The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-03-20
HOME RULE.

TUNE hult,
II is dangerous thing for State TO
part with her own sovereignty or any
part of IT, AS long as she retains the
management Of her own affairs and Is
responsible for success or failure, her
local stake in success will insure the
best effort TO avoid failure. But let her
have more bonds out than she can pro.
vide for, held by foreign capitalists, and
fall behind in any instance TO meet the
paper or interest when due and she is
slave forever afterward, or until she
discharges in full the whole of the obi
CATION. 1t is unsafe when State per.
mt the foreign holders of obligations
to form her financial policy, or to gain
influence in any way in her local adj
ministration; so surely AS she permits
this, her policy will be arranged to for
ward the interests of such holders,
whether the people suffer by it or not.
While this is all true of finance gen.
orally, 50 is it peculiarly true of rail
roads and their foreign managements
Two influences operate to induce the
construction OF railroads, in the first in
stance necessity and subsidy. When
road becomes necessary to the com
merce OF country it will assuredly be
built, and those roads which are thus
induced are Of the greatest utility to the
people and profit to their owners and
so long as tho State in whose territory
it is located assumes the care of
1T and guards the interests
of the people, as affected by it, so long
will it prove advantageous but if she
permits her sovereignty to pass away, or
barters it away to those who own and
operate from a distance the railroads Of
the State, 50 long she remains only the
servant of these corporations. No road
which was built purely to secure an
immense landed or money subsidy,
rather than because the business of n
district demanded it, has proven profit.
able to its constructors or the people
either
The State should encoura &c the EN-
pIoyment Of foreign capital in the con-
struction Of her roads, simply, because
she has yet insufficient capital to do it
from her own internal resources, but in
doing this she can 50 guard her own
interests as that they will be safe in the
hands of the roads. Nothing will do so
more surely, than to provide that GER
tain home representation shall have u
voice in the management and control
of these important lines. For instance,
if Charles Morgan, by purchase or
otherwise, secures the controlling inter
est in the Central, the State must pro-
tect itself against his combinations 10y
insisting that II certain part Of the exc
cutive control Of the road, shall remain
in the hands Of bona file citizens of the
State.
The advantages Of this policy are oh.
yious. We know the law provides GER
tain restrictions and checks, but these
are so often and skillmlly evaded that
nothing short Of n direct personal stalk q
in the prosperity of the State, entirely
disconnected from proprietorship in the
road, will insure the practical observ.
ance OF the rule. So it IL in the case
of the Central. 1t is an immense road.
Its business is growing and increasing
with almost uneXampled rapidly, it
can be made great blessing to the
State, or, on the other hand, n great
curse, and the pivotal point will be
found where the State parts with or re-
tans n home representation in its man
agement. Whether Commodore Morgan
or Mr.. Dodge becomes finally the owner
of the road, we want to see the interests
OF Texas cared for by strong, healthy
home influence in its management and
policy.