Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-01-04
suUrnERN pAcLFLC RlILRoAD.

We have the First Annual Report II the Board +
of Directors of the Southern PaciGc Railroad
Company. The charter Of this company passed
the Legislature of Texas and was approved by the
Governor the l6th Of February 1852. It created
corporation under the name aud style Of the
"Texss Western Railroad Company which was
changed by an smandatory act OF the last L9gis-
lature to "Tre Southern Pacific Railroad COmpa-
ny" The company is authorized to commence
railroad "st suitable point on The estern bound
ary line of the State, aud thence running by such
course as said company shall decree and determine
to be most suitable to FL Psso, on the Rio GrandeF
The capital stock of the company is to consist Of
Sail its property, real aud personal franchises and
rights of property, to be divided into shares ofone
hundred dollars each" Pass
The fifteenth section Of the Act Of Incorpors-
ton grants eight sections of land, $50 acres each,
for every mile Of railway completed, to which the
company becomes entitled whenever q section Of
Eve miles or more shall be completed and ready for
use. This grant has been increased to sixteen Sec
tons, by a genera law of January Both, 1854
which provides that "any railroad company, char
tered by the Legislature of this State, heretofore
or hereafter, constructing within the limits of
Texas, section Of twenty-five miles or more Of
railroad, shall be entitled to receive from the State
sixteen sections of land for every mile of road so
constructed and put in running order"
The twentieth section grants two hundred feet
wide of the public land for the roadway, and as
much more as may be necessary for depot7, sta
! tons, and other works OF the company. 1t also
provides that when the "raiIresd, or any branch
thereof, shall pass through any public lands, all
such lands to the distance of three miles from the
extension line of the track on each side thereof,
shall be reserved for the State, from and after the
time such track shall be fixed or designated by
| survey, recognition or otherwise; and the said
lands, as the road is constructed, shall be divided
into sections fronting one mile on the road, plainly
marked; and to these reserved lands the company
shall have the right by virtue of any of the Ger
tifcates issued in accordance with the provisions
Of this act, to cause to be located, surveyed snt
patented for their use, each alternate section; such
section in each instance embracing tract of lanl
fronting one mile on the road, pursuing an equa
width and the remaining sections shall contiuu,
the propertyof the State, until disposed of by th
legislature"
By an act of the legislature Of Texas of Angus
-, 1856 railroad companies by complying viii
its provisions become entitled to loan of six thou
sand dollars per mile for every mile constructed
This company, by reason of its connection with
railroad coming from an adjoining State, will be
come entitled to the loan when ten miles of il
track shall have been finished ard ten more graded
The loan Is for ten years at six per cent. psyabl
annually secured by lien upon the road and If
equipments.
On the completion Of every section Of FIVE miles
the Company becomes entitled to eight sections c
land of $40 acres each, per mile, or twenty-fv
thousand six hundred acres for the five mile
which at five dollars per acre viii be worth Sl28
t 600. When ten miles shall have been finished az
ten more graded, the cmpany will have a rigl
10 claim loan Of $50 600 from The State; AID th
came amount for every S. elton of ten miles there
Of er finished; and where twenty five miles of the
7 railroad shall have been completed, the compan
- will be entitled to sixteen sections Of land;
1920 acres per mile and for the twenty -f7
- miles, 100000 acres which, at FIVE dollars pr
& sore, will be worth 81 .230OOO. The Compan
# will also be entitled to the losn Of $4,000 pt
mile, OF Sl5000O on the twenty-five miles.
u It viii be gratifying to the stockholders, and
q oil friends Of this undertaking, to be informed tb
g the means Lave been already provided to coDstru
P. and finish the Grst twenty-five miles Of tue rca
p to be nsd on the estimates Of the engineer as fa
, as they may be required for q vigorous prosecute
of the work Therefore there is no danger of
r. failure to comply with the requirements of Il
e charter; and those from whom assessments
stock are or shall become due, may be assured tn
e their rights will be protected.
IT So far as the aid Of the State of Texas is col
r cerned, it cannot be denied that this enterprise
D the appearance Of being we'll Pa'ronizsd n
g sre these donations the mere unsubstsntiaI pror
So isas Of a bankrupt community; for Texas il 7
gard to her finances. is in a most enviabIe conc
E ton. Her Comptroller, in recent report, pr
D SCENTS the following astteriDg picture of her eel
j. di.ion: The State is out Of debt, with a ST
1t plus of over million of dollars in the treasury.
a permanent 8 per cent school fund of tel mi.Io
r of dollars; an unappropriated public domain es
i. mated at one hundred millions Of acres, which,
r, iudicious'y used, would subserVe al the p1rpos
OF internal improvements required by the Stat
z a1d tax lighter than is imposed on sDy 9th
y people and which is adequate to all the wants
the Government The aggregate amount of tax
Re lie property is vary nearly $50 600 600, being
z increase of 500 500 600 over the previous wear