Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-26


bounties of the National Govern
ment to such limited extent only
as is in accordance with the eXigen-
cies of the public service. "A bin
that will secure the completion of
this great Southern project address
ses itself at once. to our minds rs
one that will not only stimulate and
quicken industrial enterprise and
commercial life in the South, but at
the same time be in complete uni
son with an important interest of
every citizen of the United States.
We direct your attention to the
startling inequality of the Govern
ment bounties between the North
and South; one hundred and serenity
ire millions Of dollars having been
expended to build up and advance
commercial and industrial interests
in the North, while only eighteen
millions of Government eXpendi-
lures, 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
money is involved, but simply a
Government guarantee of interest,
to be Endorsed on the bonds of the
Texas Pacific Company, under re-
strictions that thoroughly protect
the Government against any outlay
for the principal or interest ON said
cOmpany's bonds, with the addi-
tional provision subjecting the
earnings of the line to the regula-
ting power of Congress, so as to Sc
cure to commerce the benefits and
economy of the lowest rates consis-
tent with the cost of the road, it is
clear to us that no objection on any
public ground can be made to this
form If Government aid that will
cost the Government nothing.
We think the south and South
west could fairly lay claim to a
more substantial form of national
assistance in Government bonds to
complete the Texas Pacific across
our Territories to the Pacific coast,
but when the Texas Pacific Com
pany show that if the Government
will endorse on its bonds a guaran-
tee only of the interest, and retain
a sufficient number of the bonds to
protect itself against any outlay for
its interest guarantees, if such Sc
curity will give the company access
to capital, the disposition of inves-
tors to purchase such a bond at
/ once establishes the fact that the
Government is not asked to grant a
subsidy; because, if such a securi-
/ ty can be marketed, there can be no
| question that the Government will
never be required to advance,
much less lose a single dollar.
When we consider the fact that
/ over ninety millions in Government
bonds have been given as ii subsidy
/ to build the existing line to the Pa
cific coast, which is not only a mo-
nOpOly, giving human selfishness
| the power to WELD despOtic rule
over the commercial interests of
/ the whole country, and subsidy
! of Sl5,O0 per day to meet the in
/ terest on said bonds is continuously
! being paid by the Government for
! the construction of this line, which
/ is located too far North to meet the
wants of the South, or in severe
winters, to meet those of North or
! South, any opposition to the pro-
/ posed form OF Government aid 10
! the Texas Pacific line, the compile
ton of which would vitalize the
railway property, the industrial and
| commercial interests of the South,
appears inimicial to the prosperity
! of our section.