The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-29

KOv0AuleuL Vi LlG Uulbcu 6CALcB Shall nave
. Lie upon the earnings Of the said compa-
nieGespectively, for such amounts as may
be scessary to make up said semi annual
payments, which lien shall have precedence
Of d. other liens whatever, and may be en-
ford in such manner a. Congress may
dict.
A BETTER SECURITY TO THE GOVERNMENT
On ITS LOAN AND THE ONLY PROPER
FRONTIER DKFENSE.
there can be no doubt that under the
povisions OF this bill every dollar ad-
vnced by the government, with per
|. cnt per annum interest, will be paid.
n nder the provisions OF the Texas and
hcihc bill, for the single line from Fort
Worth to San Diego, 1t will require
arnings OF $1135 per mile per annum
b pay the interest on the bonds guaran.
bed by the government. The advocates
4 that bill insist that the road cannot
u all to earn q larger amount than $1135
)er mile per annum. Now, under the
provisions OF this bill it will only re-
luire earnings to the amount OF $500
per mile per annuml to pay the interest
On the amount advanced by the govern
Hent. IL we assume that the amounts
sarned on these lines for mail transpor-
alton and Geographic services to the
government for the first twenty years
after their completion shall not be more
than enough to pay the interest on the
amount advanced by the government,
without reducing the principal, very
simple calculation will show that for
another period of twenty years 1t will
only require $500 earnings per mile per
annum to pay OF the whole amount ad-
vanced by the government, with inter-
est. My bill will secure the construc-
ton OF about thirty four hundred miles
or road at an outlay in money on the
part OF the government Of about $28, O0O,-
during six years Of construction, while
the Texas and Pacific bill proposes to
build fourteen hundred miles OF road,
II the government will guarantee the
payment OF s per cent interest for fifty
years on SIS, $50, OOO Every Senator can
decide for himself which OF these two
measures to support.
have heard it said, Mr.. President,
that this bill asks direct subsidy from
the government, while the Texas and
Pacific bill asks no subsidy whatever.
] do not stand here, sir, to try to deceive
any one by specious arguments which
90 not convince my own judgment. /
FIRMLY believe what I have said, that
lines OF roads provided for will be built,
and that every dollar advanced by the
government will be repaid with interest.
do not consider an advance which Is
to be repaid with interest as q subsidy
any more than q loan Of money to a
solvent and responsible party is gift.
My bill proposes that the government
shall aid those who have first put down
their own money, and who have created
by their labor and with their own
means sound and adequate security.
l consider the proposed line from San
ths Ro IL Tsnss II to +hd FL Paso
to this Southern system
Of railways, and to the whole country.
That line will secure the proper con-
nection with Galveston and the lower
Mississippi river, and thus extend the
benefits OF the trans-continental line
to the South Atlantic States. The con-
struction OF this line will alss result in
railway connections with the interior Of
4 YnEsH ISSUE OF $4,000 A MILE IN
GRHzNBACKS WILL BUILD MoRB ROADS,
AND START MORE LABOR AND MA
CHIMNEY.
The importance OF this great trans
continental line of railway cannot be
better stated than 1t was by my honor
able friend the Senator from Mississippi
pi. in his late speech in the Senate.
That Senator presented tho whole SUBJ
lect with characteristic force and
breadth OF view. For myself, Mr..
President, / have profound conviction
that We ought, before the adjournment
OF Congress, to take such measures as
will secure the speedy construction of
the lines OF railway provided for bv nv
bill. Their construction will revive the
crippled Industries OF the South. and
the beneficial results will be felt by the
whole country. The construction Of the
line from San Antonio to Ell Paso will
give peace to the frontier between
Texas and Mexico. and cannot fail to
develop In short time the most init
mate commercial relations between the |
United States and that wonderful coun-
ny. whose matchless wealth and roman
nc beauty moved to enthusiasm the |
philosophic mind of Humboldt, and |
which Is destined at no distant day to |
pour into the lap OF commerce treas
lres SURPRISING all that was ever
1reamed OF by its Spanish conquerors.
/, 1t did not most sincerely believe
mat the measure proposed by me is |
best Tor the people, best for the govern
2sent and beet for the roads themselves.
would withdraw 1t. I have nothing
70 much at heart as this Southern
rans-continental line. And that it is
ne better measure q brief summing up
q conclusion will demonstrate.
One bill will make, IL ali the lines
'ontaiAed IN 1t are made, $500 miles Of