Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-04-14
For the Nashville Patriot.
Southern Pacific Railroad.
FIDELITY.

That Railroad to the Pacific must and ,oiH be
constructed, at no distant day, cannot be doubted
It has become necessity of the times, politically
and commercially, and We need not live longer to
learn that wherever such necessity exists the on
ward enterprise of AnglO-SaKon genius rests not
until it is met.
Impressed with the incalcuable benefits of Pa
ciic Railroad to the South aud especially to their
own State, the Legislature of Texas has granted to
the Company a most liberal charter for road
through the widest portion of that vast State,
mencing at the Eastern boundary near Shreveport,
La, and extending Westward to the Rio Grsnde,
nearly one half of the whole distance the Pacific
coast. The charter grants, (besides the width Of
two hundred feet for the track with such additional
ground may be necessary for depots, outworks,
and crossings,) sixteen sections, or 1920 acres
along the line for every mile of road constructed
through the State-a distance of 7SS miles-which,
valued at s. per acre, when reached by the road
and ready for market, would realize upwards of
$40 OOO, OO0-a sum nearly equal to the estimated
cost of the road complete to the Pacific. But in-
Guiding town Sites &c, it is probable the value of
the land will far exceed this average. The land
granted, in like manner, to the Illinois Central
Railroad, although much of it could not pre-
viously be sold at the Government price Of 81 %
per acre, has averaged, thus far, SO 40 per acre
And when consider the great fertility of the do.
main of Texas, the tide Of emigration rapidly flow
ing into the State, and the enhancement of the
lands in consequence Of railroad communication,
the above estimate surely seems low enough. Such
being the case, should Congress make a like liberal
donation beyond the Rio Grande, of which there is
little doubt, the Company, it will be seen, may not
only construct the entire road with the land pro-
ceeds alone, bet will have, upon its completion an
immense surplus.
As many appear to be still unacquanted with the
affairs of the Company, and the plan of carrying
the work. il may not be out Of place to aude briefly
to these points.
BY the provisions of the charter, twenty FIVE
miles Of the road must be built before the Com
pany can come in possession of any portion OF
the land grant. The land thus far is, then, made
over and thereafter upon the construction Of every
i've miles Of the road. In order TO raise the funds
necessary to execute this part Of the work, stock
in the road to the amount Of $25, 900 900 was is.
sued to be disposed of at the rate OF IS for every
500 worth of stock, realizing, in the aggregate,
the sun of 81, $50 900 for the construction of the
twenty FIVE miles, and for other preliminary expen-
SEES. The cost Of construction this part OF the
route including the equipments, viii probably not
exceed SOS, 900 per mile, which, for the twenty five
baiC 81 a..
stock receipts. The Company can thus iul6 this
condition OF their charter and have some funds re-
naming for other purposes. But even were the
funds derived from this source inadequate, there
need be no failure, since the Company's bonds
payable in or secured by lands, ought to command
sufficient means The twenty five miles once com
pleted, everything is secure The grant along this
part of the route, amounting to ESQ, 900 acres, in
portion OF the State already quite thicky populA
ted, and nea- the navigable waters Of the Missis-
sppi, cannot certainly, bring less than $40 per
acre, equal to g. 500 O00 being double the receipts
for stock, and fourfod the actual cost Of the road
Thus it will be seen that the Company not only
possess the means. but have every indaecp,rnt to
wards the energetic prosecution Of the work.
As the road progresses, the land sales, at least
through the State Of Texas, viii still greatly exceed
the cost Of construction, leaving the proceeds OF
the road nett profit Should il stop at The Rio
Grsnde or indeed this side, the Colorado, a, the
BrAsOs, or at Trinity, forming cutie, for the
produce Of ali or any Of these rich and extensive
valleys and the intermediate country the road could
not fail 10 be profitable. The business Of Texas
demands railroads. as well as that OF other States,
nor can We suppose Texas 10 be such an anomaly
that they would not prove equally rsmeneralivs.
Thus Il would appear that investments in this
road, 10 whatever light viewed, cannot bot be safe,
Wide upon a wider view, the prospects In Point Of
sP,eaiatioa are the most go gsous that eoGld be
presented. The Illinois Central railroad was pro-
jectsd on similar basis bot with lssa favorable
charter and lsss grant Of land Its stock origin
ally issued at an almost nominal rate. noe COM
mAnds from 90 TO IS per cent In The Texas or
sOutera Pacific road. Il wall be recOllsessd thai
stockholders receive 7 PEE cent Interest on thelr