The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1861-04-06
.ov,rr,x PACIFIC aA,lasAS MEETING

New Orleans on Tuesday. 26th ult
Theodore Gillespie. Esq. Of New Or
leans, was called to the chair, and X.
W. Loughery. Of Marshall. Texas, isfvi'
ted to act - Secretary.
Col. v. L. Stevenson, the President of
the Company, was then introduced to
the meeting, and made a very able
speech, in which he gave a brief history
Of the Company since his connection
with it 10 the present time, showing the
difficulties it had to contend with, and
the manner in which they had been met
by those entrusted with the manage
ment of it's affairs.
His plan of relieving the Company
was this He simply proposed that every
man who held stock in the road should
subscribe for as much more as would be
equal TO an advance Of one dollar on
each share of his stock In other words,
if an individual possessed five shares,
he shonld subscribe fer an additional
share il ten shares, he slOnld Subscribe
for two additional shares, etc.
This would furnish fund sufficient 10
discharge all the ,ndeh,odscss, pay tor
the iron. snip it to Marshall, and furnish
and fully equip fifty additional miles of
road. aud be had no hesitation in saying
tli9t 1t would be paying road, and for
the simple and plain reason that 1t per.
foratcd populous and wealthy country.
where thero-were no navigahlc streams,
and where business would come ia Il
from n hundred to a hundred and fifty
miles in almost every direction. !. the
jackson road, running side by side
with the Mississippi river, earns hand
some dividend to its stockholders, how
much more reasonable is il that road
/ that trayerscs a country having no other
means Of outlet Will prove u profitable
investment.
He had some experience in railroads
and he thought he knew something o,
the value OF railroad stocks and sccuii'
ties He had 10 hesitation in saying
basing his opinion alone upon his oxpe
ricnce, thai this was one of the grandest
enterprises Of the day, and he was really
surprised that il wasnot properly apprc-
ciatcd hy those who owned it, Here
was a Company with q charter granting
them the privilege Of constructing a
road through the center Of State not
possessing a single uavigablo stream
worthy Of the name For this tiey
were to receive bonus of about eight
millions Of acres OF land. What was
this land worth He could only Judge
by the eiicc, of railroads elsewhere.
Lands on the line of the Nashville and
Chattanooga road advanced from ten to
fifty dollars an acre. The lands Of the
Illinois Central could not be sold before
that road was built for 81 % per acre
When it was finished they were worth
from $40 TO SO per acre.
Is there any good reason to believe
that these Texas lands will not increase
IN value As rapidly as those of Illinois
Cotton lands agc iutrinsically more valu-
able than whoa, lands. and the cay is
not ftr distant when they will command
a much higher figure than they 30 now
Estimating the lands of the southern
Pacific Company at trn dllllrs per acre.
and obey wIH Ical1. upward. 1i eighty
uI.l us ~ dnillfe At twoutv dollars
per hrfc fhrJ amount il upwards of nhs
hundred and Sky millions of doilals
II thls work was prosecuted as is ought
% tc lpr cighi ,rar=. fand o'gt't sear--
was . Very short period Of time these
inni- would unqucsiiouably sell flr irlm
-lyiy to seventy five dollars per acre
DID the world yt, ho'ic present such A.
chauco for speculation 1t was a mine
4 /. .l o.
but the proper spirit lr It's davrlopneli.
In times like these 1T was au uup.r,s.
nnt matter to call upon tockhulders for
money, and particularly in ease Ike
this, where they had not anticipated such
demand But IL was unavoidable Tho
conditioner our political and monetary
affairs rendered it indispensable. lie
had 20 power to compel them to advance
dollar II was for them 10 determine
what they would do whether they
would sacrifice their interests in the
Company with its great advantages and
prospective wealth, ar by coming for.
ward and advancing small sum for ad.
diilonal stock. place the Company in a
position that it would no longer need
aid
If they concluded they could not spare
the money, 1t was their misfortune, as
they must be inevitably he sold ont But
he addressed them as practicable sensi-
ble men, whether il would not be better
to sell property, 10 take the money out
Of their business, or adopt any other
Ike cxpedient to raise the necessa.y
funds 10 Mace This pufsrurise upon /,