The true Democrat., 1855-07-17

UF In the Houston Telegraph of 25th June we find an interesting report made by F. Ere mon, esq, as president of the company:
 To the Stockholders of the Galveston and Red River Railroad, and the Citizens o
 Texas.
 Two years have elapsed since the organiza. ton of the Galveston and Red river railway company. The first was almost lost to the company, in consequence of the failure of the contractor who had undertaken the work Soon after the last annual election another di- rector and myself were empowered by the board to proceed to the northern States and Europe for the purpose of effecting negotiations to carry on our enterprise. Soon after our ar rival Tn New York, and upon the the eve of opening negotiations, the immense frauds ol M Messrs. Schuyler, Kyle and others, which put acheck to, and closed every avenue of approach to capital, were discovered After the first ex. cl'ement had become calmed, we determined to empower one of our efficient northern direc- tors to proceed to Europe, in August last, to- Sether with our engineer in chief who brought our plans before the attention of some Euro pean capitalists. They would then have ac. comphshcd their object notwithstanding the existing stringencv of the money market caus-
 
 breadstufts such was the favor that our enter prze met with; but it was suggested by parties who were willing to entertain our proposition that for the present, before applying abroad for capital, it would be well for Us to show dis position to help ourselves, by first finishing and equipping 25 miles, thus securing the land bonus granted by the State, of lO,24O acres per mile Under these circumstances, our agents having 9 rioh l,opl- l- cf determined to suspend negotiations, and en. deavor to effect something within ourselves l am most happy to congratulate you on the re- turning confidence abroad in American securi- ties, and the present brighter prospects before us
 Recently the company have closed contract for the construction and full equipment of 25 miles, with J. H. Welles, esq, of New York The high character and standing of this gen. tleman leaves no doubt of its fulflment in time to save the land bonus, granted by the muni- fcence of the Sate. Whom this section is com. pleted there can be no doubt of the further speedy progress of the line.
 The railroad system once started under the auspices of corporations, and directed towards the rich agricultural districts tributary to us and which have built up our city to it's present commercial importance, will soon demonstrate to the satisfaction ot the planters and bushes, men ot our State the necessity of aiding with all the means in their power, the extension o this great trunk line to Fulton oH Red river connecting with the Cairo and Fulton road which here connects with all the northern and western lines ot the Union. From the june ton of the Brazos our line will run direct tt Austin; these lines will accommodate the most fertile and dense!v populated portion of ou1 State.
 Good resnlts may be looked for from thc convention recently held at Lagrange, as tha honorable body were almost unanimous upOr the necessity ot turning their attention toward; Houston, affording as 1t does, uninterrupted communication by water with the Bay the yea round. May we not then be able, with the Ii beral subscriptions promised for our westerl line soon to reach the city of Austin. Nc doubt rests on my mind that by unanimity 0 action this road can b. built simultaneous with our progress on the Red river route.
 fully agree with the friends of what may be termed the State plan, to the necessity ot consolidating lines as far as possible, anc with that view we have adopted gauge il conformity with those of Louisaua Arkansas and Missouri of 515 feet, as 1t is we'll under stood that break of gauge is equal to the crossing of large river. Our engineer ha. made most careful examination of the Rrazo river, and found several good crossing points out of the reach of high water on one side.- Tressel work on the other side of the river vii not De required of greater height than from three to s.x feet for distance of less than mile. This occurs at Cochran's shoals and SC. verdi other points between them and Hidalgo It is contemplated after reaching the Brazo: timber, to take steps to forward our work be- yond the Brazos to Austin simultaneously with their progress toward Red river This can be done without embarrassing our Red rvel line, and the subscriptions taken upon either route can be made applicable to that line only The first point, therefore, is to concentrate on the main trunk to the Brazos timber This section will accommodate a greater extent of productive country than any road of it's length in the Union, and must pay accordingly