The true Democrat., 1856-11-25

Of the alternate sections reserved for sale at a higher price; to be reached through the speedy sale of the granted lands, and the construc ton of the road from their avails. It would cast such a cloud of embarrass
 ments and disabilities upon the company. and render the security offered by its land so worth I less and impossible of realization, that no con- | siderate stockholder or capitalist could be found to invest money in its stock or mortgage bonds. I By withholding so large body of land ad- Ejacent to line of railroad, from settlement and Tcultivation, for so long time, its resources are fatally impaired. It is the local traffic of railroad that indicates it's value as an invest ment. Not one road Tn thousand. now pay ing ample dividends, would exceed running ex- penses, if confined to through traffic on line of three hundred miles, "A railroad passing through wilderness, will, of it's own creative power if left free to fulfil its mission, convert that wilderness into cultivated fields and happy homes; and make to itself a profitable carrying trade where none existed before But restrain ed of appropriate development, such enterpris- eS of all others, most surely fail. That condi- tion of things, whether induced by legislation or other causes, which dries up prospective re.
 
 elements of success
 Yielding to the influence of those consdera- tlons, and regarding the attainment of the ob- ject sought, as made impossible by the provi- sons of tue act in question, kyour committee hnd 1t unnecessary to discuss the disastrous in- tuence such measure would cast upon the growth and resources of the State by placing so large portion of its most inviting lands be- p 0F III out the abounding wealth and rich revenues which such work would, in the natural course of events, produce
 Such being the relation which the various in- terests involved, bear to the subject matter the lands remaining unappropriated and liable to depreciation and waste; the company par ayzed in its operations; the just expectations of Congress, and the country postponed, and the most vital interest of the State put in ieo. pardy, 1t becomes the duty of the present Gel neral Assembly, without loss of tme to make the necessary transfer of these lands to the company, on such terms as will admit of their beneficial application to the purposes contem. plated in the act of Congress. Your committee cannot too strongly impress upon the Senate the fact, sustained by experience on every hand. that any restrictions upon the use of these lands, calculated to render them unvailable as a basis of credit, Is fatal as their instant and entire abandonment. Capital is sensitive, and shrnks from any enterprise, whatever its in herent value, which is not secured by titles and guaranties entirely above suspicion.
 Large grants of land have recently been made in aid of similar enterprises in Florida, Texas, Missouri, Wisconsin, Iowa and Mime sota, which have been in almost every case. transferred to railroad companies, on terms winch permit the operation of the act of Con- 9ress without embarrassment. Many of these companies are now entering the mouev market at home and in Europe, seeking loauS upon at! tractlve railroad lines, securing their bonds by mortgage upon ample resources of unmcum- bercd lands, already sought by an overflowing emigration for immediate settlement. Not less than one hundred millions of solid capital will, III this way, find safe investments at nigh rates oi interest. our committee cannot claim for the State Of Arkansas, or her yet untred en- terPrlses, So high consideration in the financial world, that she can hope for success, in com petition for credit with the imposing array of interests referred to, if the securities she may offer, shall be reduced by legislation to an in- 1 terIor grade. Your committee and the patriotic people of Arkansas, who have so patiently la bored for her dellverance, will acknowledge an l agreeable surprise, If success can be attained under any system which the liberaltv of the | General Assembly may be able to devise
 Your committee adopt with pleasure and | present to the Senate, the recommendation made by the Executive of the State in his re- | cent message to the General Assembly, with | regard to those lands: "That an act be passed, ! at an early period, transferring them to 'the | Calro and Fulton railroad company without any restrictions except such as are provided by | the act ot Congress making the~grant and such | as Will protect actual settlers who may have | purchased from authorities of the State, lands | sold as swamp and overtlowed lands, but which | may be ascertaincd to belong to the grant made | to aii in building the railroad"
 It Is due to the government that this thing be done, that a national highway may be pro- Vded Tor Its use as a means of promoting the | strength and prosperity and unity of the States, Tn tune ot peace, and of providing for the de- | fence of her distant frontiers in time of war
 It IS due to the States of NJ Missoun and Texas whose llneSot railroad approach our borders on [ either side, and are urging us to supply this | golden link in chain of communication that | IS soon to encirce the continent.
 And more than all 1t Is due to the State of Arhonsos, whose most vital interests are now, for present and future good or evil, confitied to the keeping of the General Assembly. pre- valllng pubic sentiment, not to be mistaken or disregarded demands that this thing be done done quickly, and done well.
 Your committee therefore, in obedience to that sentiment, and their own solemn convic- tlons of duty, respectfully report a bill for the consideration of the Senate, transferring the lands to the Cairo and Fulton railroad company, | under the conditions imposed by Congress- with | such provisions and requirements as are be- ileved sufficient to protect the mertorous claims which citizens may have acquired in any of those lands and 10 secure the faithful exc cution of the trust
 Respectfully submitted,
 W. R. CAIN, Chairman