Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-10-03
TEXAS PACIFIC ROAD.
A Subtle Subsidy-Scheme Seductiyely
Stated---Why Not Let the Pacific
Build It Without seyenty-Million
New Orleans lines

Stdttu'-.WH! MOI Let CHe racine
Build 1t Without Seventy Million
Subsidity!
New Orleans I ines
We have received from the Hon. John
G. Brown, Vice President, the sixth an
nual report of the Board of Directors
of the Texas & Pacific Railroad Com
pany. 1t gives, in clear and concise
form, a full statement of the operations
Of the Company for the fiscal year end
ing May 81, 1877.
AT the commencement of the fiscal
year the Company had 1873 miles of
main line in operation. During the
year 10 66-1OO miles were constructed,
so that at the close of this year there are
443 miles of main line and thirty-six of
side-track in frst-class condition and &C
lively operated.
The receipts for the year closed were
So, O43, 453, or 1926 per mile, the ex-
penses ST. 352, AS, or 8, 1850 per mile.
The freight carried last year consisted
in part Of $50, 1873 bales of cotton, II, )
522 tons of grain, 2O.3O4 tons of flour
and meal 50, 247 head of live stock, and
44,732 tons Of general merchandise
l.
| tons over last year.
The Indebtedness of the Company is
SIS, 556,5S7 OF this 1888, 900 is repre-
scented by income bonds on hand The
debt was reduced S., 1865, 265 last year
The Company sold $3,216,OO0 of its first
mortgage bonds at net price Of 81 of
their face value, and 81 AZ, 900 of the
consolidated bonds at SO9 The road
has an equipment of fifty first-class To-
comotives, 1850 passenger, baggage, and
freight cars.
Upon the question of Government
assistance the report furnishes "a very
clear and concise statement of what is
asked
The bill now pending, which is to be
acted on by the coming Congress, pro-
vides that a main line of railroad, 1916
miles in length, shall be constructed
with such branches as may be needed
to carry out the purposes of the road,
which are to connect the waters of the
Mississippi with the Pacific Ocean The
Government is asked for guarantee of
five per cent interest on bonds not to
exceed $4,000 per mile, or Govern
ment indorseme nt for $65, 100000 The
Company agrees that its acceptance of
this Endorsement shall be first lien in
favor of the Government upon the road
and its equipments, and all other prop
erty belonging to the Company, includ-
ing the land grant by the United States
to the Company. This is not all. The
Company agrees to pay into the Treas
ury of the United States,-
First-The proceeds of sales Of lands.
Second-The gross earnings on Gov
eminent business.
Third-A sufficient amount from the
earnings of the roads to make up such
interest-payment to be provided for, and
also to provide sinking fund, to COM
mence with the year 1886, of one per
centum per annum in gold coin, said
one per cent. per annum to be paid until
all bonds are extinguished.
The act provides further that the
sinking fund shall be invested in the
bonds of the Company, if obtainable at
or below par, or at such price above
par as may be agreed upon; otherwise
in United States bonds at current mar
ket value.
"1hat all guaranteed bonds furnished
on account Of the sinking-fund shall be
Cancelled, but the Company issuing them
shall continue to pay interest thereon
until the sinking fund is sufficient to
take up all the bonds of said Com
pany."
To sum it up, in return for the in
dorsement asked, the Texas Pacific
offers as security to the Government
land grant Of 100000 acres, 1905
miles of road Including the New Or
leans branch, and all its equipments,
the total annual earnings of the road
and telegraph line to be built along it,
and bonds Of the Company to the
amount of $4,000 per mile, which shall
remain in the Treasury of the United
States.
One would think the security ought
to satisfy anybody. The bill was intro
duced at the beginning of last session
and reported favorably by Mr.. Lamar,
Chairman of the Pacific Railroad Com
mittee, but the excitement and compli-
cations connected with the Presidential
election and the subsequent proceedings
of Congress in organizing the Electoral
Commission delayed action until the
session closed.
The bill will be offered again at the
coming session. The Industrial inter
ests of the country stand in very great
need of some assistance 1t is fervently
hoped that Congress will act and pass
the proposed bill. This will secure to
the country the very important benefits
that must accrue from the resultant con-
sequences of a demand for labor and a
quickening of the most important III
dustries of the country.
A CITY CHAP had been out of town
shooting his gun at a mark, when he
suddenly turned and asked an old
farmer: /" WHAT'S the law about shooting
prairie chickens in these parts? When
can kill them" "Never." " Never"
shouted the genteel gunner. Never
replied the aged plow,jogger. And then
looking from the mark on the fence to
the neutrality-suspicious., he continued:
"That is. if ye' don't learn to shoot
better'n ye' do now, boy"
Russian to Turk, who receives a bay-