The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1876-01-06

! IN each county at least twice In each wear
= ana shall receive such compensation as ma.
: be provided by law.
i Economy demands that the number O
ChancellOrs should be reduced 10 the mini
: mum compatible with the efficient discharg
OF the duties of the office.
RAILROADS.
/ The educational funds of the State. which
/, former Legislature granted To railroads
has been under litigation during the past
= year, Time but confirms the views enter
tanned By me year ago, and which | now
, TeiteTate:
L recommend the repeal OF SO much of an
Act entitled IAN Act TO aid in the construc-
: ton of the Nicksburg and Nashville Rail-
road" approved April IS, 1873 as surren-
ders TO the Nicksburg and Nashville Rail
road Company, under certain conditions,
trust funds known as the three per cent.
and the agricultural land scrip, which
am unit TO some S32O,O00.
| also recommend the repeal of so much
of an Act entitled "an Act to amend the
several Acts now in force concerning the
Grenada, Houston and Eastern Railroad
Company and for other purposes" approved
January II. 1876, as exem pts said railroad
company and its acquisitions from taxation.
The agricultural land scrip fund was
/ recently bestowed by the United States to
constitute perpetual fund-the capital of
which shall remain forever undiminished-
and the interest of which shall be inviolably
appropriated by each State, which NAV take
and claim the benefit of this Act, TO the en-
dOwment, support and maintenance of at
least one agricultural college.
The State was authorized, at the same
time, to invest this fund in s'Stock of the
\, D or OF the States, or some other stocks"
Has the State done so?
lie railroad company to which this fund
Is proposed to be surrendered, has not com
pleted single mile of road. As projected, !
1t will when completed, extend some 250
miles IN this state, and about $50 miles in /
the State of Tennessee, making a total of
some 400 miles. The section now being
worked on is between Okolona, on the Mo- |
bile q Ohio railroad, and Grenada, on the
mississippi Central, NOW the New Orleans.
81. Louis and Chicago railroad, distance
OF some 90 miles. 1t is asserted that some
twenty miles are now ready for the iron.
Judging by its progress to the present
time, mum Der of years must elapsc before
these sixty miles can be COMPLETED and
IN condition to pay interest on its bond.
were 1t In working order to-day, betweea |
OkoIoha and Grenada, it would run THROUGH
puI one county untraversed by railroads
anu would be but feeder to two great rail
Its Southern terminus is some two HIM
dred miles from the Gulf OF Mexico. and I
ALMOST equl-dlStant intervals the read is in
-er5ected by three rich and powerful lines.
Wen established and in successful operation. {
tut history OF railroads has taught that |
1hly through roads, which carry the pro- !
tucts OF country to market. are snccessfnI I
lhu especially Is this the case in sparselV T
eIJled sections; and it has also taught that t
re" ROADS are rarely, if ever, able TO meet q
he powerful demands of stool, ond hnnJ
holders. "'1' "oAiu-
Is paper railroad like this. one but lit- q
lie more than projected, safe Unrest naent2 o
> II one thaC can, IN any reasonable period "
l Ilihe, from It's legitimate business nav Am fl
interest OF eight per cent to its bOndholders O.
IL an investment from which the principal o.
an Ii nc "IChuTaWn at Will? If MT, it Ger az
AMY IS not the best Investment that could Al
e made nor even a safe one Fl
III the consideration of this subject If hf
luSS not De forgotten that the Vicksburo es
ia ia \ ashViiIe railroad is not railroad in
'aiiIy IL Is but projected one.
observe the security extended nv that
ohpahy 20 the State. Four hundred miles it
: i.Oad' at S3O,UOO Der mile. supposed to he III
la I estimate when completed and in GOOD
lInihS ORDER, viii cost some twelve mil TT
,,o ct '"ll"' t@1z,ooUUUUJ me State e IS ri
PecIeu 10 advance to the road 1920 600 IN
ia receive, In return, the note of the Com = = l
n.y. secured oy first mortgage bonds TO I NJ
e"iue amount. Can this note be regard. -
as sale stocks :" Could the United
aus, III oestoWlnS this fund for the educa pla
investment? "''"H nj
4 4 ne hrst mortgage bonds. proposed as ont
Isf Il
,l1CeIaI security, cannot be deemed NJ tbo
- e'tIue' lor other first mortgage bonds mn,
~ We 'll punt or some ten millions (SlOOOO > -
raet,io ~ i9sreu' In TACT, the law places con
IDS. "i'ou"C VI such Bile
nc ne experience of the State, in aidino no
lroads with its trust funds, has not Lna553 the
I tn I. character as to cause its tax-pay Der
h ,o coitelh piate the effects of this law T
II any very lively satisfaction. ers
our reasoning as to the sofot,, Of +b;o a.,
esOlieht, we should not neglect tn con- ~
~ sn0uId the law remain unrenaoInd
posSloie action of some future I ,eUicIo men
: Nheh thls company, in DAYS of a6ver- Vll I
i"PpeaIS before 1t and pleads poverty rene
be e', success of this road can in no wise uitl(
1nu on the sum of S32OOOO evnentoI wee
the State, which, though insi@nitics0t ing
2n PdLeu 10 the cost of the road, Is bi0hIv cote
- ."ht 20 the State. To withhold II mem
.ro,. e'IDi'rrass the ROAD or impede its ceivt
res. IesS' However, if it should then the limit
rn9a Vi me VicHshurg and Nashville NAV
ooner tLn fYot ieSafded as safe, and futur
are paying taxes in the interest IF r. t Ll9'o
tie b. tier % Vic De1or
2 should be If poe,it1, 49, four
lCeuIlSptct III the disposition of the Tue
of the State. than wirh onr own tne prison
repaired, as individuals. TO invast nnr eXcee
iuhas IN this enterprise: and S
tne original charter, and by the Act is we
,I - 1872, heretofore referred to, SHOULD
!3d Is authorized to buy, without re- crease
ION ION or limitation, and all its property the 70
be eXemnt from, W %at,tti character tOntia
or till the road shall nau io d, tiHlrty approx
hit per cent. to its st0ckboId"r oi' l"ciiu machi
Ter such provisions, ali the roads IN compile
ATE can be consolidated, and their en- INSANE
eaIth' amounting to tenth or a fifth
no
from taXation ne 'u"It e would be ex- The
small section. of rho ',ls, 5 700, though and De
st the law was passed sb"n u Ia u whose inently
1oresoe that such cornoratinr 10
delay for many year the annn,s n'loii Asylum
mar a, the stockholders were to he noid for adm
ocau, or e'gnt per cent, and with such approp
pose their millions to tax last LIE
. ,11l, when friendly to the peonIa the A. 4.
,ess d., a ~ ,'I!laSe, out when uaed iudicinl