The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1871-12-14

SYNOPSIS Of The Remarks Of T 9.
StOekdale, on the prOp0sitiOn Of the
Gulf, WeStern Texas and Pacific Rail-
way Company 20 Travis County.
The proposition made to this
county by the Company 1 represent,
is purely one of business, and to be
determined by you properly, upon
business considerations and business
principles. We propose to construct
a railway from the Gulf, at Indi-
anola, to point on this side of the
river, with depot not further than'one
mile from the crossing of Congress
Avenue and Pecan street, within a
given time, if you will exchange for
that amount of stock in the Company
$500, 900 of the bonds of the county;
this exchange to be made only upon
the condition that the railway is SO
completed within the time named.
So that the county issues no bonds,
owes no debt, pays no taxes, and no
interest begins to run until after the
completion of the road, and you have
all its benefits.
When the railway is completed, if
done within the time named, then the
exchange of county bonds for stock
of like amount is made, and in twelve
months after this exchange, the first
years interest will be due. 1t is ap-
parent then, that there is no present
tax, and none at any time until you
have a complete connection over the
shortest line you can have to the
Gulf. ,'-" gas.
Is this fair business proposition?
Will the county realize benefits equal
to its investment, or will the county
be encountered with an investment
for which it is in debt, receiving no
return? .. r...- g. .....
Knight enter into discourse upon
the general benefits Of railways, but
these have been sufficiently consid-
cred. Suffice it to say, that this line
being the shortest to the sea, the
great highway to all markets of the
world, cOmmends itself especially to
your attention. d-i.v T' ft
AS an investment for the county of
Travis, it is a good one, in that it
binds the immediate southern and
southwestern parts of the State to
the capital with bonds of iron-or,
what is stronger and more enduring,
bonds of commercial interest and in
tercourse. By the Central Railway,
you connect yourselves with the east
ern and southeastern. portions OF the
State /; by the International, you are
connected with the centre and north
eastern by the Missouri, Kansas and
Texas, with the northern; and by
this, you will connect with the only
other settled region-making this
capital a centre of railroads, and
hence centre of commerce, increas-
ing its power and influence in all the
affairs of the State, and thus perma.
nently establishing its political posi-
ton and moral power. This return,
though not counted in dollars, is felt
in increased financial prosperity and
general progress, and is of greater
value than any dividend upon the
stock of the county in the railway.
But, simply as an investment of
money, upon a calculation of return
in dividends to the county, I am sure
it will prove a good one. 1t is one,
at least, which has so commended
itself to me that l have put all my
available means in it.
This corporation is the result of a
consolidation of the San Antonio and
Mexican Gulf with the Indianola
Railroad Company. ALI old liabili-
ties are extinguished; and the Articles
of Consolidation approved by Act of
the Legislature of 18th May, 1871,
vesting in the Joined Company all
the powers and franchises of the two
old corporations. The railway is
completed from Indianola to Vic-
toria.
The financial plan of the new cor
poration is to construct the rest of its
railways upon the basis of stock and
bonds of the Company, to aggregate
100000 per mile; fourteen thousand
of this to be stock of the Company,
and sixteen thousand to be bonds of
the Company, secured by mortgage.
Upon this basis, we have no doubt
we shall be able to complete the road
as proposed, to San Antonio and
Austin, if the counties yet to vote
shall follow the example of those
which have already voted. Will this
line of road pay upon a capital of
100000 per mile? My answer is
that it will and that the money put
into it by Travis county, will be per-
fectly safe, in my opinion, and pay
the principal and interest of the
county bonds.
This is the financial basis, only
the amount was much larger, of the
Louisville and Nashville. Railroad
Company-the most powerful and
successful corporation south IF the
Ohio river. This Company was or
ganized with James Guthrie at its
head, and the people of Kentucky,
now owning this road by its muni>
cipal corporations, not only control
it, but reap all advantages from it;
among which are the following
Logan County-I cite this be-
cause it is my native county-frst
refused to subscribe stock, and the
road to Nashville passed through the
county adjoining, which did sub,
scribe. Seeing the effects of the
road, the county was Verv anxious