Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-11-09

Tor DOIn luQIduS ana tTuOkc nave 10
be transported long distances at
great cost and much risk. Fourteen
regiments are, I,believe, thus main
tained ait cost Of one million per
annum per regiment. The saving
TO the Government by the Central
and Union Pacific in the Transports
ton of postal matter, troops, stores,
DC. has been for the last two years
at the rate of 81, 1854, 694 per annum.
Why should not the same economy
be effected in the territory through
which the Texas and Pacific runs !;
and how are the necessities of the
Government supplied untilitis COM
pleted ? Surely, if, as the Quarter
master General reports, the saving
on the Central and Union Pacific
was the difference between nine
millions and six millions. there IS
no reason why this thirty-three per
cent. upon the fourteen millions
which are being spent in the South
and Southwest should not also be
saved. And the importance of this
road TO the Government, as the rep
resen1ative of the national interests
mnst be obvious to every man who
it runs directly along and near the
territory of a foreign power, with
whom our relations are every day
assuming delicate and more diff
cult character. When, therefore,
we ask, we also give; and l ven
ture to assert, that five years of this
completed road will fully compen-
safe the government for any aid 1t
may give or risks it may take.
But the Texas and Pacific COmpa-
ny are
NOT ASKING A GIFT, But \ LOAN,
and a loan not of the money of the
Government, but of its credit I; and
for this loan, to effect an object as
important to the Government as to
the road or to the South, we offer
the amplest and most substantial
security. On this subject ] shall
not say much. The provisions of
the bill are before the country.
They are precise, specific, without
VaguenesS /; matter of sober calcutta
ton that a business man can cipher
out with certainty. We ask the
United States Government to guar
antee the payment annually of 5 per
cent. interest for fifty years upon
S3S, O0O, 900 of bonds, or so much
thereof as may be necessary to COM
plete the line, under direct Govern
ment supervision, and to secure the
payment of the interest so guaran-
iced, we offer as security:
First--A mortgage, paramount TO
all other liens upon the railway, with
its equipment, buildings and prop
Crty. from Fort Worth to San Diego
Il 400 miles. And as the bonds
can be issued only upon the COM
pletiOn of sections, this mortgage at
each issue of bonds covers COM
pleted road of equivalent value.
Second-The application TO the
payment of this interest of the en-
lire amounts due from the Govern
ment for postal and army transpOr-
tation and Geographic service, the
amount of which may be fairly cal
Cuiated from the reports of the Quar-
tcrmaster General as to the amount
uf similar service rendered by the
Central Union Pacific, all the cir
cGmstances indicating a larger use
uf the Texas and Pacific.
Third-rhe retention of 1000 per
mile i'm the Treasury of Che Govern
ment of the guaranteed bonds. with
the right to sell and use the pro-
ceeds in making up any deficiency
in payment Of interest by the com
pany.
rOurth-The payment into the
Treasury of 50 much of the net earn
ingS of the road as will be sufficient
10 meet tine interest required. This
will he less than $1,000 per mile,
which is less than the present net
earnings per mile of the Texas and
Pacific line without Western con-
nections, and only about One-third
of the net earnings per mile of the
Central and Union Pacific line.
Fifth-The REIMBURSEMENT to the
Government of the grant lines made
for the construction of the line
through New Mexico, Arizona and
the State of California, opening
them to speedy sale and settlement
at Government prices, with the pro-
vision that the proceeds of these
lands shall be paid into the Treas
ury; One-half to be appropriated
to the payment of any deficit in the
annual interest, and the surplus,
which, should there be no deficit,
will be the entire amount, to the
redemption of the bonds themselves.
The value and character of this
security l am willing to leave to
the judgement of every practical
business man, without one word of
further comment.
THE SUBSTITUTES OFFERED.
Besides the special objections to
the Texas and Pacific bill to which
/ have endeavOred TO reply, it re-
mains for me to notice the various
schemes which have been suggested
rs substitutes. / cannot explain
them in detail without maps, but,
althOugh-they vary in minor pro-
visions, they are very similar in
general features. have no hesita-
tiOn in asserting that they have all
been contrived by the California
monopoly, with no intention or eX-
pectation of their being passed, but
10 distract and divide the Southern
support of the Texas and Pacific bill
Their object has been by suggesting
advantages to induce the friends of
such roads TO postpone action upon
the trunk line, in hopes of dividing
the aid proposed to be given to the
Texas and Pacific, and they have
deluded more than one honest leg
islatOr into the belief that by sup
porting them he was securing to
the several States a direct local CON
nectiOn, and securing it at less cost
and equal security to the Govern
ment.
| will endPaVOT to state, fairly and
clearly, their general character:
First-lt - tn give the Southern
Pacific California Company the en-
tire land grant of the Texas and
Pacific, and authorize it to complete
the connection between Yuma and
TT P1So. and also to build the con-
nectiOn between its existing line,
trUu "a point To be selected by thai
company and san Diego.
SecOnd-To cOntine the Texas and
Pacific to the connection between
Fort Worth and FL Paso, giving il
a subsidy of not less that $4,000
per mile, but varying in the differ
ent bills.
ThiTd-ToauthOriZe and SubSidiZe
five or six other railroads at the
same varying subsidy, from points
in the States of Texas, Louisiana,
Arkansas and Tennessee, two only
of which are in any sense connec-
lions with the Texas and Pacific,