New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-11-25
WHOLE NUMBER 2659

the road be means of national defense siren gther
perfect the security Of our Pacific coast araDst st
tack BY foreign powers, reduce the expenses Of its
| closely together, facilitate Communication With
the Pacific and with old Mexico, d. velep new
New aeaoa and sna g1es
but II VIII also Dy the demand for manu- ia cture
sna PRODUCTIONS OF all descriptions, including iron
neeaed 10 ths construction engines care bris
machinery: buildings, etc, for the of the road .
and by the aboreIs employ ed in building and main
| talnlTg the same, give employment 10 furnaces
mills and machine shops OF the country. and once
more revive and stimulate the depressed indus.
tries OF all sections; and
Whereas. To secure to the government and
people these several advantages and in as .
dtion thereto 10 secure return to the peo-
pie OF 80 GOO of acres of land heretofore
| and save the building of 1900 miles of road, it
is the Judgment OF this convention that 1t would
be not only right but the duty of the national
restricted and guarded as will secure the prompt
completion of the line referred 10, and such extern
s!ons as Will give all sections the advantages re-
su,ting II erefrom' therefore be it az
Resolved, l. That Southern line to the Pacific
parallel from Shrevep rt via FL Paso E, san Diego
where IL will make connections with the waters
connect also with the railway lines now building
IRON San Francisco to the Southern part of Cali.
tornia, thus securing continuous line 10 that
2. That there should also be constructed
h. Ts9as and road to new
phis, Vicksburg. ard from point near the one
hundred and third meIdaD to Venita, in order ty
reach the Mississirp river to connect with every
road and harbor of the Atlantic coast, aud with
every railway east Of the Rocky mountains slope
3. That 20 insure 10 the nation the greatest bene-
hts from TINS line of road and to prevent its beiL
controlled n the interest of any one part or sec
ton of the country, there should be established
such regulations rs will maintain the road fr0nl
ShIevepOr 10 tie Pacific open highway ard
as com p. ng line 10 ali trans continental rail-
~ n IN
roads viii are now may here after be built;
similar regulations to be applied TO branches re-
ceviug SIMILAR aid to the Texas and Pacific trunk
line.
cash cost in order that the people shall be pro
tected against undue or oppressive charges, and
shall be secured in ITS nse at the lowest possible
capital actually expended on its construction; q
result which be greatly aided by its construc-
secured at prices much below those that have
prevailed ior many years past and that Congress
people against speculation and oppression in :hs
use OF this national highway.
s. That the building of the main line should
proceed under such regulations as will insure the
construction of good road continuously from the
point OF rs present completion in Texas 70 ssE
Diego, in California, until it meets extension of
the same line from San Diego
6. That the construction of such line and
branches can be best secured by the extension of
government aid 10 the line and branches hereto
fore mentioned in these resolutions in the form of
guarantee OF lnterest-not pr1ncipal-on limited
amount Of five per cent construction bonds payable
IL fifty years, SO that the entire liability assumed
shall not in any event exceed $4,000 per mile yer
annum, nor the int 4rest the actual cost of tie
lines aud said branches; such liability to be Sc
| cured by q first mortgage upon all the railway
property and franchises Of the com pany aud upon
| the lands granted by the United States; and any
deficiency IN the earnings of the line and branches
| TO meet the interest maturing these bonds
| While the road is il course of construction to be
met by the deposit in the United States treasury
of ole.eighth of the whole authorized issne. and
the sale of the if it becomes necessary after
| applying all net earnings and proceeds of lands,
ilN AnNta
mail and telegraph service, to meet the interest
so maturing Aforesaid, that there shall be no
| sued only 10 the actusl amount of cash ex.
| pended upon the road and branches, and upon
by the government to supervise the building Of
the line aud branches, and their redemption at
maturity 70 be assured 10 purchasers and holders.
| oy providing a sinking fund, out of revenues Of
the road and branches to De paid by the company
amount as may be suffeient to paw of and dis.
charge the entire bonded obligations of the com.
pany, on winch the government has granted the
| interest
:. That the president of this convention be re.
quested 70 prepare an address to the people of the
| United States, embodying the views set fo.th in
the preamble aud resolutions adopted by this con-
vention and that he be authorized to appoint
committee OF thirteen, who, with the president Of
| this convention, shall present engrossed copy
| OF the proceedings of this convention, together
with the address, to the President of the United
States, the presding otfi of the Senate and the
| Speaker Of the House of Representatives. and 10
| take such further action as in their Judgment may
be deemed best to further the ects AID purposes
| OF ths convention.
| Other resolutions, providing that copies of
these resolutions be furnished to the Gov
ernors OF States, the mayors of cities, and
the commercial and other bodies represent.
| ed in the convention, and that the secretary
| have the proceedings OF the convention
published IN pamphlet form, were also
| adopted.
An amendment to the report providing
| Tor branch from some point on the Texas
| and Pacific road to the Gulf coast at Gal
weston or some other point was offered, and
| occasioned considerable debate, but it was
| finally rejected, and the resolutions, as re-
ported by the committee, unanimously
adopted
Brief and congratulatory speeches were
then made, by invitation of the convention,
BY K: W. Thompson, of Indiana; General
". NJ. Preston, of Kentucky, and Judge
Matthews, the president, after which the
convention adjourned sine die.