New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-14
a11oaeo AID FEW ORLEANS.

public the obligations and resources OF
these companies, and leads to the appre-
hension that they can not maintain their
roads, and pay the coupon and floating
debt resting upon them. There is large
amount of mortgage debt resting upon
the roads, on q good part, perhaps one
third. of which the Illinois Central Com
pany is indorser, and upon default OF
which, this company has moved for the
receiver just appointed We could have
20 means Of knowing whether the Illinois
Central will deem itself perfectly secured
in its liabilities by the mere act OF
substituting one set Of officers and super
intendent of accounts for another.
Reasoning upon the explanation given
by the defendant McComb for the nom
payment of obligations, we find them
to consist in the damage to the road
structure by the unrestrained overflow OF
the river, and the competition OF new
railroads. which diminishes the business OF
the road. From this reasoning we are
inclined to infer that neither the Illinois
Central nor other creditors Of the McComb
mad will find themselves in much better
situation under the administration of one
set of accounting officers than another.
The inability of the road to meet its en-
papements does not seem to have been
imputed to default of administration, but
to the inability Of the road itself to
meet its engagements from its net re-
suits. Under these circumstances, 1t
becomes a community so deeply in
terestsd as New Orleans and the
State of Louisiana, which in chief part
constructed great part Of this line, to
interest themselves that it do not fall into
destruction and disuse for want Of that
conduct and capital which will alone vim
dicate the propriety of its original con-
struction.
1t would seem to us that the Illinois
Central Company should 80 compromise
with other creditors and parties in inter-
est as that it can acquire control and adj
ministration of the road from New Orleans
to Chicago. We express this opinion:
l. Because New Orleans is unable to
obtain and exercise such control
2. Because it is the common interest of
New Orleans and Chicago that the policy
of the road should be so reconstructed
and enlarged as to promote this common
interest of the two great cities.
We assume from the stock value and
reputation of the Illinois Central that it
can, if in command of the through line,
put down steel rails, iron bridges and
thirty miles an hour between the Gulf Of
Mexico and Lake Michigan. We are
satisfied by reduced cost of running and
maintaining that, by saving up the e1-
pense of existing administrations on the
present separate sections of the road, by
developing adequate transportation for
the exchangeable fruit and vegetable pro-
ducts along the road the whole road from
New Orleans to Carlo, will sustain itself,
and SO protect the company purchasing
from any loss.
We have further view of an incidental
and ultimate office of this road. It will
connect, from the port of New Orleans,
by postal steam service with all the prin-
cipal continental and insular ports of the
Southern American continent From the
port of Chicago it will connect by rail and
shipping with the whole western coast OF
the United States and Canada.
This road, SO completed and connected,
would present to the upper West and the
lower Southwest great trunk line upon
the meridian of the Mississippi, fed by
every river and railroad which crossed or
run parallel with it. 1t would constitute
a line competing with the coast line as to
the commercial intercourse between the
Northern and Northwestern States and
the tropics.
It will be unnecessary to compare the
facilities of the Mississippi meridian with
the Atlantic coast line, but assuming these
facilities to be equal, it is plain that the
Northwest can communicate with the Gulf
of Mexico, and even with the Pacific
ports south of Panama, both, with more
directness by way of New Orleans,
than by crossing over to the At
lantic ports to employ the coastwise
route. Let us give one example: From
Chicago to Aspinwall Isthmus of PAN
ama) by rail and steamer via New Or
leans may be stated at less than $500
miles, or seven days. By way of New
York it would be from eleven to twelve
days. There would be this great differ |
ence to Chicago, that these freights and
fares would in part accrue to our own
common carriers instead Of those of the |
East. 1t would be unnecessary to give
the value of the mail, specie, travel and
productions which are now exchanged be-
tween the Northwestern States and Canada
West and the tropics. It will be for
the administration of the through |
line to examine this subject in de-
tail. We have no doubt that after
the road shall have been consolidated
and completed for this domestic trade,
this foreign intercourse may be con-
Quoted without other outlay or expense.
Once put on steel rail, iron bridge and
h; ~ ;1oc !, I, Now