Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-04-07

as political hO0by-that u would revive ana ~
vigorate the struggle before Concress for the North
ern and Middle routes; and it would engender bad
feeling. sectional anmosity and bitter controversy.
l considered, independently Of the vast individual
profit which believe will enure to the stockhold-
ers duty to accept the position teod, red to me,
more particularly when its success seemed to me
certain If prosecuted with energy.
consider it not only as a great national enter
prise but one that will be especially beneficial TO
the South, and no city in the Union would derive
more lasting benefit from its completion than the
city of New Orleans. If this road is constructed
| through Texas, no one can doubt that il must and
will be continued through the Mesia Valley 10 the
Pacific. By connection with the Opelousas road,
| New Orleans would for all commercial purposes,
| be its eastern terminus. A large part of the i'm
mense trade and riches of the Pacific, the Mexican
Provinces, Western Texas, New Mexico &c., would,
| by means of these two rOaGs, be conferred in New
Orleans Indeed, soon as the road is finished
to FL Psso, it will become the great highway TO
/ CALIFORNIA; as by means of stages from that point
the mails and passengers could be carried to San
Francisco in little more than one-he of the time it
now takes aud at one-half the 1pense-showing
conclusively that tho road must become the thor
oughfare for the public mais and Pacific travel
| long before it reaches the Pacific.
l cannot doubt that this road will prove a or at
national benefit that with judicious agement it
can soon be made, that the charter privileges and
| grants are of a character to realize to the stock
holders an immense profit, that securing this char
| ter and building at once even fifty N les OF the
road, will effectualy sDd forever this route
as the connecting link between the Pacific and At
! lantic oceans.
But in relation to all thesa mattersya candid pub
lie must judge for ITSELF from the 70 slowing st tie
ment of facts:
The Legislature of Texas passed an act incorpo-
rating railroad company under the name OF Tex
as Western Railroad Company" which, by suisse
quent act changed that of the southern Paci-
fc Railroad Compiny" This is the charter under
| which this company has been organized By the
terms OF the charter the pany is authorized 10
construct railroad from some suitable point on the
eastern boundary line Of Texas, and running such
course as they might determine to Fl PasO, on the
Rio Grande, giving to the corporation all the neces-
sary powers to carry into effect the OH ct of the
grant.
The charter gives the right to take and held so
much Of the public land, through which the road
might pa-s, not exceeding two hundred feet wide,
for the track of Their oad and such additional width
as might be necessary for depots &C.
1t also gives to the company eight sections OF
land for every mile of railway actually completed
by it and ready for use. The depth Of three miles
each side OF the road is reserved for the use Of
the company and the State, each being entitled to
alternate sections. BY an act Of the Legislature,
passed in 1884 the company became entitled to
eight sections more, to be located on any OF the
public lInds of the STATE making in all sixteen sec
lions of land to the mile, eight millions aud seven
teen thousand acres of land for the whole line of roa
BY another act of the Legislature of Texas the
Board of School Commissioners were directed 10
loan legally incorporated railroad companies, out
of the School fund in their hands, (being United
States bonds, bearing five per cent? six thousand
dollars for every mile of railroad when said COM
pany shall have completed, in good and substiu-
tial manner, a continuous section of twenty-five
miles and graded additional consecutive section
of twenty i've NIL S, and the same for every addi-
tionaI consecutive section of ten miles which shall
be completed and graded.
This muuifeent donation, it will be perceived at
once is not only sufficient OF itself to build the road
but will if the same is well located, and the com
pany properly managed, after finishing the road,
leave a surplus of millions Of dollars to be divided
among the stockholders.
Although have determined to accept the office
of President, yet am free to say that should not
have done so, if the road hal not been placed under
Southern control aud direction.
The Northern stockholders, however, satisfied
that they could build the road themselves, yetthey
believed that it could be satisfactorily, safely
and expedition ly done by combining with the South
The road runs through Southern territory, aud can
be more securely overlooked from the Southern por
more economically conducted from Southern en-
porum, and its success awaken wider effort, and
difuse a more extended and general satisfaction.
These consid, rations have induced the liberal ofeT
of removing the Office and control OF the comp my
South; of electing Southern President aud INA
ory of Southern directors, and OF Offering an issue
Of stock upon as favorable terms as the trst hold
ers acquired it, to enable the South TO obtain ma
iorty OF the road, in interest a. we'll as direction
mn han ad init Of
resolutions hereto appended, passed by the Board
of Directors and made part OF the contract OF sub
scription and 81, 600 900 of the per cent. stock
of The Northern stockholders TO be placed II
my hands, as a further guarantee, II wanted oi
Southern purchasers should think when TINS II
understood that every ground Of suspicion Jealousy
or disaui,t is removed. No company of men cal
do more, and few as much.
The stock issued is upon condition that 50 pc
share is paid at the time Of subscription, and ina
no more shall ever be called in or required OF th'
stockholders forever. This condition has appeaTe'
to some as OH sctionsble; but when il Is cous'dere
that the money raised from these subscriptions, ant
, the assets Of the company are sufficient, a. | an
satisfied is the case to complet. the road TO pDn
at which the grants of the charter obtana' l.
il will be agreed that the limitation is a safe enc
The company will then be in possession of propert
and means 10 enable il to go and huild the road
bl. certainty Of success
The highest estimates made for the completio
Of the road through Texas, furnishing the eugine;
cars, &C., is twenty millions OF dollirs.
II .he land should only average FIVE dollars pc
acre. its ssles viii amount to upsards Of forty mi
ions. This, after building aud equippisg the road
! leaves surplus Of twenty millions.
The conoii ion of the company can be seen II
glance, from the statement from the books furnish
ed me, by Edwin Post, Esq, the Vice President
!, aud herewith appended. Mr.. Post Is geatlema
Of the highest character for integrity and hoool
From this il viii appear that the whols number
shares issued is 44e.S2s, upon which s9,474, 70
appear to have been paid.
OF this fund, find that there is yet belonging
: the Company assets Of the value Of upwards
I. s700, O0o or assets which, believe, wsl realiz
that amount, the balance has oeen expended 70
making the survey TO the Pacific, IN paying ia pEI
for the iron rails purchased in grading and crOs'
tying Ten miles Of .he road and for sgeaciss aud a
other incidental expenses.
That these results mi sht have bser, with jad'
eous management accomplished for less money,
highly probable; but t4at Il leaves an Immense mat
GIG for individual profit 70 those who nov sabs-it
for stock, i apparent 70 ever man who Is all
quanted with the fertility and character OF the TIE,
- lands, alike capable Of producing eotton an
wheat and cora in the greatest abundance; 90
e WHICH with TIE revenue that must eventually resa
y from the completion Of the road must ah0ed pro
u Il Car beyoad anything OF the kind ever fore .
q iered 70 the public. GEO S YERGER
! EEw ORLEAss. March IS. 1891
ii F~ Accordine 10 official returns tbs deer =.