The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-20

An Extensive Plan for Solving the Prob
lem OF Interstate Transports tiOn-Safe-
guards for the Objects OF tho Proposed
Roadway-The Shares 10 BE Sold Only
for Cash-Nuti0nal Control of Half the
stock.
WASHINGTON, Jan. 10, 1874.
While the majority report OF the Committee on
Railroads was adopted, out Of Difference to the
strong expression Of the minority against the con-
Of Congress exercising eminent do
main within an organized State, the following
statement and resolutions were referred to the
permanent Committee on Railroads OF the Ameri-
can Cheap Transportation Association, which con-
Guided it's session ON saturday.
II there Is any doubt about the cOnstftutionality
of Congress building a national freight railway
there is q remedy Immediately at hand which Is not
liable to the charge OF treadng upon disputed con-
stitutlonal ground TINS Ii furnished Dy t1e REQ
by the consolidation together OF state railroad
charters different States SOFAS TO form one inter-
state corporation, having ample corporate power
to construct
CONTINUOUS RAILROAD FROM THE ATLANTIC SEA-
BOARD TO THE MISSOURI RIVER
It proposes to construct grand trunk double
track freignt railway rom New York Harbor to tue
Mississippi or Missouri River, on q central route
convenient Tor extending branches therelrOm 10
Chicago, ST. Louis, Cincinnati, Toledo, C!eveland.
Baltimore and Philadelphia so that all the great
In It, thereby making 1t as near national high
way as any one line can be. It's corporate ma,
has been with e tor a SSS
transportation, free highway, open to ali.
power. , This' company has been gotten up
by some gentlemen having large coal and iron In
transportation TO the seabord and to the grain
producing regions of the West Actual surveys
show the line to be the most direct for such
GRAND CENTRAL HIGHWAY,
with crossing OF the Allegheny Mountains, ad-
mitting OF lower grades and cheaper construction
These gentlemen offer the control or this COM
pany to the general government or to the friends
Of Sneap Pr cs es f0
It, only requiring that 1t be used IN the interest OF
cheap transportation.
ONE OF THE SAFEGUARDS
which are to be thrown around 1t Is that no bond
or mortgage shall ever be placed upon the road
ana that hone of its stock shall ever be 500 except
for the cash, to be paid into the treasury OF the
company. The safeguards are secured by placing
share, more tnan half OF the stock, IN trust to
be voted by proxy to be named by the President
OF the United States, the Boards OF Trade OF CHI
cago, Cincinnati and ST. Louis, the American Cheap
Grange OF the Order OF Patrons OF Husbandry, each
having one vote, and majority OF the six being
which the proxy SHAH vote this stock is prescribed
In the deed Of trust so that it can never be voted
except IN the interest OF cheap transportation
Twelve leading corporation lawyers OF the country
have pronounced tnat
THIS TRUST is LEGAL AND INyuLNERABLE
To raise the funds with which to build this
gested that the stock be sold at par,
only the proceeds to oe deposited IN the
Treasury OF the United States, to remain
there until $4,000, 900 ls thus made up, and when
that amount is made up that the number OF miles
of road, commencing at New York HarbOr, which
such SIS, 0OO 900 will build, shall be put under con-
tract TO the lowest bidder. Then another allOt-
ment of S. 600 shall be made up, to build in like
manner another section, commencing at the end OF
the first, and on additional allOtments and sec
lions to the Missouri River. II any should desire
CONGRESSIONAL AUTHORITY
In addition to that contained IN this Interstate
precedents for Congress to enact that 1t shall be
also corporation OF the United States, with such
additional powers and restrictions as may be In
serted in the enactment the company accepting
the restrictions
That cheap transportation may be brought down
to the minimum OF possibility, the three loot gauge
is suggested; but 1t IS not essential that the
standard gauge should be departed from by the
Peoples Freight Railway Company.
RESOLUTIONS.
Resolved That railway company, created by console
dalton together oil the state railroad charters in different
states as to form one corporaton having
ample corporate to constr continuous railway
from Atlantic aboard to the Missouri River affords
medium through which the general government or the
friends of cheap transportation MAJ construct aid III
constructing national highway without venturing upon
Resolved further, That such Interstate corporation
whose corporate machinery provided with proper and
ample safeguards protect and its roadway in
the interests cheap transportation, which offered
without price, free from Indebtedness or pecuniary or
other claims against it, and without embarrassing COM
and the trends Of cheap Transportation p,.., p.,,,
Company appearing be such interstate corpora
ton described in the foregoing two resolutions the
Chair do appoint committee Of five gentlemen to ex.
report President OF this Association whe in
their opinion it furnishes proper medium through
their power and efforts speedily effective.