The tribune. [volume] (Beaufort, S.C.) 1874-1876, 1875-11-03
The st. Louis Rail Road Convention.

We see that Governor Chamberlain has
appointed Committee to attend the con.
ventlon of railroad men ut st Louis, the
object of which is to promote the inter.
ests of the Southern Pacific Rail Road.
The New York Bulletin is very severe on
this meeting and if its structures are true
1t would seem as though South Carolina
should rather oppose the programme laid
out than to assist in promoting its oh
jects. 1t requires only ordinary discern
ment to sec that the principal, if not the
only, subject of deiiberation will be an
effort to commit that body to supporting
Scotts Texas and Pacific Railroad sub
sidy scheme, with the Atlantic and
Pacific connection by way of St. Louis
engrafted on it, which, it is understood,
is to be pressed upon Congressional
attention again this winter. Its promo
tiers affect to believe that this measure
has better chances of Congressional favor
now than then, owing partly to the pres
encc of democratic majority insthe
lower house, many of 'hcm new men, and
to an increased pressure upon them from
outside bodies, and to certain amend
mcnts in the bill itself, desig igned to
reconcile the conflicting interest and
claims of the Southwestern cities.
! The proposition, as we understand it,
does not ask for direct issue of Govern
ment bonds-as that would run counter
to the public sense of propriety and to
an act of Congress expressly prohibiting
an increase of the public dcbt-but calls
for the Government guaranty of endorse
ment Of the Company bonds to an
amount averaging $4,000 per mile for
'hc / ,450 miles between Fort Worth and
San Diego, and for 500 to 1900 miles
more for branches leading to Saint Louis,
Cairo, Memphis, Vicksburg, New Orleans,
Galveston and Jndiano.a. In other words,
1t seeks to commit the public to an ann.
ual interest liability, as cndorscr, for
railroad construction purposes on some
thing like 81, 100000 of paper oblign.
tions for series OF years-probably uatil
the roads are able to earn the amount
VIZ, $8,500, 900 per annum, in gold. 1t
is true that, as drawn, the bill docs not
call for an abstraction of This amount
semi-annually out of the treasury, but
the amount OF bonds per mile is made
enough at the outset TO permit n portion
of them being withheld, and from the
sales OF the same, as the interest on the
remainder accrues, it is to be paid. In
plain language, it is designed to borrow
under this public guarantee, while the
road is building, sufficient, in addition
to its cost, to pay the interest on its cost
for series of years, longer or shorter, rs
the case may be.
There Is, no doubt. very general de,
sire, especially in certain political quar-.
ters, to.do something in the way of help
ing the struggling industries of tie
South en- their feet again. and as the
building Of the Union Central line across
the continent gave a considerable stimu.
ius to the railroad system lying north OF
the Ohio, it is supposed that a road along
one OF the lower parallels of latitude
would do much for the system of roads
south Of the Ohio. The Texas and Pa.
critic is not in any fitting sense South
/ ern Pacific road at oil, bat rather n
Southwest extension of the Pennsylvania
and connecting lines, which are distinct
Northern roads. with Northern officers
AMI Northern termini This is not what
the Southern people want, nor what
their Northern sym pathizrS wait for