New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-16
Colonel scott,a Memorial.

The memorial pre- eented to Congress yes
terday in behalf of the Texas and Pacific
and the Atlantic and Pacific Railway Com
panies is signed by Thomas A. Scott and A.
Pierce, Jr., as the respective presidents Of
those corporations, and Gets forth the fol.
lowing. among other arguments, in favor OF
the enactment of the bill, whose main pro.
visions were published last Monday. They
say Southern trunk line of railroad to
the Pacific is a necessity. and its construc-
ton should be insured By the government
a. q practical means OF settling the indian
question, and enabliny its yast territories
to be safely Inhabited and developed. The
completion of this line would, it is claimed,
enable the government to move troops
cheaply and rapidly, dispense with prob
ABLY three-fOurths Of those now employed
in Texas and the Southern Territories, and
release the government from an expen-
diture amounting to millions OF dollars
yearly: aud it would moreover be
of immense advantage to the nation ''by
bringing into market hundreds of millions
of acres of good land which are now dead
property Of the United States: by adding
millions of population to the present mum.
Der of producers and taxpayers of the
country; by more than doubling, or indeed,
indefinitely increasing the annual yield OF
precious metals in the United States; by
vast increase in our revenues to De levied
from importations from Asiatic countries;
by the general stimulus of production. man
ufactures and trade in all the States east
of the Mississippi to supply the wants OF
settlers in the new regions to Do traversed
by the road, and by all that diverslted
good, in the pursuit Of which England,
France, Belgium, Holland, Russia and Aus.
tria have spent such enormous sums OF
money, pledged without stint their public
credit and found their reward in the control
10 ceA 81
1t is further argued that the construction
of this open highway unobstructed b. SHOWS
during the entire year across the continent
would prove to be practical measure OF
reconstruction for the South, and that tt 8
increased yield OF cotton and tobacco from
the newly developed territory would swell
the volume of our exports, and thus aid
materially in the retention Of our gold and
silver for home circulation. The memorial
lists ASSERT that it is conclusively established
that the saving in transportation alone OF
government supplies have averaged $4,000
per mile per annum for every mile of
Pacific railroad heretofore built, and call
attention to the fact that the entire amount
of interest which the government is asked
to guarantee in order to secure the cOnstruc-
ton of this Southern line is Sl71O per mile
per annum. No guarantee OF the principal
Of the bonds is solicited, and, as security
the bonds, the government il to have FIRST
mortgage On all the railroad property, fran.
chlses, and net earnings of the railroad; the
entire proceeds of sales of lands heretofore
granted by the United States to the two
companies; restoration to the government
Of about &c, 100000 acres of land heretofore
granted and reserved to aid the construc-
ton OF the two lines to the Pacific, some
1900 miles. which are to be dispensed with
ha v,1o vvannso1 md thu
in the United States Treasury of one eighth
of all the bonds issued, to be sold by the
government if at any time during construc-
ton the sale Of lands, the government trans
portatiOn, and the entire net earnings of
the road shall not prove sufficient to pro-
vide for the interest guaranteed and the
sinking fund required.
The memorialists say, in conclusion, that
they do not propose to besiege Congress by
personal pressure and solicitation, but t.
rely confidently on the merits Of the case as
now presented.