New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-01
DEnArEs or THE SENATE.
THURSDAY, February II, 1876

CONCLUDED.
/ Mr.. Ray: Mr.. President, this discussion
thus far has gone into the merits
of the bill probably little further than the
question before the Senate would Justify,
but hope it will be INDUCED. I intend
myself to go into the merits of the bill
somewhat.
In the first place. so far as I am per-
sonally concerned, think there is no man
in the State that is more in favor of rail-
roads and public works generally. and it
is one of the fundamental principals of my
political theory that the State of Louis
lana ought to aid all the works of internal
Improvement tfat appear to be beneficial.
Now, in regard to this Chattanooga Rail-
road Company, 1 believe it is
a real company, having large capt.
tai to operate on. As 1 said
at the last session. when the Chattanooga
bill passed, had seen the subscription
list of the company, and knew that large
amount of stock had been taken, there
fore l had no doubt at all that the CON-
pany is not only composed of Leading
capitalists, but they have subscribed very
largely to this enterprise, and they have
undertaken to build a road from New
| Orleans to Mobile, which have no doubt
|
which is a.work of great value to the Stats
and the city of New Orleans, and for
which they should be entitled to a great
| deal of credit, because they have asked
no aid from the State to build the road
| from here to Mobile, although it is a very
expensive section of the road and one that
| will add immensely to the value of the
property in the city ofNew Orleans. Then
l am perfectly willing to concede that
this company is capable of carrying out
| the enterprise from here to Houston, as
well as to Mobile. Some of the gentlemen
OF the company know, and they are men
| OF large means and great experience in
railroading, who have brought their capital
here, and invested it. Now, Mr.. Presi-
dent, when we look across the Mississippi
river west, we see that the construction of
the road from here to Houston will be a
matter of great interest to the city of New
Orleans, as we'll as the whole State of
Louisiana. No railroad could be of
equal importance to it, in my
judgment, aud I believe that the
company organized, called the Chattanoo-
ga Railroad company, is real company
with a large capital, and that they intend
to make this road. have seen their sub-
scription list.
MIR. Blackman: Have you seen the
stock
MIR. Ray: No, have not, but am now
about to come to what believe to be the
true interests OF the State. Last session
this company came forward and asked the
Legislature to aid them to the extent of
Sl2, 500 mile. then thought it a proper
time to establish aprinciple by which. the
State should be governed in assist
Ing railroad enterprises. After con-
snltatlon, it was agreed and understood
by myself and other Senators that aid
should be given to the Chattanooga COM
pany to the extent of S12, 500 mile, and
snat this should be rule hereafter in
AIDING railroad enterprises-not as q
gratulty. but by indorsing the bonds of
the company.
The railroad in which am personally
interested-the North Louisiana and Teras
raliroad-at the first session of the Leois-
latnre asked State aid to the extent of
S6OOO per mile, on condition that thew
deposited their bonds in the treasury Of
the State on or before the date when thew
were que, and IN case Of failure, no more
oonos were to be paid. and the mortgage
would be foreclosed. In that way we did
not consider that the State would lose any,
thlng, but would materially aid us in
carrying out the enterprise. 1t was on the
same principle that we gave $l2,50O
q mile to the Chattanooga COMPANY.
1t Is true that is not gratuity we ex-
pect that the interest will be paid bv the
company, and the bonds taken up. NOT
owned. The question then arises whether
or not we should depart from the rule
established then. am willing to aid this
road that far, and even further, as thew
have already completed a section of tina
road. would be willing to increase il To
s2O, 900 mile. But l am opposed tn
giving them a gratuity of four millions,
1t IS true they propose to reduce it to
three millions, but that does not al ,er the
principle. If you give this gratuity to the
Company, why not give the
same gratnl'y to the North Louisiana road
or the road from here to Vicksbure3 Tina
north Louisiana road is two hundred
ID nlles long, and is already half completed.
NOW, Mr. President, l have had some
:, experience IN railroad matt ars, and, be-
lieVe th.s railroad can be built about az
cheap as any in the State, and at about
SooooO mile. There is no grading and
no entertainments to be made. I know all
ABOUT building road in the swamp: the
COST WAL not be any more than that Of the
ROAD from Vicksburg west. [ think that
have sald my objection TO this bill is to
Tue grafulty; l say it is not necessary
w. we gam nothing by it, to saddle the
State with debt that will have to be paid
in the shape of interest; and il