The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1872-01-13

| of Louisiana land scrip amounting t.
f 10000 acres, for each member th
: State had then in Congress.
: The grant was conditioned on it
formal acceptance by the State, an,
! in compliance with the terms on whicl
it was made.
The State accepted the donation b,
act of the Legislature, approved Marcel
5, 1869. This act designated the Gov
; ernor, Chief Justice and a commission
er, to be appointed by them, to act il
behalf of the State. Senator Johr
Lynch was appointed commissioner
and the commission thus formed re.
ceived from the Secretary of the In.
terror scrip for 200 800 acres. The State
should have received 100000 acres
but there is provision in the act
making the grant which provides that
the scrip shall be issued in denomina-
tions of one hundred and sixty acres
The commissioner of the general land
office in Washington therefore refused
to issue scrip for the eighty odd acres
due Louisiana.
The scrip was sold at eighty seven
cents per acre, as high, if not the high
est price, | believe, received by any
State at that time for scrip thus issued.
The 209, 800 acres sold at this rate
gave net, after deducting $317 81 COM
mission paid in New York for deliver
ing the scrip there, $182, ,313 03. This
amount, in compliance with the act of
| Congress, was invested in Louisiana
State bonds, as follows:
S25O,00O Louisiana State six per
cent. bonds at "a cents. $3.50, 900 90
$36, 900 Louisiana State six per
cent bonds at 81 cents 81 $3.50 90
$685. 600 bonds for $I8l, $3.50 90
This leaves balance to the credit
of the commission in bank of 1888 03.
1t is hoped that this amount will be
increased by interest falling due next
month, on bonds already bought, to an
amount sufficient to enable the COM
mission to buy $4,000 more bonds,
and thus swell the fund to $500, 900 in
six per cent. bonds. This will give an
annual income of $4,000 to be used
in sustaining a collegeain the interest
of agriculture and the mechanic arts.
The commission will make a full
and detailed report to your honorable
body at an early day.
The State is to be congratulated on
the manner in which the scrip has
been disposed of and the proceeds in
vested. 1t is to be hoped that the
Legislature will be equally wise in de-
veloping plan for the establishing of
the college. As this subject is one
fraught with such interest to the State,
especially as it furnishes an important
aid in giving completeness to the edu-
cational system, bespeak for it your
most careful consideration.
RAILROADS.
/ am encouraged that your faith in
the New Orleans, Mobile & Texas
Railroad Company is about to be most
l literally rewarded, and that, notwith-
standing the most violent opposition
at home and abroad, we are to
have speedily constructed railroad
from New Orleans to Houston,
in Texas, and another to Shreve-
port, in our own State. AT the
time it was feared the enterprise would
prove failure, and that we should
lose the large sums already advanced
In aid of the company. In Europe
and in all the money centres of our
own country, the appearance of a cir
cular, numerously signed by the friends
and partisans of opposition railroad
having for its object the de-
probation of our credit in order to |
defeat the negotiation of the bonds
given by the State in aid of the COM
pany, caused temporary embarrass-
ment, and came near defeating the |
The company for this reason, was
forced, for time, to suspend work, |
and, indeed, the payment of its en-
ployes. The stockholders have, how
ever, recently met and subscribed for
the bonds among themselves, the en-
tire amount being readily taken. In
addition to this, Mr.. Charles Morgan,
owning and controlling the rival rail-
road interest, has been induced to
his oppoiition and to
unite with the company by subscrib
ing for large part of its stock and
Its securities.
By this combination we shall secure
more speedily than was anticipated,
not only the road to Houston, Texas,
via DOnaldsonville and Vermilion-
vile, but also a road from Berwick's
Bay, via Vermilionville and Alexan-
1rja. to ShrevenOrt.
deem this the most important
epoch in the history of our State, and
It we can, as / believe we shall, at the
close of our administration, be able to
point to the achievements of these two
great enterprises, shall feel that we
have done more for the material in
terests of the people than could have
been expected at the commencement,
even under the most favorable aus
pices. The wisdom of your legisla-
lion on the subject will be fully vindi-
lated, and the aid, at one time believ-
ed to be eXtravagant, will be ap-