The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-01-09
The Texas and Pacific Railway Agri-
culturally Considered.
Tint Field and Enrm1

One of the most. important subjects
to be brought to the notice of the nein-
bers of our present congress Is to be the
consideration by them Of the bill rs to
the propriety of granting government
aid to the Texas and Pacific railway.
Money is not demanded. Instead of
pecuniary aid the government Is mere
ly asked to guarantee, on a five per
cent gold bearing bond, the regular
payment of interest. Ample security
is rendered by the corporation named.
This security is to be in the shape of a
first mortgage on the equipment, de-
pots, shops and all property appertain.
ing thereto, as well as the franchise Of
the road and its net earnings. In ad-
ditiOn to this the entire net proceeds Of
sales of lands granted by tke United
States, and restoration to the govern
ment of 80, 000, 600 acres Of land hereto.
fore granted to aid in the construction
of the two lines to the Pacific.
What safer investment for the good
of our people could be made? No
credit mobilier speculation In this to
shock the heart of the body polite.
This is no paper scheme, merely eie-
CANT upon paper. Portions Of the road-
have already been built. Three hun.
dred and sixteen miles, In accordance
with the provisions, Of the charterof
the road, have been finished. This
portion of the road has beeh Mlly
equipped and In active operation.
Some one hundred and twenty miles
more are graded, bridged and tied; this
merely awaits the laying Of the rails
to be In perfect running order. The
portions ofthe road In active operation
have been accepted BY tho legislature
of the state Of Texas and by the gov
ernment of the United StAtes, The
character and stability or the work on
the PORTIONS accepted are by this very
acceptance vouched for. ;ier siir q
Nothing but the check given by the
untimely panic of last fall prevented
the completion of this road. The
want of confidence engendered by the
utter worthlessness of many Of the
railway securities thrown upon the
stock markets, influenced to marked
degree the sale of the more valuable
ones. Where so many proved good
for nothing the good were confounded
with the bad, and all went down to-
gether. No discrimination was made.
Like the French At Waterloo. ''sdtsce
qti pe,a," and each and NIL holders Of
stocks rushed to the stocls>boards TO
get rid Of what they held. Fear is
blind. All sales of railroad bonds
came to an end. All negotiations
about to be consummated abroad In
the placing of large amounts OF bonds in
the hands of European capitalists were
suspended. Confidence In railroad
schemes In America were checked IL
not broken. Hence such undoubted
securities as the bonds of the Texas
and Pacific railway could not be ne
gotiated in the moneyed centers Of the
old world, Tne funds not being forth
coming, la,tr upon the road was
stopped, thousands of willing hands
became idle, and the work has not
since been resumed.
By the government guarantee the
bonds would at once command ready
sale, funds would be forthcoming, iron
would be purchased, thousands Of men
anxiously looking for work would find
it, and In but a few short months the
completion of another iron road to the
Pacific would be announced, thus send
ing JOY 10 the hearts Of ell who take an