The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-02-12
OUR GREAT TRANS-CONTIEENT
f.l RAILWAY.

Among the gigantic enterprises which
have illustrated American enterprise in lat
ter years, the Texas. and Pacific Railway,
now building through the entire eastern and
western length of the State to the Western
Ocean, in one important particular, is
unique in railway construction in this coun-
try. While the Union, Central, Northwes-
tern, Sioux City and Kansas Pacific Rail
ways have each and all received heavy
money subsidies from the United States
government, the Texas and Pacific, as far
as completed, has been built exclusively out
of the pockets of its stockholders. We
trust that the day when the favoritism of
the government is lavished upon enter
prises on one side of geographical line,
while those on the other are treated with
entire neglect, is passing away. Still, it
will do no harm to recall a fact, drawn from
the last report of the Secretary of the
Treasury, showing that the government of
the United States has virtually constructed
the Union and Central Pacific Railways,
and then presented them to the stockhold-
eFs.. 1t seems, from the official report, that
up to the thirtieth of June last, the govern
ment of the United States has paid over
$50, 600, 900 as interest on the guaranteed
bonds of the above Pacific Railway Compa-
nies, besides any assumed liability, for the
outstanding principal, to the extent of over
SOC, 900, 900. Since there is not the slight
est expectation that these companies VIII
ever repay dollar of these vast sums, they
can be regarded in no other light than as
simple gratuities to those favored corpora
tions. ao.
After the passage, by the last Legislature,
of the bill substituting lands for the bonds
of the State, pledged by the act of the
previous Legislature, the hope of the presi-
dent and directors of tho Texas and Pacific
Railway was that The road through to the
Pacific could be constructed without further
recognition by either Federal or State gov
ernnnett. But for the financial storm Of
last September, no doubt this expectation
would have been reality. Had jay Cooke
& Go. kept their doors open only twenty
four hours longer, we are reliably inforIEs e
that negotiations then on foot in Europe,
which would have insured the early compile
ton of our great railway, would have beer
brought to a satisfactory close. So indis
putably was Jay Cookies gigantic failure tn,
result Of Wild speculation in the stock o
an unfinished and unproductive Pacific Rail
way enterprise, that capitalists abroad, wh'
from Ignorance Of local and geographica
differences between the wild North Pacific
scheme and our Pacific road, confounC
them in a general condemnation. There
fore any expectation of raising none.
\ on the unguaranteed bonds Of our com
pany, within the next twelve months
! is utterly futile. Is this great enterprise
then. to be abandonedl This, We are sure
docs not, enter into the calculations Of re
mote contingencies on the. part Of tho abl
men who have charge Of this work; who
| unaided, have, within a little more thal
eighteen months, put in operation nearl
three hundred and fifty miles Of railway
exclusive Of vast amount Of work on IN
completed sections. But to enable h
work to 60 forward without an interuF
6on-which would be most injurious to II
interests of the South, and especially :
those Of Texas-the company design, as y
learn, to ask government aid bat in 5
SMALL measure As compared 70 what hs
been granted to more Northern Pacih
roads, thaf we cannot doubt that It viii Il
ceivc the unanimous support Of the Sontl
crn delegation IN Congress As vel as th'
.ot cfcry .f.ir-minded Northern Senator ~
RcpFcsenlatiye. Congress win Be 1impl
asked to guarantee the iutsrsst On the con
pany's i've per cents bonds upon tie secar