The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-03-05

We nave already given the substance OF
the memorial now before Congress, for the
relief of the Texas and Pacific and the At
lantic and Pacific railroads. The memorial
states that the construction of these roads
has been arrested by financial embarrass
ment, and asks authority for so changing
the course of both roads that they may
come together on a grand trunk line, some
where between the thirty-second and
thirty-third parallels, The abandonment Of
the separate lines will save fifteen hundred
i1iles of road, and restore to the United
States thirty million acres of land granted
under the charters of the two roads. They
ask, in lieu of this surrendered land grant,
and no other considerations, that for each
section of twenty or more miles Of continu-
Gus road, constructed and equipped by
either company, the Secretary of the Treas
ury, in the name of the United States, shall
guarantee the interest Of five per cent in
gold on bonds to be issued by the company
for road constructed in plain or open cOun-
try, say for one half of the road authorized,
at the rate of $50, 600 per mile, and for
rough and mountainous country $40, 600
per mile, and an additional $4,000 per mile
to be issued by the company and deposited
with the Secretary of the Treasury until
after the completion of the road which each
company is authorized to build.
Though commenced little more than q
year ago, the Texas and Pacific Company
has now in operation 315 miles of road, to-
gether with 222 miles partially constructed
and in various stages of completion, and the
Atlantic and Pacific, including the line
from St. Louis to Springfield, has in opera
ton 36S miles of road.
1t will be perceivedfthat the relief asked,
fho .,orfi al 80 ft, kx,s,
roads is concerned. is in the line of econ
omy, while the financial relief is simply
guarantee by the United States government
of the interest OF tile five per cent. bonds,
which guarantee Is secured by first mort
gage to the government Of the entire road
and its land grants. There could under no
circumstances be default for more than
one years interest, as the government
would have the right to foreclOse the mort
gage, and sell or take possession of the road
under the first default incurred.
This seems to be very small measure of
relief when compared with the lavish as
sistance rendered to other Pacific railways.
The last report of the Secretary of the
Treasury shows that the United States gov.
eminent has already paid about 500, 400, 600
for interest on guaranteed Pacific Railroad
bonds, besides being liable for over sixty
six millions as the principal Of these bonds.
The present memorialists ask no guarantee
except for interest A matter so sectionally
equitable, in consideration of the immense
Northern donations and guarantees, should
command the unanimous vote OfOur South
ern congressional delegations.
1t is an admitted fact that the railway
transportation of bulky freight for long dis
tances cannot be effected as cheaply as by
water transportation. IL is further demon
strable that the value of an inter-oeeanic
railway to the commerce of the world is in
inverse proportion to its length. Estimated
by this test, it is clear that of all the
projected or completed railways across this
continent the Texas and Pacific is by far
the most valuable, bringing, as it does,
the ports Of the two oceans practically So
much nearer to each other The distance
from New York to Puget Sound, Via the
Northern Pacific Road, is 1916 miles; from
New York to San Francisco, Uia thee Union
Central Pacific, 1888 miles; from New Or
leans to San Diego, via the Texas and Pa
cific, 1900 miles. It win thus be perceived
that the difference, as compared with the
Northern Pacific route, is 1746 miles; ms
compared with the Union Pacific, it is 1888
miles. a
The saving Of distance by the Texas and
Pacific route from New York to the Pacific,
even when compared With the Union Cen
tral Pacific, is no less than 299 miles.
These facts and figures show the impor-
lance Of the Texas and Pacific road to New
Orleans. Indeed, New Orleans is more in
terested in its speedy. completion than any
other Atlantic or Gulf city, and the Louis
lana delegation in Congress should see TO II
that all sectional arguments against the rea-
sonable aid now solicited shall be fully
answered. When 50 much has been done
for Northern roads by Congress, surely the
claims Of our Southern Pacific road should
not be utterly ignored. It should be re-
membefed, in this connection, that the COM
pleted portion Of the Texas and Pacific road
has been constructed entirely by means Of
private capital. IN o. Times.