New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-01-19

Ultimate filed IN Audior's ODE Of Bonds required 5or he
By shs New Orleans opsloasas and Great Western Rail
10 efssn and Great Northern Rail
rg r. qVa%psny IA M
psny ia bonds ~ ION 10, oo
b Esson Rouge crosse Teie and opslousss Rail
Total estimates, sss bonds .... .s3ss 200
You will perceive that the total amount Of bonds
Issued by the State to the Railroad Companies amount
10 81 As no provision has yet been made for
the ultimate payment Of these bonds at maturity or
for the payment Of $4S3 600 of bonds issued to the
New Orleans and Nashville Railroad Company, and
due on the LIST Of April, lS67and 500 600 Of bonds
issued to the Mexican Gulf Railroad Company due in
1901 would earnestly recommend the Legislature to
take the necessary steps to provide for these debts of
the State, BY the creation Of reserved fund to be
appropriated to that purpose and would suggest that
this fund might be provided without the necessity of
resort to any increase of taxation.
The Internal Improvement Tax Fund, which was
created Tor the purpose Of meeting the interest on
the bonds issued to the railroad companies and fixed
at one fourth Of mill the dollar or rs cents on
$1,000, 1t is found meets the interest on the bonds
and leaves surplus annually in the Treasury that
surplus amounts to near 800 00O and il is esti
mated will be increased by the LIST of January 1860
about $4,000. By creating fund for the " Re
demption Of Bonds issued to Railroad Companies, .,
and investing the present surplus of the Internal
Improvement Tax Fund in the Bonds Of the State,
annually approprating the surplus that may appear
70 the Internal Improvement Tax Fund, and semi
annually investing 10 like manner the interest accru
ing on the bonds held by the Redemption Fund, and
permanently fixing the Internal Improvement Tax at
its present low rate it is believed will nearly if not
entirely qudate the debt of the State for account of
railroad companies. have, through the Presidents
been furnished with the reports of the Vicksburg
Shreveport and Texas, the New Orleans, Opelousas
and Great Western, and the Baton Rouge Crosse
Tete and Opelousas Railroad Companies-and am
prepared to say that the affairs of these respective
roads have been managed with great prudence and
skin.
But little has been done during the past year in the
extension OF our principal lines ofraroads yet the
advantages resulting from their partial completion
have fully realized the anticpations both of the COM
mercial and agricultural interests Of the State The
pulic mind is now well assured Of the inestimable
value Of the privileges which await the State when
New Orleans, with her unequaled natural advantages
for inland navigation shall also be united with the
great interior by those works OF art, which form,
perhaps, the most remarkable feature Of modern
have as yet not received the annual report of the
New Orleans, jackson and Great Northern Railroad
Company. BY law these reports are due one week
after the annual meeting Of the Legislature. would
recommend that hereafter they should be made re-
turnabe to the Governor before the LIST of jan
uary, which will only allow sufficient time for careful
examination by that officer previously to his annual
message to the Senate and House of Representatives
The State Of Mississippi Is now large stockholder
10 the New Orleans, Jackson and Great Northern
election Of Directors for the Company tho same
manner allowed by law to individual Stockholders
that is, one vote for each share The State of Louisi
ana and city OF New Orleans, though stockholders to
more than five times the amount are not permitted
to vote at such elections, but limited to dele
gated representation in the Board of three delegates
each. The remaining members Of the Board-eighteen
in numberafe elected jointly by the State Of Mis-.
sissippi and the individual stockholders With the
view of preventing undue influence on the part of
Mississippi in the affairs of the corporation the Le-
gslature OF Louisiana, at its last session, passed
act ito authorize the Governors of the States of
Louisiana and Mississippi to vote at all meetings Of
Northern Railroad Company, upon shares of said
Company held by said States.n The act was made |
subject to the approval of the stockholders and was
duly submitted and rejected. The Governor of Mis-. |
slssppi and the Mayor Of New Orleans voting against
granting to Louisiana an equal privilege with Misss
sppia elections for Directors would suggest, as
temporary policy, that the right to vote at all meet
ngs Of stockholders should be conferred on the State
Of Louisiana and city Of New Orleans, thus placing
tnem as stockholders, the same footing with Mis-
slssppi and that the State of Mississippi should be
Tsay invited ,tS to adopt hereafter the policy of
louisiana with reference to this railroad Company
and to accept BY appointment an equal representa-.
ton In the Board Of Directors =
Within the last year charges Of bad management |
IN the affairs Of the New Orleans jackson and Great
Northern har9ad Company, have been preferred to
me officially II Is due to the Stockholders and the
Board Of Directors that strict and impartial inyest
cation Of the present condition and future pocv Of
this Company should be made at an early day.
While have called your attention. generally, to the
Importance Of more efficient system for protecting
the alavial lands Of the State from nundaton, bee
leave to submit more especially for your consideration
the importance Of an immediate and thorough system
Of protection to that portion of the river coast where
the breaking of the levee might overflow the city Of
New Orleans interrupt the transportation either Of
the Great Western or Great Northern Railroad. During
the last year two creyasses occurred the right bank
Of the river above New Orleans, which overlooked the
Great Western Railroad for many miles, and caused
thereby suspension OF transportation for several
months. Similar crevasses to those which have oc-
CURED on the left bank Of the river within the last
ten years, would place large portion Of New Orleans
under water, and overflow the Great Northern Rail-
road to the hills, fortysix miles distant. Neither
the city nor RAILROAD companies have any control
the evees which SO essential to their safety
and are entirely dependent on the prudence negl
gence Of the landed proprietors OF their agents
cannot refrain from urging again upon the Legis
allure the repeal Of the law which throws upon the
State Treasury the cost of criminal prosecutions
This item OF expense entails upon the State an annual
barge of more than 100000. The estimate OF the |
Auditor for the ensuing year is $4,000. When