The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1869-03-27
Blind Legislation.

in a late issue made some Just OBJ
servations upon the s'railway ma
MIA" which possessed the members
of the Legislature at their late ses,
sion. The Picayune says its OBJ
Servations were suggested by look
ing over the items of the appropri-
alton bill under consideration Of
that body. These items are GER
tainly startling and set one to
thinking how it is that the inter
est of the State in railroads has
been SO wretchedly mismanged.
It is very evident that the aid Of
the State has been given most in
cautiously to some Of these enter
priseS and acjtb0ut taking any Sc
cNrjty acRdteCer against loss.
There is, for instance, the New
Orleans and Nashville Railroad
debt, with its ANNUAL interest Of
S27, 600, which has been paid since
1S36-that is nearly one million
dollars paid for nothing, and we
see the same sum, 1927, 800, set
down i'll the Auditors budget in
the estimate of probable expendi-
lures of the State for 1869. The
principal Of the debt of which the
above is the interest, has yet to
be paid-$4G0,000. This will
make q sum OF one million and a
half of dollars entirely sunk with
out any result whatever.
Then there is the Vicksburg,
Shreveport and Texas Railroad,
which the Chief Justice OF our
Supreme Court and one Of the
leading members Of the Senate
have managed to obtain for them
selves, taking the stock belonging
to the State and that of other
stockholders. The State sub
Scribed for the stock Of this road
the sum of 100000, and issued
it's bonds in favor OF the road for
the sum A3S, 900, upon which the
Stale has paid, since 1860, and is
still paying, an interest OF 81 800
annually. This road viii stand
the State in the. sum of one million
of dollars. These advances have
been made without any security
for the good faith of the corpora
tors, and no benefit has been de
rived from them. The road has
been sold out-or, rather, a sale
has been attempted--by the sher-
if, at the instance Of fraudulent
combination of its original cor
poratorS and directors.
1t is true a suit is now pending
in the United States Circuit Court
for Louisiana, at the instance OF
the creditors, which it is likely
will result in annulling the sale by
which these parties hold their inn
aginary title to this road, but it is
not probable the original stock
holders will benefit by such a re-
suit. The original cost of the
road-about two millions of dol
lars-may be considered lost to
the stockholders because the road
will not bring more than one mil
lion Of dollars and the bOndhold-
ers debt amounts to about that
sum.
Now there must be something
wrong about these advances by
f, the State when she is compelled to
suffer such losses. Aid should
not be given without security for
reimbursement to any enterprise
whatever. The State would do
better to build railroads out and
out and hold the title than to lend
the credit to them and finally
have to pay the bonds thus issued
without receiving anything in re-
turn. We do not object to assist
ing bona tide railroad enterprises,
but some measures ought to be
taken to secure the interest of the
State and prevent ultimate loss
before the bonds are Delivered
Had the State owned the Vicks-
burg, Shreveport and Texas Rail
road, as the State of Georgia, for
instance, owns the line between
Atlanta Chattanooga, it would
never have been sold out. and
would now be in full operation
from the Mississippi to the Qua
chita.
The Legislature has been acting
in these matters altogether toe
blindly, and we see other schemes
preached Of a similar nature. Let
them be scrutinized and the in
terest of the State fully guarded
where aid is extended N. o
/ Bee.
u Look out for your people
whoprofess so much extreme good