New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-11-25

" springng up along the whole route. The road mas
stimulated enterprise and the trace of the Ak and the
marks OF improvement are visible everywhere. Lands
have come into market and will soon be decked with
every species Of harvest, which but few years since
were regarded as utterly worthless. Real estate mas
increased from 500 to 1000 per cent along the entFe
line of the road and this must create, ere long way
business which of itself will be an important item in
the Company receipts. The extraordinary increase
OF travel and reights as well as the acquisition OF
the contract for the transmission OF the nalls mace
necessary early in the season. TO prepare for an ad-
dtonal daily train from each terminus OF the road
The epidemic ia New Orleans, arresting all bust
ness operations and making IT dangerous Tor those
not fully aGclimated to enter within its limits retard
ed the Company in making the necessary addition to
the facilities demanded by the public. New locomo-
tiyes and additional engineers were however, secured
so as to seize the first opportunity OF successfully
meeting its expectations and enlarging our means OF
business Daily, two passenger trains now start from
each end Of the roadone in the morning and one in
the evening, in addition to the freight and other
trains and the passengers seem scarcely less each
than just before on one train. Such result more
than meets the most sanguine expectations in regard
to the estimated receipts for the current year.
The policy oGthe present Board has been to extend the
road beyond Canton, as contemplated by its original
projectors and demanded by the express terms OF the
charter and by the strongest pledges of the Company
given to Mississippi, when accepting from her mate
rial aid to accomplish what has been achieved OF this
great enterprise. But il never contemplated by
the most ardent friends of this policy heedessy to
eumber the road with fatal burden of debt Fxten-
sion as rapidly possible--extension the ultimate
point of all labor but not in such manner as to de-
stroy the very end which it was their highest ambi-
tion to accomplish.
A misrepresentation not of the views, but of the
means by which the new Board designed to redeem
their pledges to the stockholders and the public has
| prevailed to considerable extent, which we take
this opportunity of officially correcting.
The issue presented previous to the election of the
present Board, as understood, at least around the
counciltahle Of the Company, was this: Shall the
,1~ tod
road through north east Mississippi, to some point
where it would cut the boundary OF Tennessee or
Alabama, be finally suspended or not? The friends
Of the present Board favored extension. 1t seemed
impossible to adopt any other without injustice
and bad faith to all partes-the State Of Louisiana,
the City Of New Orleans, the private stockholders in
the State Of Louisiana, the State OF Mississippi and
the private stockholders in that State. Sound policy,
and desire to make the road contribute to the i'm
provement Of the business, and add to the com
mercial superiority of New Orleans also urged with
irresistible force, the same conclusion.
The original subscriptions, made by individual
citizens of Louisiana by the city OF New Orleans, and
by the State itself, were made to road that to
connect with the Tennessee river, and not to one
terminating at the village Of Canton 1t is so
described in the charter The first projectors Of the
great enterprise had large and expanded views, and
it was not their object to build merely local road
but one that should be the trunk line of communca-
ton between New Orleans and New York running
as nearly as practicable air line after reaching
a specific point in the adjoining State.
The progress of the work developed new and I'M
expected advantages Of the entire route originally
Contemplated. 1t verified the soundness of the views
of those who, with the map before them and the ca.
pacites of the country TO be penetrated, well under
stood planned the great work which is in connection
with kindred enterprises we believe, destined ulti-
matGly to change the commercial center Of this Re.
public Other States took up the links of the great
chain that was to bind together the Northeast Allan
tic and the Gulf States and when this new issue
was presented to the public, this great highway Of
internal commerce and passenger transit was in pro-
gress along the whole line to be trayersed be
you'd the limits Of Mississippi Could those who re.
presented the New Orleans, jackson and Great
Northern Railroad yield to the first serious obstacle
in the way of progress the peculiar advantages OF the
whole route by adopting instead Of the original line
a road that Caused detOur nearly to the neighbOr.
hood Of Memphis, to accomplish the connection with
the Middle and New England States Would such
course not have violated implied pledges made by
the Company to the people Of this city and State,
and to both the municipal and State GOvernmeHtsl
Would mot have inflicted upon it the discredit of
failure to accomplish the main purpose for which it
YVES created?
The Company had acquired valuable rights and
franchises in the adjoining State Of Mississippi 1t is
not necessary to inform your honorable body that
road running through swamps and pine barrens to
the State line OF Mississippi only would be almost
valueess Time may, and probably will convert
much Of this territory into truthful fields but where
would be the profits Of the stockholders while the
country slowly being redeemed from its wildness
aud intertility? The money expended, the road
built in Mississippi, the business already secured and
the income that OF itself promised to furnish import
ant assistance to the final completion Of the whole
work originally contemplated by the express con
tract of the Company itself with the State of Misss-
sipp, would all have been forfeited by final aban
donment OF the policy OF the extension. Upon the
condition that the road shall he completed in ten
years to a point where Mississippi and Tennessee or
Alabama inersects all the rights of the Company in
Mississippi depend To hope that the Legislature of
the latter State would give up its right to exact the
full performance of its bond-to cast the existence of
the Company itself upon the chance of change in
popular opinion, when large sections of the State
were interested in the tullment OF all the pledges OF
the Company, was, in the opinion Of the friends of
extension to grasp at shadow to place interests of
extraordinary magnitude upon the hazard Of a die.
The laws Of Mississippi declared a forfeiture of the
charter in case OF failure, for any cause to complete
the road forfeiture would have operated to enrich
Mississippi Companies at the expense of the people
and State OF Louisiana.
The Company was, at the time the issue was pre-
scented, further bound by the most solemn obligations
Of honor to complete the road Ia its extremity the
State Of Mississippi had loaned money from several
trust funds OF that State to the Company, on the eI-
press stipulation that One.half Of the so loaned
should be expended IN making extensions oil the road
north of Canton On these conditions it accepted,
and all expended in completing the road south OF
Canton, When this misrepresentation of funds
cited public attention in Mississippi and provoked in
qulry the direction convinced Mississippi that 1t was
the true policy to bring every possible energy to the
work Of securing perfect connection with JaCksou
it was necessary TO au income from the road, well
as essential TO public COnyenence and il would en-
able the extension north OF Canton to be prosecuted
with greater pgOT. Thus by new pledges had the
Company become bound in honor to Mississippi to
complete the road according 10 the original route.
How could men, who would protect their own honor,
hesitate what course to pursue Did the position of
representatives of corporation screen those acting
in that capacity from the odium OF an act which an
individual would have felt as atliXing stigma upon