Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-03-15
From the ". o. Piedyune, March 7ih.
The Southern Pacific Road.

1t is less than a year since the seat of this
great enterprise was transferred To New Or
leans, and the books were opened for new
subscriptions here. The company was sur
rounded with difficulties, and met unexpect-
eddy, with many more in the prosecution of
their labors. They have the greatest reason
to be grateful with the results of their eleven
months work. BY reference to the report of
December last, the promises held out to the
stockholders will be seen, and their verification
up to the day, fully tested. Provision was to
be made to free the company from its floating
debt-the charter was to be secured-and the
land grant of 256,00 acres perfected. These
have been done The rights of the company
are irrevocably vested-the debt is in way
to be fully provided for, and the lands have
been carefully selected and surveyed, and are
represented TO be of great value.
The adjustments and settlements of the new
company have had, too, very important in
fiuence on the character and amount of stock.
The amount issued was, by the books in April
of last year, when the subscription was OPEN
ed here, S2,474,790. The New Orleans
subscription added to that sum, S322. 1872.
When the measures taken by the company are
fully completed, the capital stock will have
been actually reduced in amount, by the sum
of 470063 since April 1857.
1t is not the policy of the company 10 con-
stock. The amount issued must be a conpar-
atively small one, and the number of propric-
tors necessarily limited, and, as the whole
profits and the great resulting interests will
oil belong to the proprietary; the share holders
OF the stock-it has a great intrinsic value,
and must at no distant day, when these things
are all rightly understood, reach high figure
in the market. The utmost confidence pre-
walls that a wise administration of the land
-, lsnh - 81 -,
main of Texas, will suffice to pay off the
bonds for the construction of the road for
which they afford, the most ample security: and
to leave q large surplus for distribution
among the owners of the stock, which now
stands below three millions, and will proba-
bly, never reach five millions of dollars. That
amount is the utmost limit to which the sub
scriptions will ever go, before the company
will have so established the road and its own
credits that thenceforward it will proceed
with ample means, derived from its own
abundant and annually increasing resources.
We urge this more particularly for the benefit
of those who, being subscribers, accIdently or
from mis-information suffered their stock TO be
sold, and who have il in their power 10 repos-
sess the same by the 10Th of tins month
The last Legislature of Texas increased the
price of her public domain about one hundred
per cent, fact which adds greatly to the val
Ne OF the railroad grants. hlgher rates still
were attached TO her own railroad reserva-
tons.
We may add as items of public information
that the arrangements for the adjustment of
the floating debt of the company are going on
satisfactorily, and, that they are actively EN-
gagged in providing for the completing OF the
contract with the Messrs. Grant 4 Co. for the
unfinished portion of their seventy mile con-
tract. Four thousand tons of iron, 10 be- laid
on this track, have been purchased, and are
now ready for delivery to the company.
In all this there is everything TO encourage
the friends of this great enterprise-nothing
to dispirit or 10 leave ground for its enemies
TO stand on. IL has obstacles yet To overcome,
but the energy which has brought il into lis
present strong position, inspired by success,
will not fail to go ON with confidence, and
achieve other successes. IL Is TO he HOPED
that ut no distant period, the intelligence and
patriotism of Texas will blend the Interests OF
the Southern Pacific with those of the Mem
phis and FL Paso road, and thus give unit
ed action in favor of the first grand division
of 500 miles of national road to the Pacific
ocean, which will command the contract
for carrying the mails, troops and military
supplies Of the Government Of the United
States.