The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1874-02-26

Mr.. Everett moved to strike ont Judi
ciart" in the resolu N ami insert "Sp -ciaP
CsHn'piTTte hf tive Car i:fl
The + e ielent appointed VI ssrs. Sullivan.
Everett. Carter, Gray and Mendenhall a.
aid committee.
MESSAGE FROM THE aoVERSoR.
STATE OF MISSISSIPPI
| EXECUTIVE DFPAKTME&r
JACKS Miss -, 1874
To thu senate aud House of Representa-
GENrLEMSE: I recommend the repeal OF
so much 4 an Act entitled an Act tn aid ia
The construction of the VickSbu'g and
| Nashville abroad approved pril Is. 1873
~ surrender t. the Eick-hnry aud NASH
Vile Railr.ad Company. VI der certain con-
ditionS. trust funds known the three per
"eht- and the ag' Eenl:ural land scrip, which
amount to som" 1920 900.
| also rscnlD men the repeal Of 80 much
81 m Acf entitled Act % amend the sew
'Tal Acts now in fbrcP cure rning rIt,
Grenada Ii'u>'on aud Eastern r .itroaa
Company. and tar - her purpose, = y Ir,.V ii
January IL, 1872. a txemp-s said Rail road
Company aud LIS acquisitions from taxa
| lion.
The agricultur Il and ,cript fund was re-
cen ~ b slowed ny the Uui,rd States 10 con-
sii'u'ea !wrpet III tu',d, the capitalaut which
! shall remain f"rrv r undItIiui>hpd. and The
| Interest OF which shall he iuviollhly pir.,-
| priat-d by each State. which may tak. and
III ~, supp r. an IN 'iuIenanee of at leasi
| Dn- agricultural college.
The State authorized ut the sam.
| r,m' "a invest this mud in took of n
| u "ited State. "r of the SsateS or some
| other safe stocks :" Has she q .ue -?
Tn" railroad company 20 which this fuul
] Is i,rop'std to b. surrendered, has u.,t com
/ Dlet+d Slnge mile o rad. As prof .ctp.I.
il wilt, when com ,lpgeG. .xteHl SIN $50
| miles in this State, and about 100 NILS ~
/ the State of Tennessee, making a rorat
| length of some 400 miles. The section now
| b1iay worked on. is between OkuIona on |
! The NJ bile aud OHIO Railroad. and Gr,nad,. |
on the MiS>isSippi Central X tilr ,ad, a di>-
lance OF -ome 65 mites. l i a--ertrd thai |
s'me twenty miles are now ready for the |
iron.
judging bv its progress to the present |
time. numher Of years must elauSp before |
these tx ytive miles can b Completed and |
i'm a condition tn ply i'trr"St on its bonds. |
Were it IN working ortlrr tu-aiay beta reu |
OkolOna AMI Grenada, it would ran through |
but one county untr.VeT-rd ny railroads. |
and would be but feeder to two great /
rOa"s
| Southern TERMINUS is some two hum
lrei miles from the Gull ot Mexico. aud at |
almost equi-d distant Intervals the road i in
| ters"cteo br these rich and powerful line,
well established and ia successful opera
ton.
Tue history of railroads has taught that |
only through ads ~ hich carry the pro- /
dues OF a couoty NAarket -ucceS-ful, |
and especially l. this tte case la Spar~ely !
Seri lei sections: and II has also taught THAI !
new roads are rarely, il ever, able "a meet
the lawful demands OF stock and bond |
holder.
Isa proper railroad like this, one bur lit
tie IN ire nan Or ] L eel. i SAFE instrument |
l. it one bar eau. in any seASonahl' TIM. |
from it, Legitimate business, p4v an intprrSf
of 8 per cent. 10 its bon l-holder~? l. iC an |
instrument from which the 3riuci pal an b. /
Withdrawn at wilt? II nor. it c'-rtrinly =
not the best instrument that could be made /
nor even a safe one.
In the consideration of this subject. il |
must not be forgotten that the V. n y, II r !
is not railroad in realiry-it is but pro-
iecLPd one.
0 serve the security extended nv that |
company to The State. Four hundred (4u0) |
miles Ut road at $3o, 900 per mi.e, supposed I
ia be- tair eStima = when com pleted aud IN |
good ru..ring order, wilt east twelve mil /
lions of dollars (Sl2 000O0O.) The Stat is /
expected IL advance Io The road $5?0,00O. /
and receive in return, the note of the COM
pnny SECURED by first mort gage bonds 20 tie
~, e amount. Can this note h.. regarded |
aS safe stock p Could the United Stafes
IN be,t"Wing This fund tor the education OF
our youth have com plcted such an invest
mem
The firSt-mortgage bonds proposed as
collateral security, cannot be dFrned of
much value, for o her tirst-tn .'rtgage bonds,
10 h" amo.uL of some ten mi lions ($l0.-
OOO, OOO). may he issued. La Tact the law
places no re friction upon the amount OF
-urh hond-.
Tue experience of the State in aiding "a /
roads with its trust funds has nor ben OF
such n character a. To- cause its lax payers
10 contempt te the If cts Of thi, law with
any very lively satisfAcrion-
In our reasoning a To the SGfetg of This
investment, we should not neglect TO con-
slider should it remain unrppeal"d The posi-
Bile action of some future legislature, v h' n
this company, in days of adverslt, appears
before it. and pleads p'verry or misfortune
.
p..nd on the sum eff S320.0J0 exp. ct-d from
the State. which, though ms ghiiica"t a.
compared Co the cost OF the road, i highly
important to the state. To withhold
il cannot emharraSs the road or imprde it.
progress. However. ii it should, then the
sstocks" of the Vick~hurg and Nashville
Railroad cannot b. regard q n SAFE. and the
sooner the tact Is known by the people vino /
are paving taxes I'D the interest OF the r''ad,
tn. better
We shnuld be. If possible. more cautiouS
and circumSpecC in the disposition of the |
funds Ell the STATE than with our own. Ar
We prepared as individuals. to invest our /
own funds in this enterprise?
By the TigiI.al charter. AMI by the Act of
January q. 1872 heretofore referred IN, tht
road i author 81 10 buy without re>tric- |
ZION or limita,i"n. and all it, property aud |
arouiSitiaIS. 1T wli1tevrr characi er, shall he |
..x1tmpt from tax zion for thirty years, "r /
TIL the rs,ad Slial paw slivld.-IId OF eight |
.,er cent. tn ills p,k-hOlilPrs-
Under such l5roVi-iHhS sll thu roads in the |
~ arp eau b. consolidated, aud their entir. /
wealth. amou"tin9 ~ a tenth or ii TN of the |
ar .nprtv of the SL4te wnul betx"mpr from /
rAxation. Aud This tsIo. though 0'ily a small |
ctiou uf thu AL in whose in srt'-t this " /
waS t,..<s,.sI. sh uItl be hull. Wao can fare /
s..e IN AZ 81 n carp ratio : wonlI delay far /
many Il year tiIe a,i,oun '-In mt that the /
>tm kht.lsi4-rS tn be piil .livialen J o. /
nrr cent. AID with Srlch announcements ex- |
d Sc th. ir IN Ii rs ro tax 'ti"n-
Ra;ir,aa-. when friendl v t. thA people, are |
If i.e- tim able " tn age; hat when u~e'l th
ont,rt.Sss tn. IA are quite the rev. rs''. LIT
tiIs law 81 .rrf AID Gtl.-r- will ssring from IL
a corporation which. If rulrEl by the spirit ot |
the iesi~la'i which gave it birth. WI, s''on-
+r or later blight, If MT ds-StT..y, neatly ev-
ery ether interest of the state.
The state siIouId prtsEes:t self now. when |
,hayask Il 20 estSv anil NOT l4ave IL To fh- /
penple. at some future day. when Outraged
and iudi ynant, to rise IA their wrath ana
show that what hey or are shall not De su-
Dt.rior to themselves, the creators.
The law which exetBpis the property OF
this road from taxatipn l.. in my opinion,
Unconstitutional. The G institution reads ~
follows: the property of all corporations
FIR pecnniary prod s shall he subject tn tax
.ti,n the saIElt. a. that of individuals LII
se.ks 10 accomplish hy iudirretlon or tnva
-, ,s,a.k i -, ,,lafrlv forbidden. The peo-
| ne I.,ho asloptrl the Constitution. and bear
| the bu reitn 1f supporting the Government
| will never consent to such y Migrant VfeIa-
| tion of il Ifany are to be reiieYed from
taxatinn, let IL be the poor rather shan tns
/ rich and powerful. ,
| nrnyptr. mrs. but no true friend of the state
| or progress. can ak that ,unwise aud uncon-
Il xva sl,AII fnd a Dl4eA our stat