New-York tribune., 1870-01-10
TO THE PACIFIC.

| To the Editor Of The Tribune
SIR: An editorial in The EreHing Post Of the 9Th
instant, attacking this Company, obliges me TO ask
space in your columns for reply.
The accusations it makes were all put forward
vehemently. throughout the past year. in Paris.
They were met there legally and officially by suits
against their authors The result of strict inveSti-
| CATION there by parties interested in knowing the
exact truth. Is the best to put before
public here These parties our bondhoders cOntrac-
tors and tho Government which authorized the admis.
sion Of bonds TO the French Exchange and the crcu
| lation Of our securities among theiFrenobIpeople
The Post is right in its statement that no American
company'badhthcrtO been admitted quotation the
French Bourse II Is right In It's Of the
used to obtain this admission. Nor was it a sudden
movement originated last Spring. Persistent, steady,
thorough work through resident agents had been In pro-
for than two years during which every pos
sble information had been laid before the Government
| and parties Interested
Its charter aud franchises and laws enacted in regard
| TO them, everything relating to the country through
which the road lies and the great commercial results
which would follow on Its building, were made inliy
The permission TO admit our securities was finally OBJ
admission should accrue to the advantage OF French IN
dusry by applying the greater part OF the money OBJ
| gnes for the building and operation OF the road.
This opening out Of channels to French trade was
This was tho reason and it upon this understanding
that our land grant bonds-whch show what they are
upon their face-were admitted to quotation and sale
And contracts accordingly made for 5000 Of
| iron, and corresponding number OF engines.
| our bondhoders, who were necessarily alarmed by
those attacks had the fullest Of information gwen
them. Their confidence Is shown by their continuing
hold their bonds and interest which they
| celyed in July last and now In January
My dates from Paris are to the422l OF December. Up
to that time no suit whatever had been instituted agans
the Company except one by person claiming damages
for refusing 10 let him have bonds to sell under alleged
contract which the Company repudates.
Our bonds were never Withdrawn, there
thought Of dong on contrary an additional sale for
ten million francs has just been made and other negotia
uons are In progress with parties having full knowledge
OF tho condition of the Company and AL the assaults
! upon It,
was The admitting to payment OF the taxes on the bonds
and the accepting OF the security of Maet Freres for
last This recognition is the direct OF the
ment and was done through NJ Masne himself the Min,
lister OF Finance referred to by The Posi- long after all
these discussions had been made familiar by the French
| newspapers.
source which 1t could not have foreseen and for which II
not In any way responsible. We had been for two
years applying to Congress- with fair prospect OF sue
cess s authority and aid in establishing our line. In
the Congress preceding the present our bill asking for
Of interest On account Of the indisposton Of Congress
TO grant moneyed aid the bill again amended by one
House twice by large majoTtie at the close OF Con-
gess and the beginning OF another IL was mistaken In
guarantee Of interest for construction bonds This
mistake first reached the knowledge OF the Company
It through France. II was announced by them that this
bill gave TO our construction bonds guarantee OF per
cent But these bonds not in the market and have
not been offered Tor ale The bonds sold on the Frenc
market were land grant bonds Of the Company, which
say what they their face. Neither Journals
brokers said that these had guarantee OF interest
The error was conaea TO the construction bonds. and
this was from Of accident and not from Inten'
| tiOn.
that this. which could been a situation easily
planned and corrected without difficulty had been mag
nifed and envenoned by rival and hostile interests
Under the legal advice adopted such measures
in my judgment would ADJUST affairs with the least IN
jury the Company It's bOndhOders or contractors ana
|
acquired. AL the explanations needed Tor the lnfOrma-
ton of the public were gyen and semi.mOnthly news.
paper was established With the object OF keeping up full
Information concerning the condition of the Company
| ana the PROCESS of Its road.
In my efOrs to protect this really national work. was
chiefly obstrcted by the active and malignant hostility
OF rival ralwy interests and Of certain financial agen.
CIes which tic Company had omitted employ, and by
the unusual conduct OF the American Legation. which
became recognized bureau OF information against our
Company. Legation represents its Government, and
s official position cannot be personally used This con;
for Information the COmpanys office In Paris but con-
sttuted itsdf the partisan Of our opponents was ac-
cepted as eressng in the usual way, the views OF our
! Government toward the Memphls-Pacfc as National
Road and tie standing ana information III WhGh M ~ was
held at hom Among other acts, WIZ, AT lhls tIme'
only cite that was given to read letter from the lega
ton the representative OF an adverse railway interest
TO the effectthat the Memphsand Fl Paso Road was
observation-disclosures without foundation.
Ia respecito the night Of way, which We are asking
there only pmains now for Congress 10 grant strip
across the territory Of NewMexco ~ miles II length
the rest having been acquired from private corporations
tie Rock Railroad. IN Texas the Memphis and Ii Paso
Company s ully compiled with the conditions Of it's
art6f giving us the ownership and control of the line
through th State. III Arizona We have purchased and
own the chater Qf the AIzOna Company OF which the
line traverse that Teft6fy and have complied with the
conditions o. its charter.
In California we have purchased and own the charter,
| franchises qd property Of the San Diego and Ga
Southern Padfc and Atlantic Railroad Company, which
traverses tint state including 1900 of land IN the
harDOr OF san Diego. In the harb0r OF Norfolk we own
| over 900 aces. In addition to these contracts and
| arrangements have been made by the Company with
We have contracted with the Western Union Telegraph
Company put up line OF telegraph along our road.
steam freight and emigrant line between Anyers and
| Norfolk in connection with the Company. We nave q
corps Of engineers engaged III locahE he san DIEGO anu
CHA line. WeaTe indebted TO the war Department IOr
military protection TO our surveying parties and for
permission purchase their supplies from the Govern
Under actud circumstances, it is not too much say
that the futun Of the road be regarded secured
Notwithstanding the strength OF the combination against
H. III the course OF uninterrupted exc
| cutiOn. Shipments OF rails have begun to reach New.
Orleans e first ten engines Will be ready for deVe
ry at the end February We are about to lay the rails
Road OF which 100 miles are now In operation, Will DC
fully completed by the 1st Of July With the work IN
progress expecting to have at least 25O miles or
road in operation before the close Of this year with an
| estimated net income OF over million OF dollars.
regret hare to ask mucn space but even THIS s
does not do stice to the value OF the work accom-
plshed. 1t is brely sufficient to give the pubic an Op
portunity to compare statement OF iscts Will WIN tae ne
send broadcast the country against our work
| a work which has twice received tho approval
| Of the House Of Representatives, ana Whlch,
| otherwise unaided, is making It's own way
| through country impoverished by war; and
which offers the quickest means for a true recon
prosperity and content these will carry with them Re-
spectfully, your obdiient servant ,.,, ,,.o.,,o..
O0lce, No 90 Broaipay. Ye,0 York, Jau. 1870.