The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-01-30

TIE SHAM RAILWAY CORPORATION
OF 1869.
Mr.. Bayley, Of Orleans, introduced on Fri
day, in the House, q series Of four bills repeal
ing sundry acts relating to the New Orleans.
Baton Rouge and Vicksburg Railroad Com
pany, being ACT No. 143, approved Dscembe r
80, 1869, BY which the company was incor-
porated; Act NJ 80, approved March 16,
1870, which authorized parishes, towns and
cities to aid in the construction of the road
and branches; Act No. las, approved De Gem
Der 80, 1869, for ths same purpose; Act n o.
100, approved December IL, 1872, which au.
thorized the company to select the points for
the commencement of its road and to issue
first mortgage bonds; Act No. 81, Of March 2,
1871, fixing the domicile OF the company and
giving jurisdiction to courts respecting its
operations.
This is q well-timed movement to defeat
the scheme of those who profess to have be-
come possessed Of the franchises claimed un-
der these several acts. Whatever rights and
privileges the original oorporators may have
claimed and successfully maintained in 1889,
or even in 1870, if any, they have long ago
been forfeited by failure to use such priv
ileges, or even to begin the construction of
their imaginary road. The passage of these
repeating bills may not have the effect of
silencing the pretensions of those who have
bought, or who pretend to have bought, all the
rights, claims, privileges, franchises, exemp-
tons and immunities originally granted, or
assumed to have been granted, to the cor
porators Of 1862
The repeal of the abortive and inconse-
quential acts above enumerated would do
little good and hinder little harm under an
ordinary condition of affairs. Being dead to
all intents, they might safely be permitted to
rest in the repose to which the corporators
consigned them by their non-action. It hap
pens however, that the bill of the Federal
Congress, which provides for the construc-
ton of Louisiana branch of the Texas Pa
ci6c Railroad, recently revived by Senator
West and now before the Senate, refers to and
recognizes this same defunct company, and
gives to it the exclusive privilege of con-
structing between New Orleans and Marshall
branch of the Texas Pacific Railway, with a
subsidy equivalent to guarantee of the con-
struction bonds of the road from here to
Marshall to the extent OF $50, 900 per mile.
The ghost Of the deceased or stll-born New
Or1o olcbp
road Company now claims million and q
half acres Of land under the grant of ten alter
nate sections on each side of projected road
connecting New Orleans with Marshall, Texas.
The repeating bills introduced by Mr.. Bay
ley are no doubt in full consonance with the
opinions and purposes of the railroad commit
tees of the House aud Senate, as we'll as with
the implied recommendation of the Governor
in his annual message; it is quite probable,
therefore, that they will pass in both branches
of the Legislature wi h little or no opposition.
Yet this disincumbrance of our statute books
may accomplish little towards defeating the
pretensions of those who pretend to repre-
sent the original corporators, and who will
undoubtedly claim as vested rights all that
they would have acquired, if they had COM
pleted their road in good faith.
These repeats will at least have the effect of
enlightening Senator'S and Representatives in
Congress as to the real nature of the company
which was SO magnificent in its pretensions
and promises. but which has been so utterly
in its performances. 1t is very
remarkable case of company having no ex-
istence except "on paper" The cost attend
ing the introduction, debate, passage and pro-
mitigation of these bills, including the ex-
penses of the House and Senate during the
time taken up with their consideration,
amounts to very large sum-much larger
than any fund which any corporator intended
to invest or could invest in the stock of the
projected company. This is total loss-gone
from our people and their heirs forever. l.
now remains to be seen whether the spectral
Of the assignees of the corporate
sham and mockery will be any further respect
cd in Congress.