The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-29
THE TEXAS PACIFIC.
SPEECH OF SENATOR JOHNSTON ON
THE SUBJECT OF A RAILROAD
TO TINE PACIFIC.


TO THE PACIFIC.
The Proposed Texas Pacinc Railroad M
Favorable TO tire s0uth-The Roa
That the south Really Needs.
The Senate having under considers
ton the bill Is. No. 942) amendatory G
and supplementary to the act entities
"An act to incorporate the Texas Pacifl
Railroad Company and to aid In tn
construction Of its road, and for othe
PURPOSES" approved March 8, 1871, ant
the several acts amendatory thereo
and supplementary thereto, Mr.. John
ston said:
Mr.. President-O the nineteenth o.
March the Senator from Ohio (Mr
Committee OF the Senate the bill No
o42, amendatory of and supplementary
to the several acts OF Congress hereto.
fore passed In relation to the Texas and
Pacific Railway. On May I intro.
duced into the Senate the bill No. 1885,
which also proposes to amend and SUD-
plement the acts Of Congress referred
to. The Railroad Committee OF the
Senate has reported this bill to the SEN
ate, with some important amendments.
These amendments, while they enlarge
the scope OF the bill, are In perfect har-
mony with Its original purpose, recog-
nize the soundness OF the principle
which, pervades 1T, and are only In
My. purpose Ia addressing the Senate
to-day Is not 30 much to urge upon the
consideration OF Senators the import
ance OF a Southern line Of railway be-
tween the Mississippi river and the Pa
cihc Ocean as 1t is to institute q COM
parison between these two bills as prac-
tical measures OF legislation, and to
earnestly conjure Senators to take some
action upon this subject now.
ANALYSIS OF THE SCOTT BILL.
I now proceed, Mr.. President, to con-
slider the leading features Of these two
bills and their claims, respectively, to
the favorable consideration Of Congress
and OF the country. shall speak plain
ly, both as to the merits OF the bill No.
942 and Of the whole question OF q
Southern line OF railway to the Pacific;
and II / speak OF persons toward whom
the attention OF the country has been
directed, because Of their prominent
connection with this great Industrial
enterprise. It must not be supposed that
=
pose to thwart or to advance the per-
sonal ends or the individual ambition
OF any man. or that have any part or
lot In the rivalries and jealousies of rail-
way magnates. There Is q readiness on
the part OF the people, and, I am sorry
to say, on the part Of the press OF the
country. to impute improper motives to
those whose duty it is to legislate on
questions OF this nature and OF this mag
nitude. Every public man stands to-day
In 8 light as fierce as that which beats
upon g throne. For my own part, when
ever duty seems to me to call, shall
speak my mind freely, and, II need be,
upon any question or meas
ure OF public interest, without any fear
That the people Of the State which sent
will ever suspect me OF acting In my
place here upon any other than public |
and out OF that regard
Tor duty, which 1t Is to be hoped will
3ver, with the public men Of our coun-
try, In the language OF one OF the most |
eminent OF them all, transcend all
other regard"
SOME REMARKABLE FINANCIERING.
The bill No. 942 proposes the con-
.truction OF q single line Of railway |
= OhA Wv WOkbu, Ill 4cAt6s ny way Ol /
Fort Yuma, on the Colorado river. to |
Jan Diego, on the Pacific coast, dis |
ance OF about 400 miles. The bill pro-
Iides that to furnish the company with |
he means to construct and fully equip /
his line Of road, the United States shall |
ndorse q guarantee OF interest at the
ate OF 5 per cent per annum on the
'0nds OF the company, to the amount Of
'31, ESQ, 900. The interest on these bonds
> to be paid semi-annually, and the
principal fifty years after date. But
his is not the most striking feature OF
he financial plan proposed by the bill.
)ther bonds to the amount Of $1,000, 900,
r $4,000 to the mile on the whole line Of
Dad, are to be issued by the company,
nd the interest In like manner guaran-
bed by the United States. Mr.. Presi-
emit, l think the ordinary financial
hind would be somewhat puzzled to
onceive for what purpose this COM
any could want money other than to
onstruct and fully equip its road. But
1e construction and full equipment Of
le road is provided for by the guaran-
20 OF the interest on the $31, 750, 900.
he bonds Of the other series, amount
% to 81 900, 600, are to be sold by the I
ntted States-for what purpose For
le purpose OF raising money to pay ,
10 interest as 1t accruoS on the $751; 1
J, 5000 Of the bonds Of the other series. IL
This Is to make the government party l
q putting operation. The company,
ding able to meet the interest on the |
instruction bonds, amounting to $31,
5000, thinks that by selling more !
onds and getting time, it can in the \
ture pay interest on $3S, 750, 900 with G
ore ease than on the smaller sum.
his Is the device OF men in difficulties. t
cling pressed for debt, they meet it by T
lifting their own paper on the market.
he proposition is to protect and relieve
e government by making larger the
lnual interest it is responsible for. r
r. Wilkins Micawber was fond OF this b
ode Of fnanciering, and no doubt the r
mpany took the hint from him. c
But there is provision of section v
the bill, which may be thought by q
me to challenge equal admiration. In 9
at section, beginning with line sixty Q
ven, will be found the following:
That for the purpose Of providing funds for =
, prompt completion of the work, any of :,
d bonds denominated issue A, to be used y