The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-16
VESTS RAILROAD BILL.

| The bill introduced by Senator West on the
9th instant, relating to the "Texas Pacific =
and the ssAtlantic and Pacific Railroad
Companies, processes to be supplementary to
and amendatory of the act of March 3, 1871,
the act Of May 2, 1872 and the act of July 81,
| 1866; the first two relating to the Texas Pa
cific, and the last to the Atlantic and Pacific.
The more appropriate title would have been
"a bill to change the course and terminus of
| the Texas Pacific Railroad from a point in
Northweste Texas to ST. Louis, to consoli-
date the said road with the Atlantic and
Pacific road, and to locate the
the eastern terminus of the said consolidated
road on or near the 3Sth parallel instead Of
the 32d parallel, as originally enacted" A
brief analysis of the bill will show that its
intent would be expressed by such title.
In the first section the st. Louis company,
called the Atlantic and Pacific Railroad Com
pany, are authorized to continue their road
from Vinita, in southwesterly direction, to
APPOINT in Texas south of parallel 80 and be-
tween meridians 100 and 1O3, and there join
with the Texas Pacific Road. This point
would probably be due west from Shreve-
port, Dallas and Fort Worth, and
about half the distanc from the latter
to Ell Paso. The Texas Pacific is to be con-
structed and put in operation from its east
ern terminus to the said point Of junction in
three Yeas from the passage of the act and
the balance of the road to San Diego and the
st. Louis or A. ?. Road to the said point of
junction in six years from the same date
In the same section it is provided that 'the
line from Shreveport to New Orleans, as here
matter designated, shall be constructed and
put in operation By the Nep Orleans Baton
Rouge and VicEsbury Railroad Company, within
three years Of the passage of this act, and
be entitled to the rights and benefits
herein provided and heretofore granted by
said act of March 3, 1871" Thus, in the out
set, the bill connects the Texas Pacific and
the St. Louis Road, making a continuous
line with joint aud common interest point
ing to the center of the Western and North
ern system of railways which radiate from
that aspiring and grasping city; but the con-
structon of the branch which alone will con-
meet New Orleans with the Texas Pacific is
left to a company which never had an assured
legal existence, and whose pretended rights
and franchises have long ago become extinct
from failure to exercise them. If the trainers
of this bill (who reside in st. Louis) intended
that the New Otleans Branch should ever be
built, they would not have assigned the task
to still born corporation.
The second section relates to the equality
of rates and charges for passage and freights
upon the L. P. and A. p. roads and all con-
Meeting roads and branches, in order to secure
the advantages of through line to the public
at all points of junction.
Section 3 provides for the guarantee by the
United States Government Of interest on the
bonds issued by the original and branch COM
panies. Whenever any of said companies |
constructs ten miles Of railway and telegraph
it issues and deposits with the Secretary of |
the Treasury bonds at the rate of S35, 900 per |
mile, on which interest in ssni-annual cou-
pons is guaranteed at the rate Of per cent
per annum. Five thousand dollars per mile
Of these bonds will be retained in the Treasury
and the balance will be delivered to the COM
panies respectively. The interest is payable /
in gold, the bonds to run fifty years, and to
be redeemed in gold. The road constructed |,
i to be examined by commissioners appointed
BY the President.
The acceptance of the terms of the act will
,nerafa as a first mortpapa upoD the roadS
ind all their rolling stock and equipments. An
interest and sinking fund for these bonds is
provided for out of the sales of all lands here
otore or now granted to the several COM
,anies and all that is due for government
york done by the roads, together with such
,art of the earnings of the roads as may be
efficient to make up the successive interest
,ayments and an annual percentage Of the
r;ucinsl. For farther security to the gov.