Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1870-06-04
The Southern raeine Railroad

FTsn the AusliR JauFasi
On ye,terlay wo promised our
readers that in our issue OF to-day
NO would furnish lhom with a syn,
Opsis OF tho bill introduced Into The
Senate by MIR. Flanagan, ontitled
"An act 10 expedite tho construction
of the Southern Pacific Railroad "
We arc templed 10 print the whole
. bill, for il Is not easy 10 do justice
TO Il in a condensed statement. We
will endeayor, however, TO comply
with our promise, and give our rcad-
crs as correct a view pi ia lerd.ng
features ms our space will permit.
The Southern Pacific 10 one oclhc
companies which borrowed money
from the special school fund. The
company Is indebted TO tho State in
the sum of about two hundred and
twenty thousand dollars; and tho
preamble TO the bill rccilcs that .his
dcbt'is the only one due by the COM
pany which constitutes n lien upon
the road, Senator Flanagan's bill
proposes that .he coinpRny shall pay
this debt TO the school fund by the
first day OF January, 1871; ehd so
soon Us this is paid the bill proposes
that the State shall loan the compa.
ny her bonds 10 tho amount of SIX
teen thousand dollars per mile for
so much Of tho road within the linn
its oI the State of Texas MS will ut
lha. time be completed and in run.
ming order and used by the public f;
and Whenever the company shall
have completed an additional section
of its road not less than tel! miles 'G
length, the State shall loan her bonds
to the amount OF sixteen thousand
dollars per milo upon such section,
and 80 on until the road shall be com
pleted rs far west rs the twenty
third degree Of longitude ives. frcrI
Washington. The bill provides that
tie road shall be extended westward
between the thirty-sccond and thir-
! ty.third parallels Of north latitude,
until it reaches the twenty-tlird de-
gree OF longitude west from Wash
ington, and that from that point it
shall proceed BY the most eligible
route to FL Paso.
The bill also provides that when
ever the Governor shall deliver to
the company any bonds ofthe State
'undor its provision, the company
shall execute its bond for like
amount payable to the Governor Of
the State and his SUCCESSORS in office;
and it is provided that the bonds Of
the company so executed to the State
shall constitute q lien ir favor Of the
State, which shall take precedence.
of all other liens upon the road and
chartered rights of the company,
including road bed, right Of way,
grading, bridges, iron rails, mason
~, rolling stock, dopots and depot
stations, and upon all the stock sub
scribed for in the company. 1t is
provided that the company shall pay
interest on its bonds to the State
scmi-annually. A sinking fund of
two and halfpcr cent, to be paid
annually by the company, is also
provided for by the bill; and it is
provided that if the company shall,
at any time, make default in the pay
ment of the interest, sinking fund,
or principal, for period of thirty
days, the Governor shall cause notice
of the sale of the railroad to be ad-
vertised for q period Of four moM.hs,
and shall sell the road at public auc-
ton to the highest bidder for cash,
at the door of the Capitol Of the State.
The Governor is required, in the
event of sale of the road, to pro
tect the interest of the State, and
purchase the road if necessary, but
is not permitted to bid for it more
than the amount duo from the COM
pany to the State. Tho bill also
pledges the good faith of the State
to the company that tho bonds OF
the State shall never be outstanding
for u sum exceeding twenty millions
of dollars, ind that tue State will
not incur an indebtedness In. dny
manner beyond that sum, and that
the whole amount of the bonds that
may be issued by the State to the
company under the provisions OF
the.act, not to exceed five millions
of dollars, shall be. estimated as u
part of twenty millions.
These are the leading features Of
the bill. Its details are drawn up
with care, and with an evident desire
on the part of those representing
the company, to present a bill thai
will command the respect of the Leg
islaturc and the Governor. We are
/ informed that the section which
pledges the good faith of the State
to the company that the State viii
, not incur a debt beyond twenty mil
, lions of dollars, was intended Il
meet the views Of Governor Davi,
; on that important point.
: We have heard many members o
5 the Legislature speak of this bill il
: terms of high favor. As we said OF
{ yesterday, it is evident from roceh
a proceedings in Congress that thi
S road, from the eastern 10 the west
o efn boundary Of our State, IS destin
f cd to become a part ofa great trunl
J. road to the Pacific. The distanc
0 from the present western ierminu
of the road, 70 Che twenty third jle
: gre. Of longitude west from WASH
: ington, is abont three hundred nilci
d and for this whole distance the roa
o win pass through one Of the mo.
i fertile portions Oftbe State. Indee.
c no country on the earth's surfac
j presents greater attractions 10 ID
e agriculturist than this very be
70 through which this road must pas
E. Il would reach the tvsnfS tki-d .
10 gree Of lcngita5e, wes' ron Wasi