Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-10-03
TEXAS PACIFIC ROAD.
4 Subtle Snbsidy-Scheme Seductively
Stated-.-Why Not Let the Pacific
Build 1t Without Seyenty-Miilien
Subsidity.
New Orleans llmes.

We have received from the Hon John
G. Brown, Vice President, the sixth an
nual report Of the Board Of Directors
of the Texas K Pacific Railroad Com
pany. 1t gives, i'll 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 III operation. During the
year 10 $1,000 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 first-cass condition and ac-
lively operated.
The receipts for the year closed were
s., O43, 453, or S4,926 per mile, the cx-
penses 81 ,352,445, or $3.50 per mile.
The freight carried last year consisted
III part of 23O, 1873 bales Of cotton, H.
522 tons of grain, 20,304 tons of flour
and meal, S5,247 head of live stock, and
44,732 tons of general merchandise
There Is an increase in freight of 1O1 ,5O1
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 1868, 265 last year.
The Company sold s., 2l6,00O of its first
mortgage bonds at net price of S7I of
their face value, and 81 $4,000 of the
consolidated bonds at S0l The road
has an equipment of fifty first-class To-
comohvcs, 1,05o passenger, baggage, and
freight cars.
Upon the question of Government
assistance the report furnishes 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 main line of railroad, 1,S46
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 a guarantee of
five per cent. interest on bonds not to
exceed $4,000 per mile, or Il Govern
ment Endorsement for $50, $4,000. 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 Statcs,-
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 Il sinking fund, to com
mencc with the year 1856, of one per
centum per annum in gold coin, said
one per cent. pCrannun TO be paid until
all bonds are cXtnguishcd.
The act provides further that d" the
fund shall be invested in the
bonds Of the Company, if obtainahlc at
or below par, or at such price above
par rs may be agreed upon; otherwise
in United States bonds ut current mar
kct value
I hat all guaranteed bonds furnished
ON account Of the sinking-flmd 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
dorscment asked, the Texas Pacific
offers is security to the Government
land grant of 30,OO0,00O acres, 2,3O5
miles of road Including the New Or
leans branch, and al its equipments,
the total annual earnings of the road
and telegraph line to be built along it,
and bonds Of the Company to the
of 5000 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
mittce, but the excitement and cOmpli-
cations connected with the Presidential
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
cSts of the country stand in very great
need of some assistance. 1t IS fervcntly
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 n demand for labor and a
of the most important in
dustrie> of the country.
North Cardinals Declaration Of ,Rdr-
pendcnce.
Our North Carolina friends have been