The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1876-06-03

10 the Edl,or of Tso Dallas Herald,


10 the Edi,or Of Tso Dallas Herald,
lhasmuch as the people Of Dallas ore
at thIs time very much Interested mn.
on the subject of building railroads
whose termini are to be in DALI. =
propose to say a word upon that sinh.
Jec'' ana especially upon the subl.c,
u narrow guage roads and how thew
can De built in Texas. And for the
purpose OF illustrating will take NJ,
the proposed Cleburue aud Dallas Rail.
way Let II company be formed for
, ,ne purpose OF constructing and opera.
slns sala road-supposing that the
ioau Is 10 cost say eight to ten thon.
'onu uollars per mile. Then lat tha
'l'Iehs OF Dallas and John~)n cnnnty
subscribe the sum Of six thousand dnI.
i"rs per mile, to be paid to the stocl,.
holders OF the Cleburne and Dale
railway Company, i'm instaIments "s
.ug roau Is built IN sections of ten
mics each the first instalment 10 Iva
uue upon the completion of the first
teh miles, aud so on until the road Ia
finished to Cleburne, when the suh,
scrlpIlons are paid the payer TO receive
" certlllcate of transportation. which
cerllilcate will be Negotiable. entitling
sne noluer TO transportation on the
road at tarlil or contract rates. 10 tbs
Iali amount of such paid subcription
oaIu subscriptions should constitute a
llrsV mortgage lien upon the road until
all OF the certificates Of transportntion
are taken up. The certificates shoniJ
ne receivable by the road from the
lolder for fifty per cent or one.half NJ
t Hne amount of each and every freight
olil or passage on said road, and The
o'her nan in cash, In this way n fund
- provided for operating the road until
tne transportation certificates are All
liquidated. "'' "''
By THIS plan the company who build
ne road are the parties who furnish
the money for inaugurating and pros. |
ecutihg the work of construction, ms
well as making up any deficiency that
may exist when the local aid along the
me Is raised. If a mortgage loan
shohld he effected it would have ia he |
subordinate to the transportation lien
as aforesaid. AS Il security 10 the suh. |
scrlbers 1t is far ahead of the old Man .
IN this, that the subscriber sernres |
ms money back without interest,
whereas, according to the old stock
plan Of Issuing stock subject to mort
gage, winch, In almost every instance.
Is wiped out by foreclosure of the
mortgage, avg (h~ ~tss s;~sy
or stakeholder gets nothing.
IL Is simply Il prepayment of trans.
Portatloi, or loan Of money without |
interest to secure the advantage OF
fMlWay communication. On this plau
no one but what can contribute some
thing, and this guarantee, secures him
the return Of his money. If subscri-
Der has no transportation his certid-
cate is negotiable, and to those having
transportation is, therefore, as good as
cash. And, in place of withdrawing
the money romthe people, and taking
II out OF the country, those certificates
would become sort OF circulating
medium in the country, and would
pass from hand to hand like legal ten
der notes.
The difficulty in Texas heretofore has
been that we did not have the money
and therefore could not build any rail
roads. But if our people would adopt
the plan of building narrow gauge rail.
roads, and build them upon this plan,
the difficulty would at once be in the
main removed and we could build and
own our own railroads, with the aid
hat the State would give in lands;
here would be no difficulty in build
ing all the roads we need in Texas.
And in conclusion | will add that if
there should be any doubling Thorn
asses? undertake to say that ifthe peo-
pie Of Dallas and those along the line OF
he Cleburne and Dallas Road willagree
o and subscribe the amount per mile,
IS hereinbefore stated, in addition to
he land subsidy of the State, that
will guarantee the building of the road,
md that soon. Yours,
S. p. HoLLINGsWORTH