The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-02-03
The South and the Texas Pacific.
Courier-Jour

The G overnment has, in addition
/ to other aid rendered the Union Pa
cifc and its branches, endorsed its
bonds to the amount Of $64 623. .512.
| We of the South and Southwest ask
similar aid to far more important
enterprise a work of vaster and
more thoroughly national promise.
and of vital necessity to our future
prosperity. We want the Texas
Pacific. The bill introduced into the
Senate a few days since provides
that the Government shall guarantee
the interest. at five per cent in gold,
on the bonds of this road. taking.
however. a much ampler and more
perfect secnritv for indemnity. in the
event that it shall have to pay this
interest than was given in the case
of the Union Pacific. The DILL pro-
poses not only that the Government
shall take a first mortgage on the
railroad. with its equipments. depots,
shops and other property appurtenat
thereto. including it's franchise and
net earnings. but also provides that
of the $4,000 of bonds rer mile, to
he issued for each section of twenty
miles of continuous road as fast as
the same is constructed and equip
ped. $4,000, or one-eighth of the en-
tire issue. shall be retained by the
Government and sold by the Seere.
tary of the Treasury, if at any time
,1,,r;orr oape+r,o4;1, fba r~ooonIo - e
the sale of lands. the Government
transportation of troops, munitions.
supplies. mail service. &C., and the
net earnings of the road. are not
sufficient to provide for the interest
on bonds. so guaranteed, as they
from time TO time mature. 1t pro-
vides. further. that the road shall pay
in addition to the interest. sinking
fund. to be applied to the reduction
of the debt on which the interest is
guaranteed, until the entire amount
of bonds shall have been paid into
the treasury, and the lien upon the
road discharged and Cancelled. The
prosperous development of a vast
country is dependent upon the COM
pletion of this great Southern high
way. Texas. New Mexico, Arizona.
California. Nevada, and Colorado
will be built up into greatness and
wealth by its inufence. The inter
est we feel in them is comparatively
slight, however. it is the immense
Importance and benefit of this work
to the older Southern States, and
those so directly and injuriously af-
fected by the war, that induces us u
consider it with such hearty good
will. This enterprise, if vigorously
prosecuted win infuse new blood and
strength into the PROSTATE and
emaciated South. If the Govern
ment guarantees the interest. the
bonds of the road can be sold in
Europe like hot cakes. The effect
will he better than that of any
imaginable currency BILL Not a
dollar of the present circulation will
be disturbed, and fifty millions
(without infiation) viii be added to
the money already in the country.
There is not community south of
the Ohio river which viii not direct.
ly feel the benefits this measure will
confer 1t will strengthen and save
every existing railroad system in the
South. While making every town
and hamlet tributary to the great
traffic that viii thunder day and
night along its iron channel, it will.
carry occupation and activity TO all,
and enrich the territory through
which It passes, far and near like
some mighty river fertilizing withits.
alluvium.