Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-03-23

TIE OBSERVATION-DISCLOSURES.
RnAn-

THE MEMPHIsA AND LPAsOR ALL.
ROAD.
We have received the March number
ola French paper devoted to the inter
ests Of this bubble, called The Trans
continental. It adyertises a call upon
the bondholders to present their January
coupons at the Office for payment In
view Of the status Of said company this
is quite amusing. Jim Fisk will surely
have to look to his laurels, for the Wool
ley Horse has beaten him out OF sight.
The Erie may be very watery but it has
bottom remember We would like 10
see the fathom line deep enough to strike
soundings in the Memphis and FL Paso.
II is mystery, shadow without man
and aman without shadow.
In this paper we fad the report Mr..
Epperson, late president of the road, On
resigning his functions into the hands Of
General Fremont, who is represented as
president of the Board of Regency of the
Transcontinental railway. The Trans
continental is said to be q combination
Of the Memphis and FL Paso, the South
ern Pacific Of Califo rnia, the Arizona
and the Memphis aud Little Rock, which
is called the first link in this great chain,
that is to connect the Atlantic with the
Pacific. II Is assumed that the original
Texas charter Of the Memphis and FL
Paso railroad authorized this sort Of
combination and consolidation, yet we
venture to say thatth are creditors Of
the said road who would like to know
whether the Transcontinental is its legit.
innate successor and whether il can sue
and be sued; and If so, what are its as
sets and where are they to be found?
The New York Office OF the company
is closed with placard on the door that
the Office has been removed to Wash.
ington. Fit is in this city it will please
report itself at the REPUBLICAN office, as
there are people anxious to find its local
habitetion, for reasons Of their own, the
Office in Paris, when the interest coupons
are paid out of the capital ofthe French
loan, is too remote for convenience and
outside Of the jurisdiction Of our courts.
II what we hear be true, however, the
French end of the line will have as
much as il can do to fend off under the
Code Napoleon. We learn that attor-
neys from that interesting country have
been prospecting in Austin, Texas, for
NE gold that was promised in the Free
mont prospectus. They did not md
much. Governor Davis an honest Re
publican, followed the example of the
illustrious Washington in the hatchet
story. He could not tell lie ; so b
out with the truth and told the Parii
attorney that the Memphis aud FL Fac
Railroad Company had long since for
feited its charter, and that it had nc
lands on which to base either Gland grant
bonds" or Gland warrants" They asked
the Governor what was the State price
for State bonds, and were informed that
Texas only charged the moderate sum
OF ffty-fve cents an acre. Mon Dieu =
exclaimed the Frenchman "why, Ere
mont represented them to us as worth
Sl4 per acre" Oh well, whether SlA
or fifty cents; what difference does il
make as he has not got an acre at any
price"
1t appears the Memphis and FL Paso
Railroad Company was chartered in
1856, with provisions when the road
should be begun and when it should be
finished. They had eight years to COM
ply with the terms of the charter i. c.
down to 1864 They did not comply.
The rebel Legislature of 1862 extended
the time until three years after the war
should terminate-that was 1868. Moth.
ing was done. An attempt was made
TO get land grant and subsidy from
Congress throug,' New Mexico and Ari
zona. These mea-a parcel Of adVen.
turers, without cent Of money at
tempted to grab millions of dollars of
the peoples money and millions Of acres
Of land, without spending cent with
out paying their advertising bills, and
even compelling the man who printed
their bogus bonds TO sue for the amount
Of his bill. 1t is a wonder they did not
get all they asked for-their impudence
was SO sublime-but they did not. Then
they dropped from subsidy to land
grant, and from land grant to right Of
IOay.
Failing in all, Fremont borrowed
money and went to Paris lie had tho
good fortune, through brothsr-n-laW,
to get in with one Schneider. Schnei-
der was President Of the Corps Legisla,
til, and an iron master q man not
averse to good contract. Schneider,
like some Of our Congressional cadet.
ship pedlars and Indian plundcrers, had
an eye to the main chance, and he
helped the Woolly Horse to put up the
job. He was power with the Empe-
ror and the Boursc, and he made it
condition Of negotiating the loan that he
should have a profitable contract for
iron and rolling stock. So a loan of ten
millions, it is said, was negotiated at
sixty cents sig millions being realized
upon Tr.co, land gran! bonds, convert.
Die into lGod warrants at The moderate
price Of Ga per acre. On the staked
plains $l4 per hundred acres would be
a high price, and 1t vas good price for
the best, if the company only had any,
but it had not That's what's the mat
ter.