New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-04
MEMORIAL OF THE CHAMBER Oh
COMMERCE OF NEW ORLEANS.
Praying that National Aid shall be Elk.
tended by Congress to she Texas and
Pacific Railroad Company.

| Praying that National Aid shall be Elk.
tended by Congress to the Texas and
| Pacific Railroad Company.
To the Senate and House of Representatives o: the
United States in Congress assembled
| The New Orleans Chamber of Commerce
respectfully represents:
That they are deeply concerned to leara
that the Texas and Pacific Railway Com
| pany. notwithstanding that the ultimate
resources of that work are valuable almost
beyond computation. have found that its
immediate accomplishment by corporate
means can not be effected with sufficient
| rapidity to comply with the public demand
The cooperation Of the federal government
becomes. therefore, necessary to the devel-
! Opnent of the national interests involved
| in the completion of the corporate under
| taking. These national interests may be
| thus indicated:
| !. A national highway TO tbs Pacific
coast, uninterrupted by snow, undisturbed
| by savage raid. located on more favorable
! grades, and throughout mora productive
territory. than any other.
.. line developing to American settle
| ment region of unequaled capacity for the
production of cattle, cotton. sugar and to-
baccO, and not otherwise accessible for want
! of navigable waters.
5. The most direct line of transit between
I the capital and great commercial centres of
tne Union ana tne GOastS Ob commercial
! Asia and Africa.
! L. A route penetrating by its main trunk
I and branches the richest States of Mexico,
! thus giving to the manufacturing and mer-
1 camille interests of the Union monopoly of
| commerce with these States beyond the
| possibility of competition on the part of
| foreign merchants, who can neither employ
| navlgable waters nor transltabe highways
/ from their ocean coast across the noun
= 81 -, ,,l, o,S &c
| terror Mexico. Thus the precious metals
| may be again, as formerly, sent from Chi
| huahua, Coahiula, Neuva Leon and New
| Mexico, through the territory OF Texas, to
New Orleans, as the nearest wholesale
| market, in exchange for the various manu-
| factures, imported and domestic, and sent
| also to other cities of the Union.
5. The attraction Of population will rap
idly fill our own territory, and not improb-
ably spread, by purchase and lawful ac-
| QUESTION. into States adjacent to our own.
The effect of this migration upon the power,
| wealth and development of the Union, is
only to be estimated by the result of simi-
lar expansion in its past his tory.
6. The expenditure:of national aid will
stimulate the employment of thousands,
now idle, and thus spread throughout the
| whole system of industrial circulation this
relief to unemployed labor, this demand for
| unstable surplus, is an incident of fair
consideration among the consequences
| which must follow the assistance asked at
! the hands OF the government.
In estimating the trade thus made acces-
sible, the value of the precious metals ex-
portable from the Mexican States of Sonora,
Durango, Guadalaiara and Guana uatO
alone, may be stated at 100000 900. To
thi. it may be added that the capacity of
these interior States to produce sugar and
l. Al
ting these products to market. The COM
prehensive statement statement ia made
that there are 9 600, 900 Mexican people with
an interior trade of more than $500, 900 900,
and foreign export and import trade OF
$55.OO0.O coo. all within five days rail OF Chi.
cago!
The government will thus see that the
completion Of this last link Of communica.
ton is alone wanted to place these great
elements of reciprocal interest in direct
connection with each other. Humboldt
said sixty years since that coaches will
one day roll between Washington city and
the city OF Mexico" 1t is your province to
realize this prediction.
With such demonstration Of undevel.
Oped values only awaiting the connubial
ceremony OF inter1narriage, does not your
honorable body perceive that in postponing
this cOnsummatiOn to the comparatively
slow agencies of a corporation however
powerful, Congress is depriving the Amer
lean people of the full fruits, which should
not be deferred one day beyond the posi-.
bility of completion? The production and
consumption of distant and accordant
countries now stand betrOthed before you;
viii! You withhold the parental blessing
that will at once facilitate and legitimate
their offspring! You have explored mine.
1t is Of inestima6le value. Will you, by
narrow economy. exclude yourselves from
its immediate revenue, OF will you by
prompt energy enter at once upon the
enjoyment of these values!
Your honorable body will not forget
that you may secure by few peaceful
words that which England has made wars,
expended millions and traversed broad
oceans to obtain. You will have access to
the trade of China, Japan and Australia.
You will place your manufacturers in close
commercial communication with the tropi-
cal countries. You will bring an India to
your doors. What prevents the immediate
consummation OF this simple yet gigantic
policy!
The Texas and Pacific Railway Company
have need of immediate aid. 1t can not be
obtained in the financial centres OF Europe.
because the faith of capital in American
corporate securities has been shaken By the
misad venture of another great transconti.
mental railroad company. This company
imprudently complicated its own specula.
tive enterprises with the business and
financial affairs of the whole conntrv, and,
indeed, of the whole world. 1t is unfortu.
nately true that even such enterprises as
that of the Texas and Pacific Rail way Com.
pany have suffered from the general dis.
trust that has followed the panic of 1873.
Your memorialists have thus recited the
motives which should, in their Judgment,
induce the government of the United States
to aid the Texas and Pacific Railway Com
pany by granting the government guaran-
tee for the periodical payment of five per
cent interest on the bonds of the company
upon the terms proposed by them, at as
early day as may be compatible with the
forms of deliberate legislation. They expect
Congress to examine carefully the re-
sources and securities offered by this COM
pany, and to protect the government against
the possibility of fraud or failure in the ap-
plioation of the funds to be thus provided
directly to the purpose for which it is
asked.
Your memOrialists commend this object
to Congress and confide in your wise intee
rity to protect the public against any pos
sible repetition Of the national shame in.
vOlved in the Credit Mobilier application.
The aid asked in this case is vindicated by
the reasons assigned, but it should be go
bestowed and applied that no mercenary
motive can be assigned to its advocates.
Every member of Congress must be enabled
to hold up clean hands before his consti-
tuents and invoke their grateful blessings
for vote which has placed them in present
possession of commercial empire-an en-
pire for which the world has contested for
centuries and which will have been secured
by judicious national aid, without one drop
of blood, one stain of fraud, and, as your
memorialists sincerely believe, without the