The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-10-14

We do not wish to consider it in sectional
view, exclusively. The necessary aid to secure
its construction will have to be obtained by
the votes of northern men as we'll as southern.
We believe it will more largely benefit the
south than any other section, or portion of the
country, that the southern states will realize
even more than they have calculated on-and
that the industries of the entire country will
share in the stimulus that will be impaired
from the assurance that the enterprise is Ger
ainly to be constructed. And while it cannot
be other than emphatically Southern road, we
are sure it will never receive the essential rec
ogntion for its completion, except through the
aid it may command from northern influence
as well as southern.
We submit the following rs some Of the rea-
sons why aid should be given to this important
improvement:
FIRsT.-The road is of national impor-
lance:
LIST. Because it will bring int market many
million acres of good lands that are now wholly
unproductive and without value.
I'd. 1t will, within three years after con-
struction. increase the taxable wealth of the
country tributary to the road, say so miles on
each side, to at least three hundred millions of
dollars $500, 900, 00O), an average of three dol
lars per acre for the land.
Sd. 1t will save the Government at least 49,
600 per mile over the present cost in transpor
tation of troops, military supplies, and the
mails.
4th. 1t will efectually settle the Indian cues
ton. by enabling the Government to concen.
trate its forces, ard diminish che number of its
military posts, thus materially increasing the
mobility of the army, and enable it to move
more effectually to protect the people of West
ern Texas, New Mexico, Arizona and South
California. from the Indian raids that have
been SO destructive to life and prosperity du-
ring the last few years.
9th. 1t will be protection to our extended
Mexican frontier, and by being the first road
to strike Mexico, will secure to the country a
large amount Of Mexican business from the
| rich mineral provinces of Sonora, chihuahua,
Durango, Sinola and Lower California.
SEcoND.-It will be of great benefit to the
Southern States.
LIST. By securing to the Gulf and South At
lantic ports, their share of the trans-continer-
tai business to which, as the shortest line
| across the continent, they are entitled
I'd. By stimulating Southern industries and
| the business Of Southern railroads. in enabling
Tennessee, Alabama, Mississippi, Missouri and
Louisiana, to exchange their iron, coal and SUI
gar for the wheat and fruits of California and
| Texas, and the copper and other ores OF Arizo-
ma and New Mexico
THIRD.-It has great local advantages.
| LIST. 10 California, in building up another
seaport which will be the terminus of the short.
est line that can be built through the United
States across the Continent, besides opening
and making accessible all Southern California,
embracing nearly one-third of the State, which
is unequalled as a wine producing district, and
is especially valuable for stock raising and fol
its mineral deposits, now unavailable, because
of the absence of transportation facilities.
I'd. 1t will develop in Arizona and New
Mexico, a country second to none fo- the rich
ness Of its copper, gold, and silver mines,
and
Sd. 1t will develop in Texas the agricultural
resources of country unequalled in the world,
where cotton, tobacco wheat, corn, oats and
barley can be raised in the same field, side by
side, each in quantities equal to the yield o.
any other state in the Union. /.
FoURTH.-It is of value to the inland cities
of St. Louis, Chicago, Louisville, Cincinnati,
Pittsburg, &C., by enabling their merchants to
ship manufactured goods via Ell Paso into
Mexico, for distribution to its seven millions OF
people, now supplied mainly by English mer-
chants from the sea coast.
| Is it possible to construct a road across the
Continent with private capital alone?
| To this we answer no and for the following
| reasons:
TO construct and fully equip the line from
| Fort Worth to San Diego, say l45S miles, inclu-
ding necessary construction, expenditures pre-
vious to and for, say three years after the road
shall be opened for traffic, will require not less
than $4,000 per mile of which at least 900
per mile must be raised by sale of bonds.
| II the Government will guarantee the inter-
est on 5per cent. bond for 1000 per mile
| as is proposed, such bond can be sold at about
| par in currency.
! Without such Il guarantee on the part of the
Government, experience has demonstrated,t that
a $4,000 per mile per cent. gold bond secu-
| red by LIST mortgage on the road, cannot now
be sold at any price, and in the best of times
the Company could not expect that they would
not net more than 70 cents on the dollar; and
a $4,000 per mile LIST mortgage bond carrying
six per cent interest, will not bring to exceed
IS cents on the dollar, and I'd mortgage 7
per cent. bond on the road for same amount,
having first lien on 12,SOO acres of land per
mile will not bring to exceed 40 cents. making
an average Of 624 cents for both issues. or $685.
600 per mile net in cash for construction pur-
poses with an interest charge of 81, 500 per
mile, or more than 10 per cent. against $40 600
per mile OF net proceeds with an interest charge
OF per cent. per annum, or 81, 1000 per mile in
case the Government guarantee is given, and
this loss Of $4,000 per mile aggregating s22,-
5000 on the line between Fort Worth and
San Diego, becomes a part of the cost of the
work, increasing it more than 40 per cent, and
is to that extent direct tax on the people in
perpetuity
What has the Government done to aid in the
construction OF Southern line through to the