The daily gazette., 1877-07-09

7
of money at six per cent. is nest tlcice as
rapid as AZ three per cent; but in reality
the increase is vastly more rapid than
this. In one hundred years, at six per
cent, the increase on any given sum is
| about eighteen times as much as at three
per cent The increase at per cent. is
about eieren times as much as at q per
cent, while at 10 per cent it is more than
| one hundred and fce times as great as at
per cent for the period named.
We quote from our contemporary, as
follows:
The Texas and Pacific Railroad Com
pany asks of Congress no donation of
lands, no appropriation of money, no
subsidies, no guarantee of the principal
of bonds; but simply a guarantee of the
interest, under circumstances and condl-
tions that render it almost impossible
that dollar can ever be required to be
paid on such guarantee.
Why then, IS the guarantee re9uired'
BecduSe, 1t will save many millions Of
dollars to the company in the enhance d
prices at which the bonds eau be Sold and
"many millions" more in the interest nc
count, as with Government guarantee i've
per cent. bonds will bring more than ten
per cent. bonds without ii.
because. in the second place, il will he
the road without such guarantee and the
country must long remain undeveloped and
unproductive.
Why sh9n'd this application be farorobly
Bec0uSe. instead of ms king for money or
land, lhe company proposes to surrender to
the Government thirty millions of acres
previously granted, and. which the eonstruc-
tion OF the road will render valuable.
Becd"Se there is no bribery, corruption,
or Credit Mobiler in the scheme. tbs open
honest and straightforward. The issue Of
bonds is proposed to be limited TO actual
requirements under cash contracts, with
government supervision. Tue Construc-
ton Company 70 whom the contract was
hrst allotted has agreed TO surrender the
contract Tor actual cash expended.
because the Government will save tan
nual more In cost of transportation than
the whole OF the interest uaranteed, while
1T is not probable that a single cent will
ever be paid on such guarantee.
Because 1t will put an END TO Indian de-
preuatlons' and relieve the Government
from heavy expenses for military protec-
ton.
because it will give the shortest and best
I'm, to The pacific, free from SHOWS and the
only one that will accomodate the Southern
States.
Because, after extending aid to the
Northern and Central Pacific roads. and
establishing policy, it Is now too late.
ungent rous and unfair to change the
policy and refuse to the Southern line
the aid required, when it can be extend.
ed without risk and with great advan-
tage to the Government.
Because il will open up the finest ag-
ricultural, grazing and mineral region OF
the United States, and afford communi-
cation with the mines of Mexico and
establish valuable trade with that coun-
try.
Because the Central and Union Pa
citic roads now earn $11 900 per mile. 20 !
per cent. of which is from local business. |
and it is simply impossible that a bel-
ter line, through better country, with
rreater resources, should not earn half |
as much but less than half will enable
the company to pay the whole of the in |
terest, to which, also, all the income of
the company lands and IS, 200 per mile
OF bonds are pledged.
Because it will give employment to
tens CT thousands of laborels now IDLE. |
give new impetus to suspended indus
tries, and distribute tens of millions of !
torelgn capital secured at low rates of !
interest
Because the company Is pledged to |
permit no discrimination in favor of |
Northern against Southern lines, and |
the advantages Of the latter will enable |
them. IN fair and open competition, to |
secure their full share of the business.
Because the ten millions of dollars |
that the Pennsylvania Railroad Com |
pany have expended in southern lines |
between Baltimore and Mobile is a sure |
guarantee that, ii possible to prevent it, |
THIS large capital will not be allowed to |
remain unproductive