New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-12

that almost fabulods sKonnt3 Is 81 feil
for the benefit Of Q rAilFooa sunning through
only four parishes ct the 6tAte. Now they
ask for two million FIVE hundred thousand
dollars more, with eight per cent interest
Of course. I ask, in the nanno Of common
sense, whether We, - legislators, shall givt
the whole State of Louisiana to this cofpo
received enough money to build THU
road, and that We have encouraged
them sufficiently to bring their capita
here and invest it in railroad en-
terprises. If We are to furnish them al
the capital to build the road, let thu
State build and own it itself. In order to
test the question whether It il the Cbstta
nooga Railroad Company alone that the
gentleman (Mr. McMillen) is 60 DESTROYS Of
aiding, or whether he is willing that the
State shall be ~ prodigal In her favOrs t.
have prepared and now offer an amend
ment to the bill now before the Senate
which offer as an additional section, pro
viding shat the State shall take the same
amount of stock in the North Louisiana
and Texas Railroad Company, and the
Alexandria, Homer and Fulton Railroad
Company and all the provisions of this act
in reference to the Chattanooga and Texas
Railroad Company shall be applicable and
toned"
If that amendment is favored by the gen.
tleman, will believe that he is acting in
nooga railroad to receive this extraor-
binary State aid. it is equally right for the
other railroads throughout the State. Give
unto US the same that you demand of us.
Unless you extend the same favors to the
people of the other sections of the State
outside Of the four parishes through which
this railroad is intended to run, those peo-
pie will take advantage of the first favora-
BILE opportunity to reprdiate all that has
been done.
Mr.. McMillen: do not desire, at this
time, to reply to the remarks Of the gentle
man (Mr. Blackman) in opposition to this
bill. but when every Senator, that desires
to speak against it has spoken, wish to
reply to whatever has been said ON the
subject. rise now to move to lay the
amendment offered by Senator Blackman
ON the table. l do not desire, as Senator
or as q citizen Of the State, to make a
special favorite of the Chattanooga Rail-
road Company. am in favor Of all the
voted for all the railroad measures that
have come before the Senate, and have
voted to grant State aid in their construc-
ton. am in favor of every internal inn
provement that may be inaugurated. and of
granting State aid to promote them. be-
ieve that every dollar that the State can
pay ont in aid. of the construction of rail-
roads within her borders will return her Q
rich reward in shorter space Of time than
any other way. l believe that the growth
and development Of this city depends upon
what might call the '.wilds" of the State,
bringing the products of the soil from the
sugar and cotton fields, and sending them
to the markets Of the world to be returned
in money or necessary imports. If the
Senator from Claiborne lMr. Blackman), in
the prosecution Of the great work that he
has inaugurated in the northern part of the
State, will put his shoulder to the wheel and
prevail upon his friends to do 60, and will
induce them to invest their money, as the
Chattanooga Railroad Company has done,
and ask for aid, will be one of the first to
advocate and vote for any measure granting
their request. When the proper time comes
l shall also be in favor Of granting State
aid to the North Louisiana and Texas Rail-
road Company; but the time has not yet ar
rived for the adoption of the amendments
offered by the gentleman. His railroad is
yet in its infancy-almost only in embryo.
do not know that the bill incorporating
the company has even been passed by the
General Assembly; it certainly has not vet
a law. and the company put down their
tracks and spend their money in the con-
struction Of their road and start their cars
to running, and give us some evidence that
they intend to work in earnest. then will
be willing to aid them by all legitimate
means in the completion of their under
taking. That time has not yet come.
The Chattanooga Railroad Company have
convinced the people of the State that
they are in earnest in the prosecution of the
great work which they have undertaken.
came here as perfect strangers, not owning
a single dollars worth of property in the
State; but the gentleman neglected to add
that they came here to spend eight million
dollars in the prosecution Of one of the
greatest enterprises that has ever been I'M
dertaken for the development of the State,
and the prosperity Of this city. Neither the
State of Louisiana, or any private indivi-
dual, except the parties composing that
company. have contributed single dollar
toward the completion Of the work that has
already been finished.
Mr.. Blackman: Did not the State indorse
the bonds of the company for the railroad
from here TO Mobile!
XNAs AAAC&AAAACAs ANOs SAA, lAC 0t0SC las AOV
given one single dollar, in any shape or
form. She merely agreed to do go when
the company should have finished such a
work. now move to lay the amendment
offered by the Senator from Claiborne mr..
on the table. Carried.
Mr.. Sypher called for executive session,
which was duly seconded.
After the doors were opened, Mr.. Nc
Millen moved the adoption of the bill on its
second reading.
Mr.. Lynch then spoke in opposition to the
bill. His remarks were heard SO indistinct-
" by the reporter as to prevent him from
giving an Ineligible report of them.
Mr.. McMillen: desire to call the atten-
ton of the Senate to one fact, which it seems
that my friend and colleague Mr.. Lynch),
and the honorable Senator from Claiborne
Mr.. Blackman), have overlooked in their
on this question. That fact is, that
when the State shall have subscribed for
this stock, and issued her bonds in payment
therefor, she will then be the possess0r of
something which has real value, namely:
railroad corporation. The presumption is
that that capital stock is to be worth, in
The near future, just what we pay for it. if
not more. Private individuals are doing
exactly the same thing. They are
advancing their money in the purchase of
stock for the purpose Of aiding in the COM
pletion of this road to Texas: and this bill
only asks that the State, which has more
interest in the completion Of the road than
my private individual can possibly have,
'hall put in her money for that purpose
md receive as an equivalent certain
property right in the capital stock of the
company. Now, so far as the question of
interest on the bonds is concerned, the
is that after one or two years
wo years at the utmost-have elapsed, the
'apital stock which the State will own will
'epay her, in the shape of dividends, more