The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1871-04-27

I tach TO the companies, for the obvious rea
son that they are not the recipients Of thu
/ Government bounty. and there Is no grounG
on which the United States can legally OF
morally claim the free transportation o
mail. munitions of war and troops from tn,
I C mpanIes in which the State has thus be
come stakeholder.
/ In applying the fund to existing corpo-
r2tions il was the duty of the State TO gram
! the money on the condition. that il be ex-
| pended in the construction or extension o.
the railways, and on the condition that the
I privilege secured TO the Cnited States By
/ the Act Of Congress. should be guaranteed
| Such an application would have afforded the
aid intended by Congress. and AZ the same
! time have created the obligation on the
Government mails, &C., and thus have full
1 filled the duty resting on the State as q
trustee OF the fund. As the matter stands,
however, the legislation of the state
amounts merely TO an investment OF the
/ funds for accumulation. The result is that
the State has assisted in the building OF
railroads with the bounty OF the government
of the United States, and devised immense
incidental advantages which flowed TO her
people from these great lines. She has not
fulfilled her duty as a trustee in securing 70
that Government the privilege of free trans
portation. The State has not expended her
own money and the stocks she holds are not
her property. Indeed, according to the
spirit of the Act of Congress the railroads
have better title to the fund for they
were the objects of the Governments
bounty; and by surrendering these stocks
or transferring them on the condition of the
extension of the lines, the State but fulfills
her obligations in accepting the trust as
well As carries into effect the purpose of
Congress. Looking at the measure as one
between the State and the railroads; what
are the facts surrounding it? The State,
and the Confederacy Of which she formed
part, literally took possession OF these roads
and held them for four years. during the
civil war-foreed them to transport troops
and supplies-wore them out, indeed, in
this service, forced them 10 receive the war
currency which died worthless on their
hands; in short, ruined the private stock
holders, and rendered il impossible for the
New Orleans and Jackson Railroad Compa-
ny TO fulilltheir obligations of their Char
ter to construct the road north OF Canton.
The Legislature had before il. therefore.
the alternative: To claim the forfeiture of
the Franchise which would have resulted
in the sale of the Road and its appurtenan-
ces TO pay its debt a result, as every one
sees, which would have rendered the stock
held by the State entirely valueless. or to
remit the forfeiture and by judicious en-
couragement secure the completion OF the
Road north of Canton. This object secured
vast benefit will accrue TO the people OF
the region through which the Road is 10
extend, and to the State generally. and
is an object we'll worth the stock held by
the State,e il il were the property of the
State.
Can the State hope to secure the eonstruc-
ton of this road through the instrumental
ity of the present Company, or any Com
pany, without State aid 10 an amount equal
To the stock surrendered? Plainly il can
not. By The terms of the act RENTING the
forfeiture. the stock surrendered or trans
ferred reverts to the State if the road shall
not be completed within the specified time,
and the State will lose nothing. If the road
is completed within that time, and with the
corporation of the people as contemplated
by the act think it will be, would not the
State be amply compensated?
No rational mind, il seems to me.ca n fail to
see in that measure most juGicious applca-
ton of the stock held by the State; and be-
sides, il is, in the fullest sense. faithful aD-
plication of a trust fund to its objects, and
in furtherance of the primary objects of
the Legislature of 1854, tO-wit: the com
pletion Of this road. To secure the build
ing of railroad north of Canton to the
Tennessee line, the State by this measure.
applies part of fund granted by Congress
for the purpose of aiding the construction
of railways in the State, and which Con-
gress contemplated would be so used. In
the form in which that fund now exists, il
Is useless TO the improvement fund and to
the State. Is not the State under obliga-
ton, as trustee, to make application of it.
rather than to risk its total loss by claim
ing forfeiture of the charter; or let me
ask, can the State secure the same amount
of railroad improvement by any other dis
position of this stock? As it now stands.
the stock will bring but a small price in
market, not exceeding one fourth of its
nominal value. If retained, the State will
receive no dividend. In its present con-
dition it fails to benefit the State. and fails
to answer the will Of Congress. The Legis-
lature determined to utilise this stock, and
if by the measure adopted, the extension of
the railroad from Canton to Aberdeen has
been secured, if but fifty miles of addition
al railway communication shall be secured
TO the people; the act of the Legislature
stands justified. A. ID. WEST.