Washington telegraph., 1855-01-03
OFFICE c. & f. r r COMPANY. !
Little Rock, Dec 4. 1854 !
HoN- H. NJ RECTOR Chairman

HON- Ii NJ RECTOR tiFGS[IlftH
of the Internal improvement
Committee Of tie House Of Reps
SIR have the honor TO acknowledge the
receipt Of your communication of the ID
inst, copy whereof Is ..ereuH;O appended
for convenient reference, as well as eOpy
OF rIy reply to letter of the lSsh uliimo,
addressed to me by the Hen Paul r Book
er, chairman Of the internal improvement
committee OF the Senate. for your iniornla-
ton, as it relates to the same subject
In answer to yogr l.. ID, Sd. 4fh and
9Th propositions, have 10 STATE. by authoEi-
II that this company. as At present advised.
respectful; 3ecline asenting 10 any al:era-
tions whatever in their charter. lest It might.
md, prOpably would, deter capitalists from
ezlbarkiDg in the enterprise. and for ether
reasons too extended TO detail in this com
niur.ieatiOn the act Of incorporation being.
as we conceive, :. cOntEac: between the Leg
islature and this company. under which
rights have become vested. that are In hon.
or and good faith binding upon the people
To disturb them now. might be question OF
doubtful policy
L
and 4th propositions. doubt not. VIII. up
on investigation, be found amply. If not sat
issactorily provided for in tie act incOrpora-
tirs the company. and well adapted to meet
al the contingencies that are likely to arise at
any future time In such cases
The 9Th proposition Is fully answered BY
the provisions of the --act of Congress for
1--c oc i =
railroad purposes" of 9th March last
This act provides ''that every settler on
public lands which have been. or may be
Withdrawn from market in consequence of
proposed railroads. and who had settled
thereon prior to such withdrawal, shall be
entitled to pre-emptiOu- at the ordinary mini
mum, to the lands settled On and culiva-
ted"
The 18th proposition is also declined The
company have no well grounded homes Of
having it in their powert to comply with these
or similar restrict5ssrs whilst it w0u!d. in
their Judgment. be a breach Of good faith
on their par. to promise VIVA: they could
not perform; besides. neither the quantity
Esr value Of the lands proposed to b. grant
ed could be ascersained. until they we're Sc
lected. examined. listed and platted: and
this. If correctly done. VIII be attended with
no incoasidcrable expense
The company may well remark. in this
connection. and. as directly bearing upOn
the committees propositions. that during
the late striugeney In the monetary affairs
CT the country-all classes Of the 5ommu-
nifty. and branches of business have been.
and are now greatly embarrassed Railroad
enterprises have been seriously Affected
The whole fabric of internal Improvements
has been shaken to Its foundations Conf
dence. in most of these enterprises, has been
greatly impaired. from which it will no;
speedily recover On the other hand. cap
itai is not. at this time. seeking investment
in new railroad projects of thiS or ike char
aeter- To invite it In so great an undertak-
ing, at this particular time, OF within any
reasonable period, will require, as a basis,
a well digested financial plan, and, even
with the aid of these lands as foundation
of credit. unrestricted in their application,
nothing useful can BE achieved in carrying