The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-13


miles steamboats, could run and bring TO her
and take from her such freight as mlgnI
come and 40. The events Of the eight years
prior to 1865 had been such as e. paralyz1e the
Their minds we're occupied IL naIteIs -, ~
entirely different character. ana When Jne
war Terminated, they found themselves Ut
terly stripped Of capital, and with barely
1 means enough to resume business and that
on a very limited scale. To the meantime,
with an abundance OF money, st. Louis CON
strllcted d railroad to Little Rock, and ex-
! tended IT soon after to Fulton, Arkansas only
d few miles from our own borders Chicago
| had reached out her great arms and united
| with st. Louis In completing railroad, away
down through Kansas, the Indian Nation, and
| to the northern terminus OF the Texas Central
Railroad, thus bringing Galveston and all the
country along that railroad, and all the coun-
| try along the lines Of railroads that connected
with the Texas Central Railroad, to Within
meantime Texas was visited in every city,
town, village and cross. roads by the enter
pricing agents Of st. Louis and Chicago, and
goods were offered to them at prices which New
Orleans merchants could not compe.e Wi,th
had hitherto had monopoly Of the Texas
trade was shut out, and exceptat a few points
along the coast OF the Gulf OF Mexico, she
had no connections or business whatever. In
the meantime a powerful company was or,
ganized and fleet OF steamboats, was placed
upon the Mississippi river at st. Louis, and
daily boats piled the White, the Arkansas and
the Red rivers, supplying the whole trade Of
that vast territory, and absorbing all the
profits OF the exchange OF goods from our
people.
chased the short line OF road running to the
Berwick's Bay from New Orleans. He then
at the time, to the merchants, bankers and
| business men Of New Orleans. He agreed, Ii
| the people would raise S2,0O0,O0O to com
plete his road to Shreveport and Texas,
ne would give them stock In the
road to the amount Of their subscriptions, and
would furnish the balance Of the money, say
Sc, 900, and build the road at once for cash
I remember the effort that was made at the
time. Mr.. Pike, an Influential man, and q sue
cessful banker In New Orleans, undertook the
work Of soliciting subscriptions. The books
were opened, and In his bank meetings were
held. The newspapers urged and advo-
Gated the subscription, and after every
effort was made end every argument addueed
was only 100000 Of the S2,O0O,O0O was sub
scribed What did this show? Not that The
intelligent merchants and bankers Of New Or
leans did not appreciate the necessity OF a
railroad to Texas, but 1t showed that the war
had so crippled everybody, even those classes
who we're supposed to have the most means
at their command, that 1t was impossible to
raise even $2,000,000 to promote such work
as that proposed.
have heard it stated that Mr.. Morgan was
insincere, and knew when he made the
proposition that it could not be accepted, but,
be that as It may, it was not accepted and the
effort failed.
1t was several years after that event that
liar A.nf% "a
Chattanooga Railroad Company, arrived in
this city He represented a corporation
whose directors were men OF reputed fortunes
The SeltgmaDs, Spragues, Van Hoffman, ex-.
Gov. Morgan, and exsGoy. Griswold, Morton,
and many others Of New York and Boston,
whose fortunes were colossal, and whose en-
terprise was we'll known. They were the
projectors Of line Of road from New Orleans
@ to bgs TENN and n oy Were ePsnddn
line Of road that would save half dozen
hours In travel from New York to New Or
leans. In this work they asked no aid from
anybody. They were spending their
prise, which ought to have yielded them
greater returns They have spent seven
millions Of dollars In building the road from
New Orleans to Mobile, and still the work is
not completed permanently. The representa-
tiyes Of this corporation were waited upon by
many OF our influential citizens and urged to
consider the advantages Of the line to Hous-
ton, Texas. They did 80, and after several
months OF delay and after consultation In
New York, committee came, TO this city
and proposed to build this work. They said
they had spent and were spending an enor-
nous sum of money on the road to Mobile,
but IL we would do as other States Id the
North and West had done, give the aid
Of three millions Of dollars, they would un-
dertake to build the road. The States in
dOrsement at that time was not worth much,
for her bonds had sold but short time be-
fore at less than thirty cents on the dollar,
but they believed. and I believed, and the
events that transpired afterwards proved the
correctness OF the opinion, that with this road
completed the States credit would be greatly
improved, although the debt Of the State might
De largely augmented. | remember the gen
received by the business men and property
holders Of New Orleans. I was waited upon
by many Of the most Influential bankers and
merchants and urged to lend my support to
the project 1t was everywhere received with
appreciation among. commercial men. was
told that which l knew without being told
that II we could get a railroad to Texas and
recover our lost trade and bring that large
growing Empire to us for their supplies and
10 return send US her cotton, her sugar, her
wheat and her cattle, and though 1t would be
a heavy burden for time to the people, vet
the advantages to be achieved In our increased
trade and commerce would repay gift
Of ten millions Of dollars In five years. The
city Of Cincinnati has just subscribed ten
millions Of bonds to build a road from that
city to Cha ttanooga, Tenn, though line
was already In operation via Louisville. But
It was deemed by that city SO Important to
have direct line and to have trains go direct,
and not by way OF Louisville that this enor-
nous sum was subscribed BY that city, and
the State Of Ohio has rewarded the protector
OF that enterprise. Mr.. Bishop, by making
him the Governor Of that commonwealth. The
State Of Illinois gave to the Illinois Central
Railroad every alternate section of
land along the entire length OF her
line. beginning at the northern line of
the State and ending at Cairo at the
lower line. and by the local aid to railroads
by counties and cities, the State has now more
railroads, more population and more wealth
per mile than any State In the Union. The
state q Missouri aided her railroad enter
prlses TO the enormous sum Of $30,0O0,00O, and
though she lost most Of the money, she in
creased her population and wealth until she
now ranks among the front line OF States In
Hhroa,