New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-13


er twenty, and much of it natural road bed.
Gentlemen, We all feel that this Is an enterprise
| Of such magnitude, so far beyond our conceptions
Of ordinary matters that we are considered as VS.
ionares and have suffered from this consideration
He had suffered in the opinions Of grave leaders Of
| banks some of whom will come to us for capital
to keep them He may not live to see it, but most
ofyou will, Great enterprises have always been
received with distrust. What was the fact in re-
gard to Fulton, asking for opportunity to show
that he could propel boats by steams What was
the fact in regard to Clinton? Nobody supposed
his projected canal would ever be finished but it
was finished; and Fulton and Clinton will go down
to posterty when noisy politicians shall have been
forgotten. See Columbus trying to reach the In
dies; but stopped by the very continent over which
this road will travel.
who derived little advantage from their great
plans, he related the anecdote which he had re-
ceived from venerable Senator in Kentucky, who
had IT from DIR. Franklin, stating that at samp-
tuous dinner given to him by the Bishop OF Paris,
Franklin put this pertinent question to the Bishop,
SO much in the style of the sayings of Poor Rich
ard, How is it my friend, that you are living in
such when yoar ass naa No. tSat m
inventors of great schemes never reaped the
profits; these belonged to their successors.
This road too, will afford protection to the
States Of the Pacific, in military sense, securing
them against invasion by foreign navies Were the
Pacific States invaded by England or France, we
would have to expend more treasure for their
recovery than would build three such roads, apart
from the precious blood which would be shed in a
war with either of these formidable naval powers
He dwelt upon comparison Of the advantages
between this road and the Illinois Central, where
the Company were obliged to pay as premium
$1,000, 900, and were subject to an annual and per
petual tax Of per cent on the gross, equal to IA
per cent on the net proceeds of the road. Texas
imposed no such tax, and gave sixteen instead of
six sections to the mile in rich lands, in climate
which was q monopoly Of the cotton growth, Bra
n,.it, lsya md
energies to sugar and coffee,
Col. TODD Endorsed what DR., Fowlkes had said in
the correspondence about G. G. Mills and i. B.
Lincoln, and vindicated the Company from the
to the value Of the lands granted by Texas, the
value Of the stock depended chiefly on the eharac
ter of the lands. He said Col. Gray's Report, the
first showing practicable route to the Pacific,
contradlcted the assertion Of aW." Gen. Rusk,
the late distinguished and patriotic Senator from
Texas, who examined the route to Ell Paso in 1858,
contradcted the calumnies of CIV" The report
OF the United States Engineer confirmed the state
ments Of Gray and Rusk. and the report as to the
Overland Mail Route and of the Surveyor who
located the two hundred and fifty-six acres to
which the Company was entitled, speak Of that
section Of the State as being average lands,
adapted to population and cultivation.
He said, looking at the magnitude and unmeas-
ured destines Of this enterprise in its unriyaled
practcability in its low grades; in its depression
Of the Rocky Mountains to plain and its climate,
which all the gold Of the world could not buy for
any other route; in its tendency to secure the
commerce of the world; to bind the States on the
two oceans in the bonds of interest and daily inter-
course, and in its aptitude to fortfy the Pacific
coast in military senses regarding all these noble
advantages, he felt more proud of his association
with this enterprise than to have represented his
beloved country on two continents, and nearly as
proud az he was of having been an approved sol
der of the war of lSl2-a war; which indicated the
national rights and honor, and which would go
down to distant ages in letters Of living light, coy
ering the nation with undying glory.
In regardto this enterprise, gentlemen, we should
all do as General Taylor recommended after the
battle Of Buena Vista. General Wool was over
come with ecstacy, and, meeting the old General,
exclaimed 9" General, what yictory!" The old
General replied, in his quiet way: :. We never can
be defeated when we all pull together
DR.. r. S. Newton then addressed the meeting on
request of Mr.. Bradley:
In the apportonment of stock to be sold, $50 900
Of it was to be sold in Ohio. I was appointed to
sell it, It must be taken up by the 10th inst, if
sold at ALL
twas upon this business that went to Louisville.
found that there was little prospect Of selling in
this city, and thought that arrangement might
be made at the Louisville Convention. In conse-
quence OF the misunderstanding among the Cincin-
natl stockholders, had not offered the stock /
proposed that they adopt some policy by which
the stockholders Of Cincinnati who had been cut
of, might save their stock. The plan is that they
comply with the demands of the Company, and take
an amount Of the new stock equal to that which
they hold. They say that, notwithstanding the
money they obtained from Ohio, they have not dc.
rived that assistance and strength which they
should have done. If their agents have been uli-
faithful, innocent stockholders should not suffer on
account Of their dishonesty Or bad management.
These agents destroyed, as far as they could, the
confidence the community and stockholders had in
the action of the managers of the Company, and
as soon as they found that they could no longer
steal from the Company commenced vilifying its
managers.
The individual who signed the article in the Ga
zetteWe stcott-then in this city, now in Texas
made an application to the President of this road
DIR. Fowlkes-for position and advantages over
other stockholders that would have damned any
man in the estimation Of the Company that acceded
to it; and, from the moment Of the Presidents
saying that no man but rascal would accept il,
he has warred against the President and the Com
pany He told me that he would rather lose all
his stock than see Dr.. Fowlkes succeed with his
enterprise.
Mr.. Mills, another gentleman, has been issuing
circulars, rillifying the Company and its managers
because the Company refused to admit claim of
about $4,000, which he had trumped up against
it--a claim unfounded and unjust This gentleman
subscribed ten millions to company in Texas, in
order to secure the grants now held by this Com
pany when he had not ten cents
Mr.. Lincoln, also to whom the Company paid
large fees for services, came to this city, cooper
ating with Westcott in denouncing the Company.
He afterward visited New York, and showed to
Mr.. Post a manuscript which he threatened to pub
lish unless Mr.. Post paid him $500 it was the same
article afterward published in the Gazette. That
is Mr.. Lincoln. This is the kind of men the Com
pany has had to contend with-this is what has
produced distrust among the stockholders.
President Fowlkes visited this city once or twice
and left Colonel Todd here, who remained one
week, trying to convince the stockholders that the
Company were doing all in their power to promote
the interests of the Pacific Railroad. They failed
in doing this, and in consequence, their stock has
been cut Off
With the exception of the few who paid INSTALL
ments and loans, by sending it directly to Marshall
Texas, or to Mr.. Criger, Of this city, are cut off.
The only proposition which will now save the
stockholders is, that the loan be paid of fifty cents
the SHARE and that the stock be reduced one half
and the purchase of an amount of new stock equal
to that Of the reduced stock, which those stock
holders held.
The President said that though he had predicted
this would be the result, nearly million of stock
had been thus cut off.
If the above proposition be not accepted by the
10th inst, there will be no chance for further ar
engagements.
The road now owes not dollar; the first section
of the road is built, which entities them to receive
$4,000 from the State Of Texas, and sixteen sections
OF land for every mile; this is more than enough to
build the next section Of the road.
Mr.. Thompson, writing from Philadelphia on the
2lst of November, says:
The extension Of your line 1t affords the most
practicable If not the only route which railway
constructed between the Eastern States California that will
meet all the requirements of between
the Atlantic and Pacific within the territory the United
States Such work has become public necessity must be
TO sanction its upon that will moi
secure its uninterrupted progress
anxious thar The fifty thousand dollars worth of stock
bpl In and hat hin ttn.t 81,