The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1876-02-25
TEXTS P4CIFIC R4ILROAD.
4 Uort IL. its Faror Ji'Oni tie CEttcdge I,,ter.
Ocean.

-
4 Uort it its Faror Ti,om tie CHtcdge I',ter.
Ocean.
Il apbeaFs that the bill to provide for
government aid to this crest project, by
thG guaraRtee Of the interest on the Texts
Pacific Railroad Company, is at least in
fair way of getting before CoRgteFs in
an iiftslIigible shape. From the letter
of a well-informed Washington correspon-
dent, it appears that all the Texas
Pacific Company will ask is that the
United States shall guarantee that the
Texas Pacific CFtnpnny win pay the 3
per cent. annual interest on tneir bot,ds
(issued at the rate of not more than $780,
600 per mile of road finished) for period
of twenty-five years. The government,
beweyer, is not asked to guarantee the
paEfieitt's ST tie principal of the bonds,
and not eEeji to eti6fGiitee the interest
beyond twenty-five years. This rs fefS
different ard less dangerous obligation
than that assumed by the government
in the Endorsement of the Union Pacift
GoAa-, end in the present commercial
and financial in.G.-tt,-tr IN this country
the government could well afford tC 3se
sumo twice as great an obligation for the
sake of helping to set the industrial ma
chinery in motion again, as well as to
aia great enterprise which will open
tithef t0tih1rs than that Opened by the
Union Pacific. # is To te regretted :
and yet perhaps is unav6idable-that the
Hrtt:j;ect win come before Congress some
what in the character q c! political party
scheme, and also of sectional interest,
as il will be introduced and most strongly
advocated by sttthern democrats; and
for this reason it is to be feared thSt ths
opposing pecuniary interests in the other
Pacific roads will bring every influence
to bear to make it unpopular with Re
publicans. 1t is possible, however, that
this will be so plain that it will have just
the reverse effect from that intended.
But aside from these partisan. and sec
tional interests, the Texas Pacific, if com
pleted, would be of sufficient benefit TO
the nation at large to fully Justify all the
inGog5etaent the projectors poOpose to
ask. Even if the goV5trneut should
guarantee the interest on 800, 900 600 OF
bonds for the completion of both the
Texas and the Northern Pacific, and even
if the government should be obliged to
pay the interest for ten years, the $5,OOO,-
600 per annum thus paid out would be
more than balanced by the stimulation
of industry that would result from the
work. For over two years i'll this country,
with abundance of unemployed capital,
fsith hundreds 1f thousands of uncm
plUyed lab0refs and meEhaiiics, and in
exhaustible Supplies Of every requisite
ra@ material, business has been depressed
not because there was any great l0ss Or
destruction of capital, but because the
whole business community was demoral-
lied, and had lost confidence. This de-
moralization has continued until every
man who is in debt is being squeezed out
Dy the SllTlllklDS III ' slluC VI MS iiobCltg'
The courts are full of bankrupt cases,
and the property of debtors is steadily
being handed over to the comparatively
small but powerful class of money lend
ing capitalists who, as rule, are in favor
ofspecie resumption and narrow-minded
s3stAtft Of falsc economy" which they
style political ecoHomy,' btt wh;ch is
in fact only partisan economy. This con
dition of things has so demoralized that
large enterprising class who do go into
debt, and thus do build up and improve
the country by the risk Of theif fortunes
in all sorts of enterprises, that everything
is at 4 stand still. When the whole mass
is thus demOralized, i;othing less than
the government, representing the whole
people, can infuse confidence again. There
is good reason for thinking that the Texas
Pacific company stands a fair chance of
getting the required government aid, and
It it should, this circumstance, together
with the stimulating eject Gf tile ceii-
tennial exhibition, will make 1876 year
of revival oI industrial interests in the
| United States.