Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-06
BIG JOBS.
An Impending and Comprehen-
siye Raid on the Treasury.
The Atlantic and Great Western Canal
-Nerrow.Gauge Railways from h
Iinois and Kansas to the seahoard.

The Atlantic and Great Western Canal
-Narrow.G auge Railways from h
Iineis and Kansas to the seab0ard-
From the Chicago Times. n
WASHINGTON, Feb. 3.-Thc South
ern and Western members of Congress
have been for some time engaged in
preparing a bill extending aid to inter-
nal improvement projects. 1t is now
completed, and will be introduced In
both Houses at an early day. 1t has
special reference to the Atlantic and
Great Western canal, but is intended
as a basis on which aid canb De extended
to other enterprises of a like nature.
The bill provides that on the compile
ton OF 10 miles of said canal, the Sec
rotary of Var shall so certify, and the
Secretary of the Treasury is then au-
thorized to certify on the face of the
frst-mortgage bonds, to be issued in
aid Of the canal company to the extent
Of $4,000 per mile, that the work has
been completed in accordance with re-
auirements, etc. The bonds thus certi-
fed are then to be deposited with the
Comptroller of the Currency, who shall
issue currency upon them not to ex-
ceed the face of the bonds. The
company is required to deposit an
nually one-sixth of this currency, to go
toward the redemption of the currency
thus issued. This currency, as fast as
withdrawn, is to be cancelled, with its
equivalent in bonds. The bill further
provides for the redemption of all the
currency issued under this act in Is
years. Congress is to regulate tolls on
the canal, which are not to exceed 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 under the superintendence of an
officer of the engineer corps, under d.
rection of the Secretary Of War, until
the whole debt is extinguished.
The bill gives the canal company 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 $1,000
600. This sum is to be held and ex-
pended under the supervision of the
department as other river and har-
Dor appropriations. To redeem this
currency by gradual retirement, the
secretary of the treasury is authorized
to collect a small toll upon any vessel
passing through any canal or lock ne
cessitated in the improvement of said
rivers. This toll, which is not to ex-
coed five mills per ton, to Ibe so regu-
lated as to extinguish the debt thus IN
CURED in sixteen years.
The improvement of the Ohio, Fox,
Wisconsin, and other rivers, is pro-
posed to be carried out under the same
general plan.
The amount Of currency required for
these purposes is estimated at S60,000,-
600, which the friends of the bill say
would 90 directly into the hands of the
laboring men. and from them to those
who raise produce. This expenditure,
it is claimed by its originators, would
also make the money market easy, 10
say nothing Of the impetus which would
be gwen to trade and commerce by the
opening up of these great natural water
lines; and the provision for the gradu-
al withdrawal of the cufrettcy so issued; |
when the pressing necessity is over,
could produce no violent CONFUSION in
the money market, as would be the case
with a sudden contraction.
The report of the Senate special COM
on transportation has not yet
been agreed upon. As has devastated,
will be very brief,-not more than
four or FIVE printed pages,-and will
recommend aid to some of
the great NEUTRALITY-SUSPICIOUS.
now before the country. The accom-
panying evidence, which is to be print
ed in full, viii be very voluminous.
This committee has been holding daily
sessions for ONE time past, and the re
suit of its labOrs Will be a valuable con-
trihuticn to tie Topography OF tie ccun-
try.
GRAND NARROw-GAUGE SCHEMES.
a subcommittee of the House Com
on Roads and Canals has charge
Of a railroad measure the Importance
Of which is little understood outside of
the committeeman. 1t is a plan to
connect the naTrOw-gauge railway sys-
that has con- into existence west
If The Missouri fiFef, With the sea-
board, and to furnish a new outlet for
the products of the West. 1t is pro-
posed to stretch a narrow-gauge line
rom Leavenwortb to Port Royal, SC,
and from the Mississippi river near
Memphis, where the line would cross
he river, to the sea coast. The route
s a very good one, avoiding the noun
and could be built for
a mile. 1t would pass through
he wonderful coal, iron and limestone
of North Alabama. The harbor
# Port Royal is. well known to be the
IN the South, and there are ex-
facilities for a commercial city.
The route through Missouri would be
lifieult, but the difficulties would not
De insurmountable. In connection with
his route, a narrow-gauge line from
central Illinois Is proposed, running
Outb across the State of Kentucky.
The line could be built and put into
,peratiOn in three years. At present
here seems to be little capital interest
d in the enterprise, but the members
{ the committee are greatly impressed
With the feasibility of the scheme, and
whenever it is substantially supported. :
n act of incorporation will be reported.