The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1877-11-16

THE TEXAS PACIFIC BlLN.
The latest Information in regard to
the Pacific Railroad scheme is that Mr..
Potter has not yet definitely declined
the Chairmanship of the House Com
mittee to consider the matter, but will
do so in few days. In the meantime
we are told that the friends OF the
measure are earnestly at work, and
though they do not propose to submit
the bill at this session, Will he on maud
with it early in the regular session.
This bill provides for the completion,
with private capital, of an Independent
line of railway from the Mississ ppi
River to the Pacific Ocean at San Diego
Bay. The main line from Shreveport to
Fort Worth and two branches have
miles. The bill provides for the compile
tion of the road from Fort Worth
via Ell Paso and Fort Yuma to the
Bay of San Diego, on the Pacific, a dis
ment is asked to do is to guarantee the
prompt payment OF the interest on five
per cent. gold interest-bearIng bonds is
sued upon the road to an amount not eX-
ceeding $4,000 per mile, or an aggregate
not exceeding $50,000,000 on the whole
line between Fort Worth and San Die.
60, the bonds to be deposited with the
Treasurer of the United States, and the
guarantee of the interest payment to be
indorsed on them. The Government Is
to be secured by first mortgage on the
entire road and its appurtenances, Rnd
on 18, 100000 acres OF land in Arizona,
New Mexico and California included in
the land granted by the Government
to the road to aid in its COM
pletion. Further security is given BY
mortgages upon lands acquired by the
road under grants from Texas and by a
clause in the bill which directs the Sec
retary OF the Treasury, through whose
hands all the bonds must pass, to retain
$7,000,000 of them till the road is COM
pieted. These are the provisions OF the
bill; the arguments for and against it's
passage have been and will be made
with great energy and ability. The in
terests at stake are enormous, and such
interests always command the ability
that makes the most OF all arguments
possible in case. Opponents of the
measure hold that the Government
should indorse no more railroad bonds
They argue that the Government has
already sustained great losses in
this way, while members OF "Credit Mo-
bllier' and other companies have grown
enormously rich. They also urge that
o her somewhat similar aids were gran =
ed in flush times, and when the Govern
ment could much better afford to engage
In such experiments than it now can.
Added to these arguments against the
bill Is all the power that the Central Pa
cifc Railroad can bring to oppose it. The
friends OF the bill on the other hand ar.
que that with the guarantee of the
prompt payment of interest on the bonds
the money can be provided to finish one
of the greatest roads in tie world, and
one whose enormous Importance will
give new impetus to business in all
parts of the country. They say that
with only four hundred and forty-tour
miles completed, it earned last
year about $4,000 mile, and
when pushed along the bor-
ders of the Northern states of
Mexico, whose people urgently need
IN outlet to reach the great
trade centsrs Of the United
Stales. and whose products will be
parriad 70 kha Eaaf IN tho inraat