The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1878-02-01
TEXAS PACIFIC.
A Petition which should Secure Un.
limited signatures.


tue passage Of the Texas Pacific nail
road bill, now before Congress ..,- i
To the Hon. We, the under
District, respectfully solicit and urge
your active support and vote In favor
of national aid to bill to secure the
early completion OF the Texas Pacific
railroad rs u competing Southern line
OF trans-continental, railway to. the
Pacific coast, believing that this line
will supply great want now felt by
the commercial interests of the whole
country, aud be an act of Justice to the
South in eQualixlng the bOunties of the
National Government to such q limited
extent only as is in accordance with
tile eXigencies of the public service. A
bill that will secure the completion Oi
this great Southern project addresses
itself ut once to our minds ~ Que that
will not only stimulate, and quicken
industrial enterprise and commercial
life in the South, but ut the same time
be in complete unison with an impor-
tant interest of every citizen of the
United States. n ..s5i,...s,sqs, s,.3st. -,.s,.
We direct your attention to the start
ling inequality of Govern nment b0unties
between the North and SOuth; one
kays having been expended to build up
and advance commercial and industrial
interests in the North, while only
eighteen millions OF Government ex-
penditures, for the same purpose, have
been made in the South and West.
And when we reflect that it is plain,
under the proposition for national aid
to complete the Texas Pacific road ON
the thirty-second parallel, that no ad-
vance of public money is involved,
but simply q Government guarantee
of interest, to be Endorsed on the bonds
OF the Texas Pacific Company, under
restrictions that thoroughly protect the
Government against any outlay for the
principal or interest on. said cOmpany's
bonds, with the additional provision
subjecting the earnings OF the line to
the regulating power OF Congress, SO "a
to secure to commerce the benefits and
economy of the lowest rates consistent
with the cost of the road, it is clear to
us that no objection on any public
ground can be made to this form OF
Government aid that will cost the
Government nothing. 4N., ,. ,-- ,.
We think the South and Southwest
could fairly lay claim to a more SUBJ
stantial form Of national assistance in
Government. bonds to- complete the
Texas Pacific across our Territories to
the Pacific coast, but when the Texas
Pacific company show that IL the Gov.
ernment will indorse ON its bonds q
guarantee only of the interest, AND
retain u sufficient number of the bond,
to protect itself against any outlay fOl
its interest guaranteee, if such q security
will give the company access to capital
the disposition of investors to purchase
such n bond at once establishes the fac
that the Government is not asked t.
grant Il subsidy; because, if such .
security can be marketed, there can b<
no question that the Government viii
ever be required to advance, much less
lose, a single dollar. .. ...s
When we consider the fact that ovel
Ninety nsSZli00s iss G00es3sHse,at bond.
haze been yiue,s as a, subsidy to build the
existing line to the Pacific coast, which
is not only a monopoly, giving human
seltishness the power to wield a despOtit
rule over the commercial interests o
the whole country, and Il subsidy oi
$15 200 per day to meet the interest or
said bonds is continuously being paid
by the Government for the construction
of this line, which is located too fa,
north to meet the wants OF the South, !,
any opposition the proposed form .o
Government aid to the Texas Pacific
line, the completion of which would
vital&ze the railway property, the in.
dustrial and commercial interests o
the South, appears inimical to the pros.
perity of our section. i5 3d.
A CONSTITUTIONAL CONVENTION.