The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-01-18
THE NEW ORLEANS PACIFIC BILL.

| There 1S very general desire MANIFESTED
on the part of the members of the General
Assembly to adjourn at the earliest possible
day. In the Senate yesterday q resolution
was passed, by unanimous vote, fixing next
Thursday, the twenty-third instant, as the
day Of adjournment. In view Of the early
meeting Of the constitutional convention.
III this course be adopted by the Legislature
| there Is but very little work for 1t to do, be-
You'd the election OF United States Senator.
| There Is. however, some legislation which it
| Is OF the utmost Importance to dispose OF, and
Of this the bill which it is by far the most
| Imperative to pass Is that which proposes to
amend act No. 6s OF 1878, so as to enable the
| New Orleans Pacific Railroad to secure the
benefits OF that act. The nature Of the amend
ment asked for-the substitution of second for
first mortgage bonds Of the road as security
| for the issue OF the State bonds-as well as the
reasons which made this alteration necessary,
were fully explained In our editorial upon the
subject In yesterdays DEMOCRAT. As to the
suffioiency Of this security and the ability of
the road to pay the entire interest on all Its
bonded debt there can be no doubt whatever.
Upon this question there can be no higher
testimony than that Of Mr.. James Clark, Vice
president and general manager Of the New
Orleans, st. Louis and Chicago road, one of
the ablest and most thorough railroad men
OF the country. This gentleman has made
a tabulated statement of the earnings of
a number OF roads in this country,
the lowest showing a return of $4,000
per mile Of these gross earnings,
he allows 60 per cent, the proportion allowed
on the costliest roads, for all running expenses,
including taxes, salaries, etc. Allow to the
New Orleans Pacific $4,000 per mile, and de-
duct 60 per cent, or S24OO, for running ex-
penses, and there Is left $1,000 per mile on 355
miles, or s56S.O0O.
The annual interest at per cent, on S.
900. 900 first mortgage bonds is ... $500. 900
Interest on s2,OOo,ooO second mortgage
bonds, held by the State, at per
Total Observation-Disclosures. s42O, 900
| leaving margin OF net earnings of $148, 900,
| after paying all expenses and interest. So
| much for the character Of the securities Of
fered by the road for an Endorsement which is
merely nominal, and will doubtless, never be
actually used.
Upon the commercial Importance OF this
road there can be no discussion. We believe
II there is one proposition to which every
member Of the General Assembly will sub
SCRIBE Il is that railroad between New Or
leans and Shreveport is and has long been
essential to the prosperity OF this city and
the State. We do not propose to discuss the
various projects which have failed In the
past to effect this object; it is only necessary
to turn our attention to the practicable meas
ure now presented, and which will, at once.
give character and credit to an enterprise
already far advanced towards completion.
The bill now before the General Assembly
in the interest of this road is, in our opn-
ion, wise, safe and practicable measure, and
will insure the speedy completion OF great
public work, which will do more to advance
the material prosperity OF our entire State
than anything yet undertaken in this direc-
ton. This road passes through the State
from its southeastern to its northwestern ex-
tremlty. Its course lies through seventeen
parishes. comprising the richest and most
productive region of the State, to which it
affords direct communication with this city.
This fact alone would amply justify the i'm
are other considerations of not less import
ance.
The melancholy results to every class OF our
people from the want of this road must be ap
parent to all. Every description of real prop
erty In this city has become 50 valueless as to
operate the ruin of many small proprietors,
and 1t is a safe estimate that fully twenty
million dollars worth of the improved real
estate of this city is now tenantless and pro-
ductive Of no revenue, while the taxes upon 1t
are yearly accommodating, to the ruin Of its
owners At the same time the trade OF our
port shows a vast falling off in every depart
ment. Neither the merchant, clerk, shop
keeper, mechanic, artisan, professional man
nor laborer can earn by his utmost exertions
a decent support for his family
How will all these classes be benefited by
this road We answer that it will bring to
this city four hundred thousand bales of cot
ton which are now transported over railroads
that have their termini in Northern cities
that at least ten million bushels of wheat |
that now finds market in st. Louis and the
West, will come over this road to New Or
leans; that not less than full half of the
beef, mutton, hogs and poultry required for the
Of the citizens of New Orleans
will be transported over this road-and, right
here, let us say that saving of one and
half cents per pound and there is margin
OF three cents between the market price at
and at this place on the fresh
beef consumed In this city alone, will save to
this people a sum sufficient, yearly, to pay
the interest on the entire bonded debt of the
road, or per cent on 100000. These are
glowing statements, but we believe they are
justified by the immense advantages this road
will have over the lines to st. Louis from
North Louisiana and Texas. These advan-
tages may be briefly summarized, as follows
l. The great saving in time and distance Ct
in reaching market.
2. The level nature Of the country and the |
easy grades-less than half OF those of the |
ROADS to st. Louis-which will enable this road |
' 70 NIX rates Transportation ruinous to those
lines.
?; me superiority of our port and the short
49,