New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-06
Nf@ Orleans AalIp Grtstt1d,
TUESDAY MORNING, DECEMBER G, 1859.
THE SOUTHERN PACIFIC RAILROAD.


families under prudent management and vigorous
prosecution of the work. So probable did this re-
suit appear to them that they did not stop to il-
quire into the actnal condition of the company the
amount of stock which had been issued, the
amount of its Indebtedness the nature and number
of the contracts then existing and its status in re-
gard to its charter Obligations to the State of Texas
Or ii they did pause to make these inqairies they
deemed the probabilities of ultimate profit to be so
great as to justify them in taking the chances, or
in " going it blind, to use cant phrase.
NOW, we still have in our midst this same class
always and everywhere valuable and useful citizens,
whose prosperity is gratifying to all who are not
selhshly absorbed with the thought of selfaggran-
dsement-to whom this enterprise commenls itself
non with far greater reason than then. Besides
the fact that the status of the company in every
spect, is altogether different and better than it was
then, as we have abundantly showed in previous
articles, the country is three gears richer now and
those three years. except for brief period in the
fall and winter of 1857, the most generally prosper
GUS ever known to the Southern half of the coun-
try. The surplus capital accumulated in those
three years renders the building of this read easy
and its speedy completion certain. Besides the
ability to do it, the necessity for it is strongly
felt now than it was few years since. As Mr.
Thompson who is soon to take the Presidency of
the Company, says in his letter to DR.. Fowlkes,
read in the Convention at Louisville on the oath
ultimo: .r .a
The extension of your line, it seems to me. affords
the most practicable, if not the only route over
which a railway can be constructed between the
Eastern States and California that will meet all the
requirements for great national highway between
the Atlantic and Pacific oceans within the terrific
ry OF the United States. Such work has become
public necessity, and must be commenced at an
early date. The stake involved is too important to
sanction its commencement upon any basis that
will not secure its uninterrupted progress.
Beyond all question, this road is a great national
want. And the eyes of the nation have been SO
steadily fixed upon it by reason of its almost con-
stant discussion in the public prints that the want
of it has grown into settled purpose to have it
and, fortunately, by of the liberal grants of
| the State of Texas, it has the capacity to build
itself, rendering it wholly independent Of Govern
ment aid, without which, no other contemplated
route will ever drive stake or blaze tree. But
this independence of Government aid renders it all
the more certain of getting it. 1t is certain of
| having help from the Government, by reason of
this, the individual who is able to help himself is
of having friends Will our citizens, especially the
class to whom We have just referred in view of ex
sting facts, fail to avail themselves while they vet
have it, OF the opportunity to become part owners
of this great work of the age, with all its promise
of profit? VIII they not rather emulate the action
| of the citizens of Louisville, whose only incentive
is the value of the investment, by going forward
and subscribing literally to the stock, with the
double inducement of good investment and local
business advantages? Their own good is the par
| amount reason for doing so but, besides, they will
be doing the great good of encouraging other
localities to take stock, and will doubtless, inu-
ence the Legislature of Texas to such modifica.
tions of existing laws may be desired by tho
company, and will render favorable action on the
| part of Congress all the more certain.
There is another class to whom we would address
a few words in this connection. We allude to our
| capitalists-those who are known to have means
not permanently invested. There is such an accu-
mutation of money in our city, by reason of the
value and steadiness of securities, that the pro-
| fits on investmentsin in them are becoming compara-
| lively small. The demand for paying, and safe
bank and insurance stocks and for fire-proof and
giltedged paper, is greater than the supply. Money
| for favorite investments is becoming drug, and
| the chances are, that when the present crop shall
have been realized upon it, will be in still greater
superfuity. Many of the wealthy planters are be-
coming the competitors of our capitalists, and they
are satisfied with lower rate of interest Many
|
negroes, to buy the paper of those who will buy
negroes and land at any price, to buying them
themselves, and it is by means certain that those
planters who are all out of the market for these
commodities will not be able to take about all of
the paper of those who are in the market Are
not capitalists, then, forcing our stocks up to
point that promises them poor returns? Are they
not going beyond the point of speculation? If so,
what becomes of their anticipated profits in case
of reyusion in case of increased facilities for
street operations. May not the rate of interest
outdoors get below the rate indoors? Such things
| have happened Have the proverbal senstyeness
of this commodity in the case and its tendency
to be kept in motion in the other, been lost? Are
| they not the fixed laws of money? If, then, our
reasoning is good, within the line of probabili-
ties does it not become the policy of capitalists to
do as they sometimes do in military tactics-cffect
a diversion? Had they not better "scare upn
| something new and get it "run after?" Get the
mass after the new game, and returning have the
| home-feld to themselves.
But we would appeal somewhat to other feelings
| than what capitalists consider their interest Every
| man that has an abundance of money is presumed
to have latent desire, at least to do good to some
body or something else than himself. We willnot
hear to the reverse of this, no matter by whom as
seyerated. 1t lies at the bottom of every pile of
gold. The difficulty is in its working its way up.
The superintendent mass is sometimes infected
with the desire, though in such agonizing conflict
with disinclination weakens its earnestness very
much Still it is there; and if every rich man
could hear the voice wthin-still and small though
| it be-the world and themselves would be happier,
and those "muffled drums, that beating funeral
marches to the grave" would be all the lighter
| and the more cheerful for it,
| But we did not intend to suffer betrayal into a
| moralizng strain Our wish is, and our purpose
was, to try to enlist the friendship of capitalists
| for the Southern Pacific Railroad" While VIC
| have entire confidence in it as good and safe in
yestment for them we would direct their attention
| to this project as upon which they may exer
else that desire for doing good which we feel cer-
tain they cherish. By investing in it, they not only
thus help their fellow men who have already in
vested, but they do good to their section and their
| country. They help to illustrate its greatness;
they help to chain down its everlasting founda-
tons; they help to make it priceless boon to
their posterty- something to be fought for and to
die for. And to return again to their interest,
they will help to develop country rich in mineral
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