The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-08-18

sAashSAaftsdEn Atl1As ~ " i.A
JlaIlrands Generally nnd ~" b"li"S
nnd Wicnitn Particularly.
10 the Editor Of Tho DALLAS Herald
IL IL now generally conceded that
railroads are the great tnsirumehthll-
Ties for advancing civilization, for de-
yelopIng the resources of the country,
for promoting comfort and conse-
uuently health, for supplying the
scarcity il one Part OF the country WIN
the surplus Of another, for making 1t
possible and profitable for farmers to
ship their fruits and vegetables to
market, for inducing people to travel,
10 visit and learn OF each other, thereby
cementing friendships, dlspolllng pre-
iudices, and disseminating valuable III
formation not otherwise obtaiHable.
Some men declare railroads curse
to the country, and sigh for the good
old times, when OK teams did the
transportation Of the country, and
merchants obtained one hundred per
cent profit on their merchandise.
These men are fossiliZed remains OF n
former generation. Except for their
opposition to all improvements, and
the space they occupy, the world would
not suspect their existence
That Dallas owes It's wonderful
growth and prosperity TO railroads, aud
that Its future growth and prosperity
depends upon the construction o! tho
Dallas and Wichita railroad more thun
upon any other tif not all other pro-
jected enterprises, Is generally con
Qeded Its construction Will secure
TO it the immense. trade Of the north
western counties,
But it takes money TO build n rail-
road, and those who pay the money
have II right to know how it II OK
pended. There are many erroneous
opinions current about the value and
cost Of the work done.
Myreporl, published in THE HER
AID Of June u, 1875, shows that there
has been / ,277 shares OF stock issued /;
of this number $40 shares were issued
by the Cullen management 40 shares
were issued in payment for lands II
shares woro issued to creditors of the
company IN payment of accounts 100
shares were issued to secure funds TO
pay the cost of the many surveys
| made to pay for the first work done
and to pay tho expense of keeping up
the Organization, and Of obtaining
amendments to the charter; 5OO
shares were issued to the city of
Dallas in payment for the $50, 900
bonds received. Two hundred
and fifty sharesnnd the 1000
Dallas city bonds were paid to
Pointer, Shields II Co., for completing
the road. bed to the Denton county
line.
The stock and bonds being account
ed for, the question arises, have they
been iudiciously expended? Let US
soc =: We have made surveys of the
different routes to Baylor county we
have thirty miles OF right-ol-way
we lave sixteen and twO,thirds miles
of road-hed, ready for the track we
have, with one exception, the most
liberal charter and valuable franchise
in the state, and Il debt of only about
$40, 900.
Anyone having an idea of the cost
of making railroad surveys, of secur
ing right.oi-way for railroad, o
attending session of the Legislature
and securing unusually favorable lcgis
laliOn, OF keeping up an organization
and Office, of grading and bridging /
railroad, will admit that the amount
paid In cash, and stock Ofthe company
aud bonds of the city, Ut their pd.
UdlHe, would not exceed the usual eos
of much less work, but the stock OF tin
company and bonds of the city are no
quoted ut par, unfortunately. CAVE
the construction account credit for thu
difference between the par and casl
value OF the stock and bonds, an,
charge it with all the expenditure
made for other purposes, and then Thu
cost of our completed road-bed will b.
less than s3 600 per mile, Pointer
Shields II Co. actually received les
than $1,000, cash, per mile, for th
: work. Tho r0nd-bcds of other TeXa
1 railroads cost their companies from
$1,000 to $4,000 per mile. The con
> structlon of the road-bed nsuros tn
( completion of the road to Dcntol
county. n Dw, how much do the tax
{ payers of the city have to pay for tn
+ work done? $50, 900 in bonds and ten
per cent. interest per annum for TWEEN
W NNdlN, vi PlIUINbNt ltNN 90 -DliON
which the sinking fund viii earn attel
per cent. interest. On the present val
uation, S3, 400, 600, : 3jl0O cents on til,
| 500, will pay the -, 500 inter
est that fell due June LIST
, II 7O.l00 on the 500, will pay tn,
% yearly tax, until the valuation il in
creased, when of course it will he less
VIII 1t pay to cast an indelble staii
upon the credit of our growing, pros
: porous city, by attempting to repudat,
: these bonds that have been regularly
|, Issued, according to law, and hav,
passed into the hands of third parties
for value received" to escape the pay
| mcnt of II tax II 10-l0O cents on tn
| SlO0? !fthe tax is more than that thi,
, year, it is because the assessment was
| made ON the valuation of 1874, and il
/ will be corrcspoudmgly less next year
In view OF the Importance OF the
road to the city, and 20 the country
, through which it proposes to run
, would it not he better to call II meet
ing to- devise ways and means to ny
sist the company in building the road
than to repudiate the bonds issued t,
aid il?
j. w. CALDER.