The weekly echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1868-1876, 1876-03-09
TEXAS PACIFIC RAILROAD.
A Word ~ Is FavOrIy ne chicago Inter-
Ocean.

1t appears that the bill TO provide for
government aid to this great project, by |
the guarantee Of the interest on the Texas
Pacific Railroad Company, is at least in
a fair way Of getting before Congress in
an ineligible shape. From the letter
Of a weIl-inforned Washington correspon-
dent, it appears that all the Texas
Pacific Company will ask is that the
United States shall guarantee that the
Texas Pacific Company will pay the s
per cent. annual interest on their bonds
ISSUED at the rate of not more than $780,
900 per mile of road fnished) for period
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 a 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 a great enterprise which will open
richer country than that opened by the
Union Pacific. 1t is to be regretted
and yet perhaps is unayeidable-that the
project will come before Congress some
what in the character of political party
scheme, and also of sectional interest,
asit 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
pubIicans. 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
Endorsement the projectors POOpose to
ask. Even if the government should
guarantee the interest on 800, 1000, 900 OF
bonds for the completion of both the
Texas and the Northern Pacific, and even
if the government should be obliged to
nav the interest for ten years, the 81, OOO,-
900 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 in this country,
with abundance of unemployed capital,
with hundreds of thousands of unem'
ploved laborers and mechanics, and in,
exhaustible supplies of every requisite
raw material, business has been depressed
not because there was any great loss Of
destruction of capital, but because the
whole business community was democrat
lied. and had lost confidence. This de
moralization has continued until every
man who is in debt is being squeezed out
by the 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 in favO
ofspecie resumption and anarrOw-mindeC
system of false economy" which the!
style political economy" but which i
in fact only partisan economy. This con
dition of things has so demorslized tina
large enterprising class who do go int
debt, and thus do build up and imprOv
the country by the risk of their fortune
in all sorts of enterprises, that everything
is at a stand still. When the whole mas
is thus demoralized, nothing less thai
the government, representing the Who'll
people, can infuse confidence again. Their
is good reason for thinking that the Texa
Pacific company stands fair chance
getting the required government aid, AM
if it should, this circumstance, tOgethe
with the stimulating effect Of the Ger
tennial exhibition, will make 1876 a yea
of revival Of industrial interests in tn
United States.