The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-11-12
A RAILROAD 10 TEXAS.

] 4 RAILROAD 70 TEXAS.
The proposition emanating from the Chan
Der of Commerce for the encouragement of
railroad to Central Texas by the people {
New. Orleans, as taxpayers, was not acte
upon by the Witt council, though hearth
favored by its members On the eve of re
firing from Office, they probably felt a deli
cacy in moving in SO important matter, an
it lies over to be acted upon by their success
sors under Mayor Leeds.
The proposition, as embraced in an ordi
nance which the City Council is asked t
adopt, is substantially as follows:
That the organization of the New Orlean
and Texas Western Central Railroad Com
pany, which is already chartered, be com
pleted. This company may, upon the com
pletion of ten miles of roadway crack laid
issue its first mortgage bonds thereon to al
extent not exceeding twenty thousand dollar
per mile; and it may SO continue to ISSUE
such bonds upon the completion Of each te,
miles Of road.
With these provisions (and others) the city
agrees to assume and pay for ten years the
interest on only two and half millions O
the company's first mortgage bonds on com
pleted road, or say two hundred thousand
dollars per annnm. The road com.
pleted to the Sabine will cost between foul
and five millions. To provide for this inter
81 f,,pA cv,ooio1 TOW of Wills <1v,c
dollars on each one thousand dollars of all
objects of taxation in New Orleans is asked
for.
There is no law under which the City Coun-
Gil may pass and give effect to this ordinance,
but they may pass it Professionally and sub
ject to ratification by the Legislature. Refer
ence is frequently made to the unfortunate
history Of so-called similar projects; but the
features Of this enterprise certainly give rea-
sonable guarantees against repetition of
these unfortunate experiences.
Because money has been sunk in railroads
are we to argue no further effort is to be made
to hold and extend our commerce by such en-
terprises? The jackson and the Opelousas
roads, but for the disastrous issues Of Che late
war, would have been magnificent successes in
all respects. Any one at all conversant with the
history Of these roads knows that any loss to
any interest growing out Of these roads was
directly or indirectly due to the war. For
disasters and failures in other cases we are
debtors to causes and circumstances against
which, guided by experience, we can readily
guard ourselves in future.
in this project to be given only as tho road is
No road, no help. It strikes US
hat the manner of giving or applying the
proposed aid is good, and is, in itself, pro-
vision and guarantee against public loss by
allure of the enterprise. 1t is well known
hat the heavy loss to most railroad enter
,rises, and that which ultimately destroys the |
'alue Of stock in new company, is the pay.
nent Of interest on bonds issued before the |
Dad beginss to earn q revenue. Railroads
re very seldom in this country built from an
original cash capital in handy This loss
must befall some interest, and virtually it is
that it be distributed and made to
'ear, not upon real estate alone, but upon all
bjects Of taxation in the city.
The leading merchants and largereal estate
wners Of the city whose names are recited in
be list of incorporators Of this company GER
sinly challenge the respect and confidence of
be community. They propose by stock SUBJ
criptions to build the road They do not
* the city to build it, or indorse bonds, Or
sue bonds. or CONS under any responsibility
'creasing the city debt They propose to tax
,eir own real estate and capital, and then go
eyond this and subscribe to the stock of the
,ad to q sufficient amount to put it through.
is exclusively home enterprise. The uncom-
eted enterprises and wrecked plans Of roads
Texas warn us against further reliance on
Zip from abroad.
In gathering up our home resources for an
fort Of this kind, we are forced to consider
special manner, that large real estate in
rest, owned by non-residents. 1t is not fair
equitable that the enterprise, public spirit
ID self-sacrifce of our citizens, who take !
Id of this work, should be made tributary
the selfish policy Of an interest which is
to q large extent, an absolute ,
to our commercial prosperity. It !,
one of many good reasons for the proposed
Z.
We shall have more to say on this subject, O
d meantime We heartily and cordially en- s
rise the plan, and commend it to the favora- a
. attention and confidence of our readers. t
d especially to the incoming City Council v
The following named gentleman, than whom t,
rtainly there are none more representative n
Trustworthy. are among the incorporators S
the enterprise: k
l. N. Marks, W. B. Schmidt, W. S. Pike, g
hn Henderson, P. Irwin, James J. Day, "
hn Phelps, J. G. Morris, L. H. Gardner, H. Il
Seixas. A. w. Bosworth, A. Moulton, E. e.
Wheelock, E. A. Tyler, NJ. NJ. Simpson, a
J. Hart, R. 8. Morse, Edward Conery, P. c.