New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-10
THE RAILROAD SUBSCRIPTIONS.
Correspondence Between Kennedy and
EeIfgnIau.


The committee of fifteen, IN calling atten-
ton of the letter from Messrs. j. g. w.
Seligman e. Co., and the dispatch of Thomas
Clark fone Of the firm of Boynton, Bush
nell & Co., contractors,) herewith pub
hshed, and which are Of SO encouraging
character, desire 10 sag few words in rela-
ton to the importance Of securing larger
subscription in our city. There is a fatal
apathy among many of our wealthy cltl-
zens, and a disposition to make excuses
that ought not to exist and your committee
can not conceal its appTehensions that the
subscriptions may not reach satisfactory
amount by which this great enterprise can
be made an IlndOubted success. Your CON-
rDittee therefore again make an appeal to
every one in our community to come
forward and give their aid. They repeat
that this is no ordinary enterprise and 10
common mode to complete a great work.
We are all deeply interested in having com
munication with Houston and Shreveport.
These works completed will place us in con-
nection with one Of the most growing poT-
tions of our Union, and with people whose
every interest and sympathy is with us.
With a portion Of our country that is now
seeking an outlet for their commerce by
railroad connections more than fifteen hun
Slred miles in length. They are asking for
a railroad to this city and promise us the
rich return of their large patronage. Shall
we refuse it The answer is with us.
If we will there can be no doubt Of the
result. We are not asked to subscribe to a
new project by taking stock which will be
swallowed up in first and second mortgage
bonds. but we have offered. to us first and
second mortgage eight per cent bonds and
the bonds Of your own State the interest
and principal of which will be promptly
paid at the low rate of fifty cents on the |
dollar. the money to be paid only as the
1-I boipr
per cent per AMMAN interest, promptly paid,
wlh be, when the road is finished, as good
as the Jackson railroad mortgage bonds,
now selling at eighty to eighty-fve cents
cash in the market.
If our people subscribe as they should. |
the road will certainly be completed
The branch road from Vermilionville to
Shreveport, under the arrangement with
Colonel Ward, will rapidly progress, and |
within the next twelve months our people |
can take the cars at Algiers and 90 to Hous- |
ton, Shreveport, st. Louis, San Francisco, |
or any portion Of the United States. We |
understand that the Southern Pacific road
will have 500 miles built in the next twelve
month. New Orleans, as she now is, is in a !
pocket. All the country is progressing IN
der the influences of new railroad enter
prises, while we are stationary or shrinking
In our commerce and prosperity.
Your committee ask that you will not let |
the golden moment be lost 1t is now or |
never. Your committee have worked dill
gently and with hope Of success, but they |
have met with many rebuffs and discour- |
agements, and in many instances where
they looked for encouragement and aid
They feel sure that if those parties would
put aside their prejudices and look into the
matter, they would become warm friends
and supporters OF the enterprise. The com
mittee have found good feeling among
the mass of the people, and many have
sought the committee for their small sub
scriptions
It may be that the committee have not
been able to call upon many that wish to
subscribe. Your committee are active bust
ness men, and can only devote spare hours
TO this work.
They desire to say that books can be
found at all our banks and our insurance
and railroad companies. If they wish to
see enc showing what our corporations are
doing, call at the New Orleans Mutual In
3uraDce Association, Charles Cavaroc,
president, and see the book that heads the
list with 100000 subscribed.
There are many of our corporations not
ret heard from, as there has not been as,
ret meeting Of their boards of directors.
The committee feel sure that they will all
10 their share in aiding this work.
The comlpittee hope to see by the time
Governor Sprague and Mr.. Boynton arrive
4 our city subscription that will Justify
he subscribers in requesting from the com
amy that local board of directors shall
,e established in this city to take charge of
he work and attend to the completion Of
be road
1t is quite probable that this can be ac- 5
as for the best interests Of all
arties concerned.
Let us try, and we beg to say, in concIu- 4
ion, come forward and subscribe subscribe
romptly, subscribe often. If you think
our first subscription too small, double it,
reble it, and your committee will accept
I advance your thanks that will be offered :
hen the road is completed, for having
iyen You an opportunity for not only doing
good thing for this State and city, but in
aving in your portfolios good security F
aging handsome returns.
Respectfully,
SAMUEL II. KENNEDY, r
Chairman of Committee. : !