New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-23
[CoHMUNIc ATED.
The Convention and our Railroads.


--+
An ordinance is before the Convention, which
has for its object to empower the State Legislature
to authorize the issue of State bonds at the rate of
sG0On per mile for each mile of graded roadway
ready for the track, on which the track is not laid
in behalf of those roads only in which the State is
now a stockholder: provided, however, that no
more than the unpaid balances Of her present sub
sc,;i0u to the capital stocko said roads shall be
thus paid by the State. The object of this ordi-
nance seems to be the suspcnsion-in behalf OF
the three railroads now in progress, in which the
State is now q stockhoder, viz the Nicksburg,
Shreveport and Texas Railroad, the Crosse Tete
Railroad, and the Opelousas Railroad-of consti-
tutional provision, which prohibits the payment OF
the States subscription, except in proportion to
the total amount Of capital stock of each company |
paid IN by all other parties.
The capital stock of the New Orleans, Opcousa8 |
and Great Western Railroad Company was fixed at |
- ,O00 900, and the States subscription of onehtth
is 81 2UOO0O, or As 600 shares OF $?5 each On TINS
the State has issued to date &ij0,00O in bonds,
cuual to q 600 shares: leaving 500 900, or 220OO
shares unpaid.
Since the State subscribed to the stock Of this
Company, the Company have received from the
late United States grant of land amounting to
about 100 QUO acres IL IS clear tlt IL Iue ftuu I
be built for less than the six millions of stOc the
sales of land furnishing the means instead of stock
| subscriptions, the road, when finished, will be
much more valuable to the stockholders. If, there
! fore this Company obtain money on bonds to build
their road and afterwards pay off the bonds by the
proceeds of their land sales, will be done, then
the road will be unencumbered, and represented by
only three and half to four millions Of stock in
place of six millions. Would it not be wiser to aid
| the Company by paying up the State subscription
| in full, as the city of New Orleans did with her
| 81 100000 subscription, than to compel the Com
pany to issue $G,000000 of stock and then pay up,
as the State would have to do by existing laws
In the one case the 81 100000 subscribed by the
State would give hertz ownership of one,tbird of
the road and its earnings, when completed, which,
in the other, the same amount would give her but
one-tifth.
On the first one hundred and twenty-five miles of
J their line this Company have but limited guam
tity of land the largest portion lying beyond Opc-
lousas. On reaching Opelousas the sales OF land
will ensure the rapid extension and completion OF
the road to the Sabine river, eastern boundary
of Texas. The object now is to reach Opelousas at
the earliest possible period, and the aid Of the state
} rs provided for in the ordinance before the Con
next about sevcnty-fve miles Of roadway will be
! graded and ready for the track, and the whole
eighty-fve miles, extending from Berwick's Bay tt
Opelousas, can be graded by October or Novem
Der next The balance of the States subscription
would furnish the rails for this cghty.fve miles o
road, and leave the Opelousas Company in con
lition to complete their road to Texas without EN-
,, barrassmcnt or loss of time.
. The State now owns 100000 acres of Ian
- within the limits of the Opclousas Railroad grant
, or twice the amount belonging to the Raiwa
. COMPANY Fully 1000 900 acres Of this is with
- the six mile limitsn and if sold at o minimum
- of 81 so per acre, the price fixed on the same b
- the late United States, after the building Of tn
railroad would realize to the State 50 500 900 ad
~ the remaining 400 O0O acres at 81 25, and the tot
"a is So, 900 900 Nearly the whole Of this land is
u present unsaleable, and will be so till the railroa
70 IS inished then it will sell rapidly.
- The extension of the Opeousas road ensur
a. also the completion of the Louisiana division of Il
49, Texas and New Orleans Railroad, extending fro
-, Houston, Texas, to a junction with the Opelous
- road The Legislature have just passed bill
- aid the Texas and New Orleans Railroad by
,,o grant of land. Within the limits of that road o
ho State owns about 100000 acres Of land and
al tween both roads she owns 100000 acres, or
ro total in ALL within the grants df both roads a
~, between BOTH of 3G00OO0 acres, all of viii
~ would be made valuable and salelblc by the co
,nt plcuon OF IheSe Fauroa"s' AS Ete"I '"noeu P
MD prictor, then, the State s,ould have the pow
o,, through her Legislature, to encourage the ca
Oh ,,Ia, IF tro C,,e1onsos Railroad If sho dee
or it wise 10 give this encouragement. The or
~ nance, as understand it, only empowers the
Ga "a oisIatnre to act.
IN + not so,n1 S+oin no1icv to crcour0no
cat Is 1t no' So"i" o'"'o p','1S 10 e'''""' ~
.o+ settlement and development OF the sparscy
,5 tied portions Of the parishes Of Cacaseu, Rapid
'uy 81 audrv. and Vrrmiion, and thus to dimir
-, t: 1 ,i,.n;,r.i,,t t1o brr+I
for the fa1o ol '"A'"'' ny oIS'r''"'''S ,,'' ""'
tLa among greater number? DO not all TIC OF
the States foster and aid their railways? The Wisl
lgs. or so d,inr is rnlIv excmrIjfed in the case
ere W VI ~ u0"'7
Tho georgia.
Inc Opelonsas ha'foau VIII oG 90 l,'ee