The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-05-09
MIR. LANDERs,s SPEECH

II
The Sentinel to-day surrenders large por-
ton of its space to the publication of the
speech of the Hon. Franklin Landers, of this
city, delivered in congress in support of his
substitute for the Texas and Pacific railroad
bill. We make no apology for this for the
importance of the subject and the merits of
the speech fully justify our action in the
premises 1t is to be regretted that a gentle
man of Mr. Landerss ability and promise
could not have longer remained in position
he so greatly adorned, but he did enough
while at Washington to attract the attention
of the country to him, and probably no one
act of his public life did so much to make
the people know him as the delivery of
the speech We publish to-day. He has been
solicited by prominent men in different Sec
tons of the country to have it published in
pamphlet form, but as yet this has not been
| done; therefore, those who wish full text
of the speech should procure the Sentinel of
to-day.
A late number of the Philadelphia Press
gives an epitome of this speech of Mr..
Landers, which is so well conceived and ex-
pressed that we adopt it in lieu Of what we
had intended to say ourselves:
Hon. F. Landers, of Indiana" says the
Press, submitted for the consideration of
the house, at it's last session, substitute to
house bill No. 472, commonly known as the
Texas and Pacific railroad bill, that can not
fail to command the thoughtful considera
ton of congress and the country. The two
methods heretofore adopted of granting
aid to works of internal improvement
donating public lands and lending the
credit of the government in the form Of
interest bearing bonds-has resulted in great
abuses. In the case under consideration the
ill, as reported by the committee, proposes
to guarantee the interest, at the rate of five
per cent year, on bonds of the company to
the amount, in round numbers, of S70OOO,-
| 900. The annual interest on that sum at
five per cent. year is SO, 500, 900, for fifty
years. the time the bonds have to run, S175,-
100000. Should these bonds follow our
other bonds to Europe, eventually, this
country would be required to send products
or bullion abroad to the full amount of both
principal and interest, in all $245, 900, 900, to
meet their judgment. Such prospect is
anything but encouraging to either our rail-
road interests, legitimate industries, or to
our hopes for cheap transportation.
''Mr Landerss substitute provides only for
the construction of the main trunk line
| from its present terminus at Fort Worth to
San Diego by the shortest practicable route,
a distance of about 1,4O0 miles. The pro
rata arrangements with connecting roads
and like questions do not differ in the main
from the original bill. The third section
provides that the company shall execute
and deposit with the secretary Of the treas
ury, bonds of the company, properly Sc
cured by mortgage on the road, lands and
franchises of the company, to the amount
of $780, 900 per mile of road to be con-
structed, said bonds to be payable in lawful
money fifty years after date, and to bear in
terest at the rate of per cent. year, in
terest not to begin to run until three 81
| years after date. The fourth section pro-
vides that on the construction of ten or
more miles of road, and their acceptance by
/ the government on the certificate of COM
missione-s, given under oath, the secretary
| of the treasury shall deliver TO said COM
pany Misunderstanding treasury notes of
the United States to the amount of the actu-
al cost of the road, not to exceed the aver
age rate of $4,000 per mile.
Here it is proposed that, instead of the
| government lending the company its credit
in the shape of a guarantee of the interest
on the bonds of the company to the amount
of $175, 900, 0O0 it shall lend its credit in the
form of non-interest bearing treasury notes
to the amount of s42, 900. 1t may rea-
sonably be supposed that if the company
could pay per cent. interest on $40, 900,
with the additional expense of a syndicate
to negotiate their bonds in European mar
kets. and probably at discount they could
And certainly it is better for the govern
ment and the people that per cent should
go into the treasury than per cent. out of
1t and abroad The substitute further pro-
! vides way to meet the interest on, and for
the gradual redemption Of, the bonds by the
company. Ample provision is also made to
protect the government against fraud, mis-
application of the funds, etc, but the essence
of the substitute is contained in the third
and fourth sections as given above.
eff the government should take some such
action as this labor would be employed and
a market opened to our manufactures This
in turn would give employment to more
labor, and a prosperous future would, at
once dawn upon the country"