New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-16
gw 0euns gaty GfstH 0ntsaay zurnIna, Aput 49, 1861

/ The stock then becomes theirs at once, worth in
property SO share, and if sold for that will pro-
duce by resale of the 100000 shares cut off, the
sum of $2,600,OG0, leaving company with all the
present property, and this fund to go on with the
! work. But if sold at present prices it will yield
81 100000 as a fund, without more stock than we
have cut and this fund, added to the resources
of the company, will, in the judgment OF President
Stevenson prove sufficient to build the road to the
Pacific ocean, with the munifcent land grants of
Texas to aid it.
All who can ought to pay. All who are able
| and will not, ought not to expect " the few " will
ing to pay to incur burdens to give them prOtec
ton. Money must come, and from all, not part
Justice requires this. Justice makes us pay our
debts. Justice to Texas and her people demands
the progress of this work. "The few cannot pay
and progress, if their associates refuse neglect
to meet this eNigency they must, however re-
luctant and painful, separate and unite with those
who can and will aid to push on the column. y
Once before, this company became entanglcd,
when a call of fifty cents a share was recommended
and promptly responded to. 1t produced fund
not exceeding the sum Of $3.50 600 towards debt,
increased by expenses to some 100000. This
fund of $l50,0O0 protected the company from sale
and sacrifice, the stock then largely exceeded the
property of the company and it was reduced to
sum below the value of the cOmpanys property,
and by active eXertiOns and perseverng efforts,
enough stock was then sold to liquidate the whole
debt of the company; sales of something like
$3.50, coo were added to the loan of fifty cents a
share. This was applied to existing debts, and no
wards the building of the road. The loan of fifty
cents share contributed to free and disembarrass
the company, only a small proportion, and no.c,
those most ready to pay and assist in the crisis,
are those who bought the $650,000 of stock after
its reduction. Those who paid or loaned the fifty
cents per share generally seem to feel that to as
sist to pay the then debts was to construct the road
To pay the debts then, q" the few had to do: " 10
meet this crisis q the few " must do it again the
supine and indifferent must give place to parties
who have the will and the means; it is a delusion
to suspect or imagine that the Southern Pacific
Railroad will build itself, ahd the sooner those who
enterprise and their own interests.
The fewer who pay, the greater is their ad-
vantage pecunarily. Before | left New Orleans,
the large holders of stock present at the meeting
on the 18th nit became sensible of the soundncss,
necessity and benefit to themselves and the enter
prise of Col V. X. Stevcnsons policy; they were
cheertuly responding, and some 10000 shares
had been arranged as required by the terms of the
Louisville meeting on the 18th of March. There is
no difficulty to supply by resale of cut off stock
the deficit OF detauitcrs in this policy. No ad-
vantage can result to stockholders from this great
work without money to progress with it, and it is
due TO those able and willing to pay, by those
unable unwilling to pay, to surrender it to
those able and willing, inasmuch as no benefit
can flow from inacton, inability and incapacity to
build the road 1t is due to Texas and her De0ple
that we abandon the work or prosecute it. 1t is
seemingly hard for stockholders to lose what thew
nave already paid, but this results from other
operations, when parties prove inadequate to
their successful prosecution. I sincerely regret
myself to see loss overtake any shareholder if in
my power I would protect him; but I shall do
well to protect my own stock, and to do So |
have forced sales of real estate, and am still
forcing sales, determined to protect my stock at
whatever sacrifice apparently | find essential to
protect it. | hope to live to see the stock and
bonds of the Southern Pacific Railroad sought for
IN every European market as a favoritc invest
ment. | address you this for the benefit Of the
stockholders in Kentucky, always ready, liberal
and just that they may fully realize the necessity
for action and be also protected.
Truly your FRIEND J. FOWLkES |