The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-16
NEW ORLEANS PACIFIC RAILWAY

The Judiciary Committee Of the House Of
Representatives have reported favorably.
the bill to grant to the New Orleans Pacific
Railway Company two millions In State
bonds TO bear per cent per annum Inter
est. and repayable in forty years from date
Of issue, receiving In return the bonds of the
company for like amount, on similar terms
as to interest and time Of repayment with
% per cent additional Of said bonds over the
two millions to guarantee the State against
any possibility Of default on tho part NJ the
company in the punctual payment Of the In
terest on It's bonds.
The work already done by this company,
which includes ono hundred and fifty
miles Of excellently graded road, is
moderately estimated by most competent
Judges us worth $500, 900, on which the COM
pany ask an advance Of State bonds for
s25o,OOO. Thereafter, as each section of ten
miles Is graded. tied and netalled with steel
rails ready for the rolling stock, $4,000 IN
bonds per mile IRE to be advanced by the State
on The acceptance Of the work by the State
engineers designated by the Governor for the
purpose.
No exemption from state. parish, city or
other tax is asked by the company, nor has
any been granted; all that Is required Is a
loan Of State bonds on securities unimpeaeh-
ably sufficient for S2.00O.09o, to enable our
struggling fellow-citi1ens to complete this
great patriotic enterprise which will people
many Of our parishes. enormously increase
their productive power and taxable capacity,
and add millions yearly to the commerce of
our suffering capital.
No one Interested in State securities, no
merchant. no real estate owner. no taxpayer Of
any description. has, SO far as our knowledge
Of the community extends uttered one syl-
liable Of opposition to the bill before the Gen.
eial Assembly for the objects embraced in ii,
OF The manner In which tits proposed to carry
them to successful completion: can 1t then,
we need scarcely inquire, be necessary for lis
to say more than what every one earnestly
demands ought to be done speedily ungrudg
ingly. spontaneously for the salvation Of the
best interests of our State and city2
Some little dissent was embodiedi In a minor
ity report Of two members Of the judiciary
Committees to the bill, but we are quite sure,
from the high character and intelligence of the
gentlemen alluded to- that they will not make
their objections ground for serious oppos-
ton 10 a measure deemed SO vitality necessary
FOR the re-estahlishment of our prosperity,
the development Of our interior parishes and
the restoration of our declining commerce..
II Is impossible to eSaggerate the advan-
tages to be accomplished bya road connect
ing this city with Shreveport, on Red river.
and Marshall In Texas. not only in the in
crease of our population, the augmentation of
our agricultural wealth. the diversion to our
city of millions ofdollais per annum, butdn the
addition 1t would cause to every taxable ele-
inent upon which our reliance must be placed
for the maintenance of tho public credit and
the support Of the State administration. More
over it would give strength and stability to po-
litical and other corporations whose cfedita-
BILE existence ~ inseparably entwined with tho
public prosperity.
Never in our editorial career did d more pain
full duty devolve upon US the5e than Of oppos-
ing the scheme to build thist,ailroad by tax
on the property of our city. We felt as deep
ly sensible TO its necessity to stay the down
ward tendency of our commercial fortunes as
any of it's most ardent friends. Indeed. we
never hesitated to express our conviction that
1t was the one first great step toward new
andmore glorious future; but We did not de-
sire to achieve that by means SO Objectionable
90 the taxation proposed implied And un-
pleasant as it was to be compelled to separate
ourselves from friends whom we held, for
many good reasons. in the highest esteem, we
made the saseriire, and have never regretted
II. @
How stands the case to-day F? No favor, ac-
cording to the old and reprehensible modes,
is asked of the State. no exceptional leaisa-
tion to aid the capital in this enterprise over
the capital otherwise employed, no special
privileges. nothing but a loan OF State bonds
for s.. 0OO. 900 on first mortgage Of a road 800
miles in length, and, as the road is completed,
with an additional guarantee of % per cent in
like first mortgage bonds, the entire r...nount
OF which is limited to $5,ooo,ooo, Or less than
$4,000 pei mile Of completed road.
Not only this, but the company undertakes
to retire the State bonds in sums Of $4,000
annually. commencing five years from the
opening Of the road to traffic.
Can any proposition commend itself more
acceptably TO Legislative support than this
Can human ingenuity devise plan for the
enrichment of suffering people so free
from every reasonable and fair objection, or
one so well calculated to make representa-
tives of the people forget their party differ
ences and unite for the promotion, Of an under
taking that will contribute more or less to
every ones happiness and worldly SUGGEST
-
Tho proposed act of The Legislature, pub
l;sb,d II thasa aalumns Geyaral DAYS 8aa(