The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-02-05
TFor the Dispatch
Texas and Pacific Railroad.

What aid is wanted.
Why it is wanted.
why it should be granted.
The company asks of Congress no donation
of lands, no appropriation OF money, no
subsidies, no guarantee of the prlnclpal OF
bonds: but simply q guarantee OF the lnter-
cst. nnder circumstances and conditions tDae
render il almost impossible that dollar can
ever be required to be paid on sucn guar
antee.
VIM then, is the guarantee DESIRED?
Rersi1se it will save many millions oil DOL
lars to the company in the enhanced prices
at which the bonds can be sold in foreign
markets, and many millions more IN the IN
terest account, as with Government guaran'
tee five DER cent. bonds will bring more than
ten per cent. bonds without it. 49,,
BECAUSE. in the second place. it Will De
impossible to sell the bonds at all or Duila
the road without such guarantee, ana Tue
country must long remain undeVeloped ana
unproductiye. .,,.
why should Mis application be taooraoty
considered?
Because. instead of asking for money or
land, the company proposes 10 SURRENDER
to the Government thirty millions OF acres
previously granted, and which the constfuc-
ton Of the road will render valuable. =.
Because there is no bribery, corruptlon,
or credit-mobilier in the scheme. 1t Is open.
honest, and straightforward. Inc issue VI
bonds is proposed to be limited to actual re-
quirements under cash contracts win GOV
eminent supervision. The constructors
company to whom the contract Was hT>t
allotted has agreed TO surrender the contract
for actual casn expended.
ypI
nually more in cost of transportation than tne
whole of the interest guaranteed, while 1t Is
not probable that single cent VIII ever be
paid on such guarantee.
Because it will put an end to Indian dep
redations and relieve the Government from
heavy expenses for military protection. e.
Because it will give the shortest and best
line TO the Pacific, free from SHOWS, and the
only one that will accommodate the south
ern States.
Because, after extending aid TO the NORTH
ern and Central Pacific roads and establish
| ing policy, it is now too late and ungener-
. Gus and Unfair to change the policy and re-
! fuse to the Southern line the aid required
when it can be extended Without risk al q
! with great advantage to the Government.
! Because it will open up the finest agricu.-
| tural, grazing, and mineral region of the
! United States, and afford communication
with the mines Of Mexico, and establish
| valuable trade with that country.
Because the Central and Union Pacific
roads now earn 81, 900 per mile, 20 per cent
| of which is from local business, and it is
| simply impossible that better line. through
| better country, with greater resources,
! should not earn half as much !; but less
| than half will enable the company to pay
| the whole of the interest, 10 which also all
! the income of the c0mpany'S lands and
s., 900 per mile of bonds are pledged.
Because it will give employment to tens
of thousands of laborers now idle, give u
new impetus to suspended industries, and
| distribute tens of millions of foreign capital
secured at low rates of interest.
Because the company is pledged to permit
no discrimination in favor OF northern against
southern lines, and the advantages OF the lat
ter will enable them in fair and open compe-
ttion to secure their luIl share of business.
Because the ten millions Of dollars that the
Pennsylvania Railroad Company have ex-
pended in southern lines between Baltimore
and Mobile is sure guarantee that, if pos.
sble to prevent it, this large capital will not
be allowed to remain unproductive.
So far as public opinion can influence con-
grcssional action let it be freely expressed in
favor of an enterprise which more than any
other is calculated to bring prosperity 10 our
southern States and restore its embarrassed
railroads to solvent condition.
1.-THE above is written by a gentleman very
familiar with the question of the Texas and
Pacific railroad. His statements are frank
and clearly made EditOrS.