Semi-weekly Louisianian., 1872-01-21

The grant was conditioned ON its forma
acceptance by the State, and in complianc
with the terms on which it was made.
The State accepted the donation by ac
OF the Legislature, approved March s
1859. This act designated the Governor
the Chief Justice and a commissioner, I,
be appointed by them, to act in behalf O
the State. Senator John Lynch was ap
pointed commissioner, and the commission
thus formed received from the Secretar,
of the Interior scrip for 200, 92O acres
The State should have received 2lO,OO(
acres, but there is provision in the act
making the grant which provides that the
scrip shall be issued in denominations Of
one hundred and sixty acres. The COM
missioner of the general land Office in
Washington therefore refused to issue
scrip for the eighty odd acres due Louis
lana.
The scrip was sold at eighty-seven cents
per acre, as high, if not the highest price,
| believe, received by any State at that
time for scrip thus issued.
The 209, 920 acres sold at this rate gave
net, after deducting $317 81 commission
paid in New York for delivering the scrip
there, s132,313 Os. This amount, in COM
pliance with the act of Congress, was in
vested in Louisiana State bonds, as fol-
lows:
$3.50, 900 Louisiana State six
per cent bonds at GA cents. $3.50, 600 90
$50, 900 Louisiana State six
per cent bonds at 81 cents. 21,96O 90
$3.50, 600 bonds for. $181, $50 90
This leaves balance to the credit of the
commission in bank of 1858 O3. It is
hoped that this amount will be increased
by interest falling due next month, on
bonds already bought, to an amount suffi-
cient to enable the commission to buy
S14, 900 more bonds, and thus swell the
fund to 100000 in six per cent bonds
This will give an annual income of
$4,000 to be used in sustaining college
in the interest of agriculture and the
mechanic arts.
The commission will make 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 dis
posed of and the proceeds invested 1t is
to be hoped the Legislature will be equally
wise in devising plan for the establish
ment of the college. As this subject is one
fraught with such interest to the State,
as it furnishes an important aid
in giving completeness to the educational
system, bespeak for it your most careful
RAILROADS.
/ am encouraged that your faith in the
New Orleans, Mobile aud Texas Railroad
Company is about to be most literally re-
varded, and that, notwithstanding the
most violent opposition at home and
lbIoad, We are to have speedily construct
/ railroad from New Orleans to Houston,
n Texas, and another to shreveport, in
,ur own State. At one time it was feared
hat the enterprise would prove failure,
md that we should lose the large sums al.
eady advanced in aid of the company.
N Europe and in all the money centres
If our own country, the appearance of a
circular, numerously signed by the friends
md partisans of opposition railroad inter-
sts, having for its object the depreciation
# our credit in order to defeat the negotia-
ion of the bonds given by the State in aid
If the company, caused temporary en-
and came near defeating the |
Enterprise.
The company, for this reason, was forced,
or time, to suspend work and, indeed,
he payment of its employees. The
tockholders have, however, recently met |
nd subscribed for the bonds among
themselves, the whole amount being
eadily taken. In addition to this,
1r Charles Morgan, owning and con-
rolling the rival railroad interest, has been
Induced to compromise his opposition and
D unite with the company by subscribing
Dr. large part of its stock and securities
By this combination, we shall secure
lore speedily than was anticipated, not
My the road to Huston, Texas, via
and Vermilionville, but
lso a road from Berwick's Bay, via
ermillionville and Alexandria, to
hreveport
l deem this the most important epoch
4 the history of our State, and if we can,
S believe We shall, at the close of our
administration, be able to point at the
chievement of these two great enterprises,
shall feel that We have done more for
ne material interests of the people than
ould have been expected at the COM
even under the most favorable
uspices. The wisdom of your legislation
n the subject will be fully vindicated, and
he aid, at one time believed to be extrav-
CANT, will be approved by our whole popu-
ltion.
The New Orleans and Northeastern
.ailroad Company, the New Orleans Me-
liria aud IaEo Rn.lrool 4lo |