of people,
passed through our city on his way to Texas, bear
ing with him 81 900 900 Of Texas bonds, valued, &C.
cording to the Texas graduation, at 100000. This
sum is to be deposited in the hands of the governor
Of Texas, In behalf Of the Grand Pacific Railroad,
Of which Mr.. Walker is stakeholder to the amount
of ten millions, and various other ctizens-includ.
ing the Rev. Counsellor Joel G. Sever, late Of this
city, whose stock only amounts to the modest sum
of $500, 900 ow imue nse amounts.
Now, extravagant as the whole scheme has seem
ed, Mr.. Walker by his addl esq, skill and manage
ment, and without aoy violation Of any law or other
inn ropriety has placed II in train which promises
the most magnificent results. The State Of Texas
in a moment Of madaess aud folly unp 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 3d. OF the simple condition that said
company shall commence the road by the 18th Of
August, and shall deposit 100000 in the State
Treasury which the company can draw out "a 500 as
il nshs the first fifty miles Of the road at then the
said fifty miles Of the completed road sb ali be pledged
for the completion Of thu remainder. 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 0f land, the average
value Of which, we understand, will be nearly il
not quite, one hundred millions OF dollars. Now,
n highest estimate Of the cost Of road, from the
Mississippi to the Rio Grande. has never exceeded
twenty million S. for the building Of which this COM
Hons lions -
But this is not all. There was an old charter in
Texas, creating the company called the FL Pas0 and
Vicksbufg road. 20 which bad been previously
granted sixteen sections per mile; and this company
having organized Lot being ablo to sell its stock
entered into negotiations with Chat6eld, Walkers
predecessor in the grand Pacific, alias Moonshins
road to oisposc of It's charter Pending these ncgo
tiations, some legal gentlemen Of Texas, who hap
peDed to he ar Of the matter called on the Possacn,
Of the company, and asked how much of the stock
was uDsubscribed, were informed that there were
| twenty millions. They immediately entered theil
| rames for that balance; and when Mr.. Chatfeld
came to lose his purchase they required himto pay
one hundred thousand dollars for their share Of The
stock. This was the single advantage obtained By
| Texas throughout this whole negotiation. All thu
rest We consider, displays the most extraordinary
infatuation on the pat Of the people Of Texas, ia
say pofhing q the responsibility incurred by the
leading managers In this affair, VINO represented tn
interest Of the State and were bound TO protect ii
sixteen sections per mile B. longing to the III Pas
road and If they get from Governor Pease, OF whic
there is little doubt the later grant Of twenty sec
tops all that will be necessary to enjoy both right
win Be TO build double track railros1. Ihercupo
This company, started upon moonshinc. will become
corpoi alton, and the people Texas will have sol
their biIthright for less than mees of pottagt
Walker and his companions are blaneless IN tn
matter They respond to tho invitation Of the State
and though there Ia not cent Of their stock take
in Texas, they come with the cash, and with
brigade Of contractors and workmcn, who have q
ready commenced work In Eastern Texas, comply
ing fully with all the conditions prescribed.
General Rack, the Senator from Texas, gives hi
full sanction to tho scheme, and 90 do Govern1
Pease and the Leg islature, and the people appea
to acquicsco In 1t, We cannot eco that anybody els
has much cameo Of complaint, however great ma
be their Establishment at the madness which ruis
tho hour" In certain parts Of our country in regsr
to raj roads and reckless appropriations Of the pull
lie domain.