Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-02-09
RAID ON THE TREASURY.
The Big Jobs of Public improvements
The Memphis and Eert Royal
EarrOw-Gauge Railroad.
Ehe Atlantic and Great Western Canal.
And Tennessee, 0cmulgee and
COOsa River improvements,
Etc, Etc.
From The Chicago Times.l

From the Chicago Times.l
WASHINGTON, February 3.-The
southern and western members of con-
gress have been for some time en-
10 Internal improvement projects. 1t
is now completed, and will be introduced
reference to the Atlantic and Great Western
canal, but is intended as basis on which aid
can be extended to other enterprises of a like
nature. The bill provides that on the compile
tiOn of ten miles of said canal, the secretary
of war shall so certify, and the secretary of
the treasury is thea authorized to certify on
the face of the first-mOrgage bonds, to be is
sued in aid of the canal company to the eX-
tent of eighty thousand dollars per mile, that
the work has been completed in accordance
with requirements, etc.
THE BONDS
thus certified are then 10 be deposited with
the comptroller of currency, who shall issue
currency upon them not to 6ed the face of
the bonds. The company IS required TO de-
posit annually one-sixth of this currency, to
90 toward the REDEEM ptiOn of the currency
thus issued. This currency, as fast as with.
drawn is to be cancelled, with its equivalent
in bonds. The bill further provides for the
redemption of all the currency issued under
late tolls on the canal, which are not TO eX-
ceed five mills per ton, so as to meet the pay
ment of interest on the bonds and keep the
work in repair. The whole work is TO be I'M
der the esuperintendenoe of an officer of the
engineer corps, under direction of the secre-
taTy OF war, until the whole debt is extin-
the right OF way through the public lands. 1t
also provides for the improvement of the
TENNESSEE, OCMULGEE AND COOSA
RIVERS,
and authorizes the secretary of the treasury
to issue for this purpose currency notes OF the
United States not to exceed seven million dol
lars. This sum is TO be held and expended
under the supervision of the war department
as other river and harbor appropriations. To
redeem this currency by gradual retirement.
the secretary of the treasury is authorized to
through any canal or lock necessitated in the
improvement of said rivers. This toll, which
is not to exceed five mills per ton, TO be so
regulated as to eXtinguish the debt thus in
Cured in sixteen years. The Improvement OF
the
OHIO, FOX, WISCONSIN,,
and other rivers, is proposed TO be carried out
under the same general plan. The amount OF
currency required for THESE purposes is esti-
mated at sixty million dollars, which the
friends of tiie bill say would go directly into
the hands of the laboring men, and from
them to those who raise produce. This ex-
penditure, It is claimed by its Originators,
would also make the money market easy, to
say nothing of the impetus which would be
given TO trade and commerce by the opening
up of these great natural water lines; and the
provision for the gradual withdrawal of the
currency so issued, when the pressing neces-
sity is over, could produce no violent cOnvul-
sion in the money market, as would be the
case with q sudden contraction.
A subcommittee of the house committee on
roads aud canals has charge of railroad
measure, Jne importance OF WHICH Is HJlle
understood outside OF the committee-rOom.
1t is plan to connect the marrow gauge rail-
way system that has come into existence west
of the Missouri river, with tue seaboard, and
to furnish new outlet for the products of the
west. 1t is proposed to stretch narroW-gauge
line from DeavenMorth to Port Royal,
South Carolina, and from the Mississippi
river near Memphis, where the line would
cross the river, TO the sea coast. The route
is very good one, avoiding the mountains,
and could be built for twelve thousand
dollars a mile IL would pass through
the wonderful coal, iron and limestone region
of North Alabama. The harbor of Port Royal
is well known to be the finest in the south,
and there are excellent facilities for CON-
mercial city. The Ioute through Missouri
would be difficult, but the difficulties would
not be insurmountabe. In connection with
this route, nsrrOw-gauge line from Central
Illinois is proposed, running south across the
State OF Kentucky. This line could be built
and put into operation in three years. At
present there seems to be little capital inter
ested IN the enterprise, but the members of
the committee are greatly Impress q with the
feaslb bllity of the scheme, and whenever 1t is
substantially supported, an act of incorpora-
tion will be reported.