New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-04-17
RAILROAD REPORT.
70 rae STOCKHOLDERS OF THE
New Orleans, jackson & Great Northern
Railroad Company.

az The charter Of yor company have the honor TO snb
mil an behalf of the Board Of Directors report OF Tvs
onsratirns since your last annual meeting.
the acceptance of the special charter enacted by
thn Legislature 1858, and the State becoming sub
srjher or AL to capital stock the Board II
Directors appointed the Hon John shdel and myself
e proceed 70 Europe e negotiate mort
Che prevailing abundance Of money and low rates Of iu
tersst in Europe bona de subscription Of $4,000
600 and the great promises Of the scheme OF the road
would invite the attention Of capitalists and that the
oure to construct and equip the road TO the Ten
river might be obtained On the arrival Of the
commissioners in London altered state of affairs had
occurred affecting very seriously the value Of capital and
they deemed 1t not advisable to place the bonds OF the
company on the London market Ter sale
The records Of the company and ts accounts Will eS,
plain its financial and the sale OF its real
estate tax bous and beg reference document A. as
containing full answers made from these to Joint
committee of the Senate and House of Representatives OF
the State. on this subject.
and certified by Mr. John Calhoun Treasurer, also state
ment of tho subscriptions to capital stock aud
prospective resources The subscriptions have been
murh increased since your last annual meeting and
now amount to S6120073 49, provided the law substitu
ting the bonds of the city for the real estate tax is ranea
BIZ the people.
Document contains the report of the Chief Eugineer
James II Grant ESQ which embraces narrative Of SUI
locations descriptions of route and estimates Of the
entire the construction Of your road to the Ten
nessee river with full and complete equipment re-
pectfy commend this report to your particular atten
ton as practical exhibit of the progress made in your
werks and reliable estimste prepared with great care
what is to be the future expenditure before your
other great leading works Of the Union These es
mates are in excess of those partially made up and sub
mitted st your last annual meeting and prepared
scale commensurate with the Importance Of the
undertaking.
Owing to the delay that would in the collection
Of the taxes estate reaching period of five
years and the ascertaned neficency of the tax
available security which the directors could anticipate
its collections by loans on its pledge they deemed it advi
sable to ask by petition the Legislature the enact
of law, authorizing the city in its corporate
pacty to the subscription on real estate
Il hvfb oi cSuao f fs hand at
contains the act Of the Legislature The formaties Of
provisions have been complied with the part OF the
City Council only needs the ratification Of the
tiers to become Law, and it is not to DO doubted that
their favorable will be readily given with
1 great unanimity
The proposition to build railroads from New Orleans, in
its inception met by almost insurmountabe difficult
| ties The city, under divided government, had long
failed to pay the interest her bonds her credit at
home and abroad lamentsbly deprecated. Capital
lists were ndposed to become subscribers to public
works and very large portion OF the real estate Of this
city belonged non-resdents who far removed and
class without public spirit or sympathy with schemes OF
Improvement or any intelligent perception Of the wants
Of the city and the necessity of constructing public
works, lent an unwilling ear to appeals for aid.
Under these Unusual circumstances the proposition to
aid internal improvements by taxBton suggested
tardy, but the only practicable mode Of and
the submssion of the question to the resident pro-
one No mode could have been adopted more just and
equitable. Property only called upon to bear bur-
for which it would receive more than liberal equiv
alent and besides it equally distributed among resi-
resident proportion to the value of their
possessions with the privilege of owing and claiming stock
in the proposed improvements for the amount of the tax
imposed. a$
Our city and State restored credit what
years since Of value when the real estate tax
imposed, ia current The interest State and
city bonds fully provided for. Their value has in
creased immensely and they now be egtmately il
sued to fulfil all the purposes contemplated by taxation
| real estate in the absence of high public credit.
The bonds proposed to be issued by the city in lieu
the real estate secured by pledge the stocf
they will represent in your company besides they are
made the basis Of free banking and carry with them thu
privilege conversion into the shares Of the company
within years This clause is of great Importance
connection with the value of the bonds of the city
with reference the certain large profits of your road
when completed to the Tennessee river What may nov
be deemed by many increase Of the public
ments for your road is entitled to little consideration,
long before the expiration of the ten the entire ssu
will be converted into the shares of your company
investment Of equal security aud greater profit The ta
imposed property to the interest the bonds tn
city cannot be long continuance the opening of you
road to Canton distance Of two hundred and six miles
will gain Sufficient its cost to meet the interest undo
the provisions of the law, and this may be accomplish
in two years.
Document contains act of the Legislature Mis-
sippi subscribing lands and funds belonging to the In
| erna Improvement Fund Of that State two-thirds
your road and the Mississippi Central Road
have ken paus to ascertain the probable value of h
subscription and although differing from the friends
the measure in that State who rate it highly do
estimate IL aa being 100000 in value. In addto
this subscription the county Of octbbeha has
tax 100000 payable five years one-half your
and one halt to the Mobile and Ohio road
In my last annual report, in the enumeration Of r
estimated S2u500 as the stock to be paid
contractors This was accidentally estimated, On
the amount ascertansa will not exceed $1s62
I'll The contract with Messrs Bates Co has been mod
fed and conditions made for the substitution of cheap
structures than they originally contracted for which
reduction the total of their contract of S5 90
The erection of depot buildings has not been definite
determined upon, the directors deeming it advisable
expend the of the company in the extension of
road and to rely temporary accommodations until
traffic and business would warrant expenditures pc
# manent works commemorate with their demands;
sides the economy of filling up the grounds selected
the main depot is expected to be greatly promoted AIT
IS an improved drainage is commenced, and your rot
opened to the high lands the company will then have II
facility OF transporting embankments from dstanf
which, at the beginning while not required, is attend
l. with increased expenditures.
II your company receive the bonds Of tho city in
suon Of the taxes real estate it at once liqu
| ate all its current engagements This will be gratfyi
condition of its affairs; besides freedom from habiliti
you will not ouy near one hundred miles of finish
road uneneumbered but the positive possession of
8lmost sufficient to complete and equip the entire road
Canton and it is quite certain that when your road
crosses to this point it will acquire renewed mportal
In public estimation and stimulate the desire to aid
assist its completion; and that along its line and in
counties through which passes citizens possess
ofmesns and ability will gradually extend important
~ and take lively interest in what much concerns tn
prosperity. Too much attention cannot be paid to
subject of obtaining local aid, in any shape mann
a whether in materials labor it is better than mon
borrowed abroad But unfortunately this portion Of yc
service been seriously neglected owing local
and circumstances which conapred to prevent
per and successful exerons being made These difc
ties will speedily disappear on the opening OF the road
,
dctions ignorance by the disclosures Of the post
q | progress made In your work.
The contract with the Canton Company stipuates til
the road between that and Jackson shall be pist
IN before the list of the ensuing November and in
of your failure do this that the Canton company
)s the work. and your failing to meat the estimat
that the work already done may revert to it. cont
| has been made with Mesrrs Latmer Mckie h Co.,
finish the before the 1st Of January next
Ia it presumed its fulfllment will be satisfactory
The connections your road will have, on its compet
to the Tennessee river detailed in the report of
pf Eu0iup wi
against rivalry, all others grand trunk i
tie and become tributaries that will augment immensely
~, receipts, which, element in the value of rair
property, Is of the highest Importance,
New Orleans, with railroad communications extend
to the Tennessee river defy all competition of rive
for trade which naturally and legtimately belongs
her Every road constructed and to be constructed
Mississippi and Ohio rivers will become the trbr
Lam res of such improvement, and no contripanca
and divert prevent this result The Illinois Central Mo
mo- AMI Ohio Memphis and Charleston, Mississippi Cent
II Tennessee and Alabama, Nashville and Louisville and
-, Alabama and Southern, will all lend immensely to
Az traffic and Importance, making it. as have stated in
hfs annual report other railroads what the Missss
river its tributaries The travel between the Nc
" and the South will seek the South through Virginia by
the Tennessee valley 1t shorter than any other
proposed likely to be adopted, and combines att
nor scenery and beauty of country unsurpassed
is absurd suppose that any more southern route can
AS competitor the through travel from the Gulf OF Me-
n the North Atlantic citiss The productions Of Sc
Ism Carolina Georgia aud Alabama with the exception Of
northern part Of the latter contiguous to the Tenne
river will find their markets at their own seaboard al
~ is net expected that artificial highways will divert
hther; the mission OF our improvements is to cult
and extend what belongs and this will be comp
iy achieved when your road and It's magnificent con
i'an tons established and perfected.
fhns, If thoip nerfE