The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-03-24
SOUTH PACIFIC RAILROAD.

ACTION OF THE BOARD OF TRADE-PETTTION
ToCoNGREss.
Dr. T. b. Elliott called the board of trade
to order during the session yesterday, an
nouncing that some special matters were to
be presented. He asked Mr.. Kingan to
state what subjects were to be considered
Mr.. Kingan came forward and said: "You
are all we'll aware that the great enterprise
of the Southern Pacific railroad had come
nearly to a stand still. The effect of the pam
&c, originating directly as it did, had been
disastrous to all railroad enterprises, de-
pressing the value of the best securities
and neutrality-suspicious. to such a degree
that bonds of the best character could not be
negotiated in any market. These circum-
stances had compelled the Southern Pacific
road to suspend operations, and also to cast
about for aid to rescue the enterprise from
temporary failure. The friends of the road
have presented a memorial to congress, ask
ing that body to extend to the
road the benefit of government credit
on such terms as would guarantee
the government against any loss. The
board OF trade of New Orleans and other
cities have taken notice of this memorial
and given it their endorsement to congress,
He considered this road of great impor-
lance tn the nation in opening up a free
communication with the resources of the
vast and rich regions of the southwest,
and desired to offer before this board the
following:
RESOLUTIONS
Whereas an effort is being made to secure the
early com letion OF the Texas Parific railroad,
great international highway, the construction of
which will be OF vast benefit to the whole coun-
try on acc unit OF making transit more certain
because Of the climate OF the country through
which the line of the no passes, the opening
up OF great region, rich in mineral and agricul-
Where's, in the present financial derange-
ments growing out Of the panic, cr' dit and enter
1ffoI,,
great an undertaking, therefore,
Resolved. That this board OF trade regard with
fore congress- asking relief for this enterprise bv
the l an of the government credit upon such
terms and conditions as will ensure the govern
ment against loss.
Dr. Elliott said that he had not been adj
vised that this matter was to be presented to
the board for action to day, but he was glad
TO have the opportunity TO express his ap-
probation of the resolution. 1t so happened
that he had but yesterday given the memo
rial now before congress, in regard to the
enterprise i'm question, a careful examina-
ton and it's fairness and strong arguments
had impressed his mind very strongly in ia
vor Of some effort to carry to completion an
undertaking of the greatest value to the ma
terial interests of the nation. 1t was not a
matter of indifference even to the city of In
diapolis, which has now a direct and contin-
uous railroad connection with this Texas
and Pacific railway. The recent completion
OF the cairo ana fulton railroad 10 I6Xark-
ana. had placed this city on the shortest and
best great line of railroad traffic between
Arkansas and Texas, and the seaboard of
the east. Now the completion of the Texas
& Pacific road would give direct inter-
course by the best route to the southwest
Pacific, on a route that must soon acquire a
great local as well national importance.
He was in favor of this kindly expression OF
the commercial men of Indianapolis towards
the struggling enterprise.
Mr.. FRANK LANDERs
made a very neat and pointed speech in ia
vor OF the resolution. He had not anticipa
ted tine introduction OF matter so import
ant to the public welfare, bur he had consid
cred the immense wealth of that portion o
the United States in its productiveness o
grin live stock and of every valuable stapl,
make Immediately avzilable. He though
that il the government should assist thi
work with full Indemnity against loss be
ing guaranteed, it would be doing much les
+, than 1t has already done for enterprises o
really not so great intrinsic value as this
He was prepared To vote for the resolution
No other remarks being offered, the presiden
put the resolution TO vote, aud il was adopted
by a large majority, IL not unanimously
THE CROP EXPORTER.
Mr. Charles w. Greene, OF Jacksonville
Illinois, was then introduced by President
Elliott who desired to explain the natur
of his undertaking to furnish the countr,
with full and Trustworthy statistics of tn
produce of the United States In the publica
ton now well known to the commercia
world as the Crop Reporter. III,
explained his former relations will
Admiral w. +. Maury, who was
the originator of the statistical idea as applied
to the products of the country. He statec
that his information was derived from un
paid correspondents Of the people in every