Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1855-12-12


be Arkansas Legislature, to assist in building TINS
Dad This land at such price as it can be readl-
sold for after the road is built it is Thought Will
very nearly if not quite pay for its entire construc-
ion The company will, then, have the road with.
out its having cost them anything-will have 1t and
be free of all Indebtedness. The endorsement OF
such company would be very safe protection to
the State-its endorsement being first. But then,
sir we are TO have, before We endorse these bonds,
specific lien given US by the city of Memphis aud
the company upOn the iron and rails OF the road as
additional indemnity, which is, OF itself, reasona
bic guaranty against loss to the State.
These considerations, Mr.. Speaker, have satisfied
my mind that Tennessee would risk but little, II
ANYTHING. in endorsing these bonds. But, we are
t1l thai 10 pass his bill will be to set dangerous
precedent ! do not 50 understand it. What IS
2rcccdent? Il is decision, something done or
aid which serves as rule for future determine
lions a., SpUklr or GuatggOus case similar
10 the one presented in the application made il this
bill viii not again occur in the history OF legisla-
tioa in Tennessee. No, sir. The marked and I'M
uortant features charactcrizing the enterprise m
taadtd TO be assisted by the passage OF this bill,
distinguishing it from every other that can her1at
ter claim the assistance of the STATE shall briefly
refer to in a few minutes.
But il is urged that the endorsement of these
bonds will cheaper the bonds Of the State and
those upon which she has heretofore become Gu
d5rsrr, in tie market; and that, in this way, the
Il. e would Suffer- il not otherwise. believe, Sir,
that serious appreheEsOus are here entertained,
where there j. no dagger. why should this en-
orscmeut have the eft, CT to dcpreciao the bonds?
The brokers ol Wall street and the dealers in bonds,
Ia London aud Paris, are men OF practical sense
act upon common sense principles in their transac'
tons Well, now, Sir, whether this endorsement
shall have the effect to enhance or depreciate the
value OF cur bonds, depends upon hon the purcha-
sers Of bonds snail regard this endorsement. If they
regard it as hazardous and improvdent legislation
on our part evncing carelessness as to the charac-
ter and extent Of the liabilities incur, State,
it would, 10 doubt, iIjure credit and lower the
price Of our bonds in toe market. But, should they
see, as certainly they must that Tennessee, by this
endorsement incurs really no liability, yet gives en-
cOuragement and assistance to enterprise, which
will be of advantage TO the State, to extent al
most incaculable which will feed the roads in which
she is largely interested as a stakeholder, making
productive her investments in them; and which will
make Tennessee in all human probability, the thors
oughfare, through which shall pass the commerce
of the world arousing the energies of her people,
and developing, to he fullest extent, her almost
uuequaed agricultural mineral and manufacturing
resources Then, Sir, instead OF our credit being
injured, it will be decidedly improved. Every Gle
ment creating and fostering public credit, will be,
almost indefinitely, increased.
The extent and character Of the liability incurred
By this endorsement, have already examined. It
l. Just 10 liability at all the indemnity afforded be-
ing unquestionable. But will the advantages to
the State be as great as have indicated? This en-
dOrsement will secure the completion of the first
division Of the road next to Memphis in the time
required in the chartered the Company. This done,
the completion Of the whole road is made certain,
and at an carly day. The grant of lands for the
construction Of a road from Little Rock to Fulton,
viii certainly secure the building OF that road in
very short period Of time. And the munihcent grant
Of lands made by Texas, for the construction Of d
road from Fulton, across the whole State, toward
the Pacific, viii as certainly secure the building
that road. These roads built, you have about SeUem
hundred miles Of railroad from point tie Mis-
sisSDDi IN the direction of the Pacific. The result
will be- if the opinions of those best informed are
not dsTcgarded, that from the terminus Of this
road, will speedily be projected and built road to
the Pacific coast. The construction of road TO
the Pacific is now regarded as something no longer
probematical, but rs something certain. That the
road from the Western border of Texas, by Fulton,
20 Little Rock, will constitute part Of this great
road, is thought to be almost quite as certain. IT,
then, we secure the building OF the road from Lit
tic Rock to Memphis in the time required by the
Arkansas Legislature, thereby dscOuraging the
building of other roads frOn Little Rock to the Mis-
sisSppi, We will make Tennessee, or the roads run
ming through her territory, links in the great chain
of railroad over which will pass an amount of
freight and travel unequaled BIZ any score of roads
in the world. will not stop to make argument
TO intelligent gentlemen to prove that the advanta
ges to Tennessee, of being made portion of the
route for this grand road, traversng this continent
from ocean to ocean, would be infinitely greater than
those arising from the building of every road that
has yet been projected in the State This is doubt.
less conceded by every member on this floor.
4
is not to be feared. The indemnity afforded is ac-
knOwledged in argument by those opposing the
bill to be ample. The advantages to be derived
from the road proposed to be built will be iucom.
parably great, compared with those to be deriv-
ed from any other enterprise to which the attention
Of Tennessee Legislature has ever been directed.
Then, will the endorsement injure bonds, in the
market? No, sir! But the presidents of which
gentlemen are so fearful. From what quarter can
a similar application to the present come? The
building of this road is 20 bring to the borders and
continue through Tennessee the most important
Railroad that ever will be built. It's construction
will do more for the benefit Of the roads Of Tenncs-
see, in which she has large investment than could
possibly be expected from any other half dozen
roads to be constructed within or out of the limits
Of this State. Is this not peculiar characteristic?
One that will be palpable To every mind, distin-
gushing il from all others.
Again, sir: Notwithstanding the vital importance
Of this road to Tennessee she is asked for nothing
but the lean Of her credit Other roads in which
corporations and counties in the State have stock,
have already received the assistance OF the State.
Again the endorsement of the bonds by the Com
puny, aud the specific lien given upon the iron aud
rails Of the road, are qualities in this application,
that viii not be likely TO accompany future appli-
cations. The great feature in his bin, however,
which must unmstakably distinguish il from all
pthprE is tho ma, anil
OF the enterprise proposed to be aided and the ex-
tent OF interest that Tennessee has in its speedy
Completion. y
{ But the road lies out Of the limits Of the State.
This is another objection TO the bill. Why. sir, did
Nashville subscribe stock in the various railroads
running to n? They are constructed outside OF
her corporate limits. Why did New York City
build railroads in Pennsylvania? Why did Balti-
more construct 4 road through Virginia to tie Ohio
river? Why has Charleston and Savannah pursued
the same policy Why have various States OF this
Union thought ST to build roads out Of their own
limits. Il sir, because it thought, expe.
rience has demonstrated il to be, that sound policy
dictated such course. If De Witt Clinton had
been a resident OF Richmond va instead Of the
city Of New York the relative importance Of those
cities to-day, would be, in all human probability,
reversed So thinks Lieut.. Aaury as he has re-
Gently expressed himself, in some published letters.
New York adopted policy in reference to ca.
mails and railroads, which, though thought e1trava>
CANT and dangerous, at the time, resulted in making
it what to-day finds it, the commercial emporium Of
West. Savannah by her railroads, has been as II
by the wave Of magic wand, changed from a con-
clifton OF almost perfect stagnation, one OF extra
Ordinary prosperity. IL is, sir, upon the same poll
cy that these cities acted, that Il is proposed for
Tennessee TO act, upon this bill. This road, il il
tue, lies out OF tho borders OF State yet it is
most iaacious inference that are, therefore,