The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1854-12-09


favorable to Nsssr. Walker and King. IS
to the oblec, Of the Legislature ia requiring
a deposit of $500 600 on the part OF the
Company taking the contract for construct
ing the Pacific Railroad through our State.
Their main object appears to be, to prove
that ii was useless enactment; because,
say they il WIS a very small security 'o'
work Of such magnitude. and, secondly,
the State did not certainly desire TO scente
the forfeit.
We thinh the oblec, OF the Legislature is
very evident, and the result has shown that
It was wise enactment They wanted
the road constructed according to the spe'
cihca,ioas Of the charter They lightly
concluded that any company able to COM
ple,e the road according to the contract,
would ind no difficulty in making the res
qpIsi,e deposit. Nhilo the prospect OF such
a forfeit before them, would rule of all
"moonshine' spectators. suppose an uo.
escepiIonsb,r deposit had been rendered,
shat would have been the result Public
confidence ia the Company and the en-
iorprlc would hade been uubounded, not
onl, ia Texas. but throughout the mon.
~ "a. bow does the matter stand With
the suspicion attached TO the Company OF
endeas ofiug to acquire rights to which they
were no, Legally entitled, il IS ef.dent that
persons having money, WI, be Fcry slow to
invest ii in proiec, controlled by such a
questionable policy. Who viii take stock
under the charter which they have pretend,
ed to acquire Who viii lend them mon.
ey And. as railroads cannot be bulk
without money. they must, consequently
fail The moral eHec, Of the deposit il it
had been made in unexceptionahle stock
would have been immense, AMI demon
stfalcs the wisdom OF the Legislature ia
requiring it, It's failure. and a question
affecting the integrity of the company
mus, prove disastrous to It's prospects. So
tina; Mr Raymond, instead Of preparing
the way for toe construction OF the road
has only granted certain individuals Ii
cense to annoy and vex The State.
But say the friends Of the contractors,
what interest has the State in the matter
What will be los, By it in case the com,
pany falls : VIII no, the deposit. what,
ever It's worth. be forfeited, together viii
the work SO far ~ il shall have progressed
All very tue hat il appears to rs that this
ia taking quite a superficial view Of the
subject Ia order to form anything like a
correct conception Of what the State val
lose by failure, No mus. consider hat
She would gain by faithful compliauc,
with the contract. suppose that flty mile.
OF the road were built promptly IN eighteen
months, and hundred miles every YEA
thereafter What would be tho condition
OF Texas five years from the present tire
with over iour hundred miles of railroad
completed aud in successful operation run
ming through the centre of tho State !
Who cdn estimate the vast chaD.o which
such a work would produce in our State
increasing our population, promoting every
branch of industry, enhancing the value Of
our lands, and giving encouragement to all
our works OF internal improvement.
Now, let us take another view Of the
question, and suppose that company
undertaking to construct the road should
fail and forfeit the contract What would
be the condition. in all likelihood. Of such
n company in eighteen months The nat
ural inference is that il would be- over.
wheluied with debt and hopelessly insolvent
Every one who had invested dollar in the
cnterprI,e would lose it. Does any
one pretend to say that such n failure
would be no loss to Texas! Does any
one contend that even forty miles of road
and three hundred thousand dollars in rood
money would repay the damage, After
such failure, notwithstanding the mnnifi>
cen, donation granted by the State. who
would again touch n Texas enterprize ,
Every public improvement in tho State
would anguish, emigration would fall off
lands would decrease in value, and, in A
word, it's effects would be disastrous to
every interest in the State.
II the de,tnies of our Pacific Road are
to be under the direction of Nessrs Walk
er and King, the picture, in all probability.
will be much worse than the one we have
drawn. Does any one believe that the
State OF Texas and It's people viii be rec g..
ompensed Tor the disasters likely to be pro.
dnced by these fiancIers, by receiving in
return all tho road they may build within
eighteen months aud sos 900 in noers
stock, from which nothing is likely to be
realized
Il was alt important to the State. to the
Company, and to the en.erprze, that lair
and uuqucs'ionablc deposit should have
been made We should have reioiced II
such had been the ease but as 4, was not,
we cannot too highly approve the action
OF the Governor. The tendency Of Mr.,