New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-01-19


REHABILITATION.
daring 1850 a Bond cr $, go 400
fsesszss iasss, ,ss5 Bonds ef 81 OK. 5s5 s
Totas .s ...s Il -, d aooa
Esris4Ags FILED IN ArpIroE's OFFICE Of BONDS RI
QE THED ron THE YEAR 1850.
IN III isszsbass shfesspoa md Texas Railroad
BIZ s MN orleans jackson ND i;isai Northern $50.
III III i'ses RSSss a1ssss lss Md Opsiess ,
r, i ass osisss 6pssusas ana Grsai Western
sceR GuzspNs't ~ wv Y
rassi s,stma,e "a rsonIs Nv, iii .
You Will perceive that the total amount Of bond:
issued by tae State to Railroad Companies amount
~ Sl,7 700! No provision las vet been made foi
the ultimate payment Of these bonds at maturity
on Tor the payment of $4Ss 900 bonds issued TO the
4 New Orleans aud nashville Railroad Company due
TIL April 1867, and 100000 bonds issued to the
: Mexican Gulf Railroad, due in 1870. now renew
A the Recommendation in my last annual message,
that tie Legislature take the necessary steps to
provide for these debts Of the State, By the crea-
lion Ill Reserved Fund, to be appropriated to
Tint purpose, aud would suggest that This fund
might be provided Without the necessity Of resort
to any increase Of taxatioH. The Internal Improve
merit Tax Fund which was crested for the purpose
81 meeting the interest the bonds issued to the
railroad companies, and fixed at one-fourth of one
mill 8n THE aollar ef ~ cents On IL 000 il II found
meets tase interest on the bonds and leaves sur
plus annually in the TreasarF that surplus now
neal EluB, ana II fSitindteU Will
VI ires eased BIZ the ist Of january, 1861, about
4 $50 Atl BY creating fund for the Redemption
Of EsHds issued to Railroad Companies. and IN
ySstn tAe present surplus OF the Internal Improve
nieIls Iax Fund ID the Bonds Of the State, annually
apprunriadng the surplus that mag appear to the
Internal Improvement Tax Fund, and semannu-
ally investing III like manner the interest accruing
On tile bonds held BIZ the Redemption Fund, Y and
permanently fixing the Internal Improvement Tax
at its present low rate il IL believed viii very
nearIys not entirely, liquiaate the debt Of the
State lot account Of Railroad Companies.
RAILROADS.
Haf ifssle progress has been made In the extern
sion 81 our princpa railroads since my last annual
message. The New Orleans, jackson and Great
Northern Haflroad remains completed us far as
Canfals. Mississippi, and tile road way formation,
for te iirst tWenty sx miles, north Of Canton, will
soon rAady for receiving the snRerstructure and
iron,
Ills col ,,1Iatfon has always held a leading posi-
tion among ON railroad enterprises. Its form Of
its financial schemes and Its general
policy lave been more or less adapted by other
aies and, for the most part, with advantage
II ill., probably been managed with less prudence
and economy than some other railroad works, but
at te same time road has been pressed forward
NitI zeal energy and fertility 81 resources. under
pressing iceifies, seldom e1ualea in any section
ASs railroad ID completed 2OS miles, ntersecting
the Mississippi Central Railroad at Canton, thus
securing To New Orleans an unbroken railroad
Communication with the whole railroad system of
Tho NHEsed States, and at once realizing the antic
patioIs III the original projectors.
Atneugh 50 much has been accomplished, yet
only oncs hall Of the Labor undertaken BY the Com
paay has been performed; their plan was to build
q continuous railroad to the Tennessee river, 40
miles sr0m tie city Of New Orleans. On reaching
Galsitans however, the Company find they have ea.
hansEad their available subscriptions, and have
contraated on long time bonded debt Of 50 ,000-
sUDO. Under these circumstances tile Company axe
adnonishea that their franchises in Mississippi
determine By law ID March, 1862, and that it will
be necessary to procure m extension of time in
order BID recruit ITS resources and establish IL
naleIa credit equal to the magnitude Of the work
vet tn he performed In view of these facts, pro-
positions Of the most uniriendly nature hare been
introduced into the legislature Of tile State Of Mis-
sissiepI at its present sitting, whereby It Is pro-
posed that ~ necessary relief should not be
granted except under conditions OIL the most hui
initiating nature and utterly subversiye of the
credit and future existence of the corporation.
= w + est remarkable Ii, that this movement Is
not supported BIZ The rival railroad interests of
hlissIsslpri hut BY those who should be the fast
friends a. oFr enterprise those who represent the
counties naxersed BY the proposed railroad
north 81 Canton, those who, Of all others, are
most Interested n, and anxious for the extension
Of ffe railroad, impatient, as II would appear. at
ulaf oidable delay, suspicious Of the honest pur-
poses 81 the company TO complete their work and
pcrf1rnA faithfully ether obligations to tile State of
Misslssippi, this unnatural course has, it may be
ms taae corporation, driving it from its manifest
policy, and thereby making it more certain Of
local interest
viii be able to Inv before yoa 1t an early day
the documentary evidence which has suggested the
foregoing remarks. No Legislature Is responsible
for matter which may be laid before IT, however
unreasonable or unjust but only for its action ON
5acH matter feil the highest confidence that The
Legislature Of Mississippi will not knowingly do an
unjust unfriendly act towards this corporation
but iii view ok the magnitude III tile Interest ID.
yoiYed in maintaining nnimpaired the credit and
efficiency Of the company, and placing It's corpo
rate peFpefHty and the validity Of its contracts
beyond all future doubt or cavii, Iwoud earnestly
recommend that the State of Mississippi be Officially
requested to grant 70 said company sufficient ad
ditional time To complete their Railroad and tha
no forfeiture OF franchise shall attach 20 any por
ton Of the said railroad which has been or may b
hereafter faithfully completed.
Tue New Orleans, 0pelousas and Great Wester
Railroad is completed 70 Berwiek's Bay, where
niiites with atriweekly line Of steamers which rl
from tile by to Galveston. The Board 81 Director
have placed q considerable amount OF additional
work aIder contract, west Of Rerwick's Bay, an
have d welInatured financial scheme for the CON
at Thompson's Bluffs, on the Sabine river afte
crossing fhe river. The New Orleans, 0pelousas an
Great Western Railroad unites with the THxa
Great Western, and the Sabine and Rio Grand
railroads; the former running north-westward
and connecting with the Southern Pacific Railroad
at It's crossing the Bsazos riser; and the latte
southwestardly. nearly parallel with the shore Q
the Gulf 0f Mexicp, To San Antenio. The pFlldel
management Of the affairs of that company and til
iiberality Of the State Of Texas, in the granting
franchise, subscriptions and substantial endow
menfs to her railroads leading To our Western boz
der, secures bright prospect for the New Orleans
II Opeipnsas and Great Western Railroad Company
inestiinable blessings To q large portion of til
people Of Louisiana and Texas, and oriental wcalt
10 tic commerce Of New Orleans.
THE Vicksburg, Shreveport and Texas RaiIroa
is progressing. The irsl twenty miles from yicki
burg are IN daily use, and it Is anticipated that til
q first grand division of the road will be finished an
ready for transporting the next cotton crop of thu
district. The construction Of the entire line of tn
railroad III il union with the Southern Pacific Raj
road on the Texas border. has been contracted 70