The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1879-12-25
THRoUGH 10 oALIFoRNIa .

/ the HennsyiVania CenLFal 81 ftet ap2n-
doned the Federal capital TO seek
what neither money nor power pre-
serves, and it is said he is physically
wrecked, while the dream Of his life
passes away with his vigor, and new men
have taken hold OF the great enter
prise, for which Texas has done SO
much, aud the two oceans are soon to
be linked 10y another grand trunk line
passing through Texas. Il appears now
that this same interest, which wrenched
from Vanderbilt such a large share Of
the New York Central, was bus,iy at
work the other day at Philadelphia,
and that Jay Gould, the silent bur
powerful and successful operator in
railroad stocks, has reslly run his
hands down deep into the affairs Of the
Texas aud Pacific and has drawn them
out again with enough stock to
control, with his syndicate, the
destinies of the organization. Scott
gets out OF the way with his everlast-
ing proposition that the Government
build him road and make a present
besides of several thousands per mile 10
the company, land Gould comes in
with the will and the money like
Huntington, to at once achieve success.
For some time there has been a move
ment on the part of Jay Gould &
Co. to obtain control of the lines con-
Meeting with the Texas and Pacific,
and the Philadelphians, being short of
means to protect themselves against
such an attack upon their interests, &C
cepted proposition, at the meeting on
the ninth, In Philadelphia, to convey
to the syndicate a controlling interest
in the Texas and Pacific road for
enough money to secure the building
of the line to a conjunction with the
Southern Pacific on the confines of
Western Texas. The result is that
the prospective carrying trade between
the two oceans at last passes into |
the hands of the same men
WHO have already controlled the |
Northern lines. The same power
full combination, which built and now
controls the Central Pacific and the
entire railroad system of California,
combines with the same organizl-
tons with which they combined along
the northern routes, and these elements
again conjoin in spanning the contl-
nent. Aside from the question of tar
IFS, which may really be con-
trolled by Congress, Texans should
be delighted with the result. We are
to have Southern route, developing
one of the grandest sections of the
globe, in which there are enough rich
lands to make homes for hundred
million of people, and mineral deposits
of every variety In quantities sufficient
to dazzle the commercial and indus
trial world. The Southern route pass
es through no desert waste as does the
Northern lines, and when the iron
horse has scampered over these South
ern plains for dozen years they Will
bloom and fructify as Go the produc-
tive fields of Southern France.
While these are the features that
await the contamination of the South
ern enterprise it may be that
the company contemplating the
the great work overcrop themselves,
and in the end the members of this
syndicate may have to succumb to the
pressure of circumstances. The Tex
as and Pacific, it Is said, acquired its
land grant franchise, and all of value
attaching thereto, by being subroeated
to the legal rights of the Memphis and
FL Paso Company. This concern sold
about So, 900, 900 of its bonds in
France, as is alleged, by series of
most startling legal frauds, and the
Memphis and FL Paso Company was
adjudged bankrupt, its mortgages
foreclosed and the property sold to
the Texas Pacific. There has been
for several years a controversy IN regard
to these transactions before committees
of Congress, but the French bondhold-
ers have at last taken practical step,
which has given the Texas and Pacific
not little trouble. Last summer Matt
II. Carpenter, Judge Black, of Penn
sylvanla, and Douglas Campbell, of
New York, acting for these bondhold-
ers, filed in the Supreme Court of the
District Columbia bill in equity
against the Texas and Pacific, in which
the whole history of their case is set
forth, supported by voluminous ex-
hibits. The court held that it had all
the power of the circuit courts of the
United States, and that the charter
of the Texas and Pacific from Congress
renders it amenable in all courts of the
United States, and, therefore, asserts
Its jurisdiction. The plaintiffs have
moved for permanent injunction, and
if their proof justifies their allegS-
tions they will OBTAIN it thee; and
the whole question will come up in
the Supreme GsHft on appeal by the
defendants. and years of litigation may
enses.: In the meantime the injunc
ton viii restrain the company from
making any disposition OF its securities.
The holders of the Memphis and FL
Paso bonds in France are influential,
and they will be able to stay any money
negotiations that may be undertaken.
But Gould s Co. certainly know Whist
they have been doing. and in any event
Texas Ia to have the road completed,
and in the interests of the people vast
IL benefited.
The Palestine Nees thinks Houston
deserves to handle the bulk Of the cot