The Canton mail. [volume] (Canton, Miss.) 18??-1882, 1876-02-26
TENS P1CIFIC RAILROAD.
4 Uord u. its Eoror FROM the Chicago Inter-
Ocean.

| Il nora az ITS razor from the Chicago Inter
Ocean.
1t appears that the bill to provide fo
government aid to this great project, b
the guarantee of the interest on the Texa
Pacific Railroad Company, is at least il
/ affair way OF getting before Congress il
an Ineligible shape. From the lette
of a well-informed Washington correspon
dent, it appears that all, the Texa
Pacific Company viii ask is that tn
United States shall. guarantee that tn
Texas Pacific Company will pay the
per cent. annual interest on their bond
ISSUED at the rate of not more than $50,
600 per mile Of read fnished9 for periot
of twenty-five years. The government
however, is not asked to guarantee the
payment of the principal of the bonds
and not even to guarantee the interest
beyond twenty-five years. This is very
| different and less dangerous obligation
than that assumed by the government
| in the Endorsement of the Union Pacific
bonds, and in the present commercial
| and financial interests in this country
the government could well afford to as
sumo twice as great an obligation for the
sake of helping to set the Industrial ma
chinery in motion again, as well as to
aid great enterprise which will open a
richer country than that opened by the
Union Pacific. 1t is to be regretted
and yet perhaps is 1naveidable-thatt the
project will come before Congress some
what in the. character of a political party
scheme, and also of sectional interest,
as it will be introduced and most strongly
advocated by, southern democrats; and
for this reason it is to be feared that the
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
pieted, would be of sufficient benefit to
the nation at large to fully. justify all the
Endorsement the projectors pooposc to
ask. Even if the government should
guarantee the interest on 500, 000, 900 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 $4,000
600 per apnum thus paid out would be
more than balanced by the stimulation
of industry that would result from the
work. For over two years in this country,
with abundance of unemployed capital,
with hundreds of thousands of unem-
pleyed taborers and mechanics, and in
exhaustible supplies of every requisite
raw material, business has been depressed,
not because there was any great loss or.
destruction of capital, but because the
whole business community was, democrat
lied, and had lost confidence. This de-
moraiza ton lnas continued until every
man who is in debt i. being squeezed out
blythe shrinking in value of his property.
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 insfavor
resumption and a narrow-minded
system of false ECONOMY" which they
style political economy" but which 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 their fortunes
mall sorts of enterprises, that everything
is at stand still. When the whole mass |
is thus demoralized, nothing less flian
the government, representing the whole
people, can infIse confidence again. There |
is-good reason for thinking that the Texas
Pacific company stands fair chancezof /
getting the required goternment aid , and. (
if it should, this circumstance, together
with the stimulating effect of the cen
tennial exhibition, will make 1876 year.
Of revival of Industrial interests iii the
United States. 80.