Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-08-19
THE TEXAS PACIFIC R4rLROAD,

THE TEXAN PACIFIC RAILROAD,
Washington dispatch says that the fact
chat the directors of the Texas Pacific railroad
company are endeavoring to negotiate loan
IN New York to complete their road is &C.
cepted as one evidence that its management
are disguised with the effort to induce Con-
lress to aid them in the work, and that fur
5her demonstrate ms by its organized lobby
will be abandoned. We are glad to record
The fact. For ten years past Congress has
Deen invaded by a large and influential lobby
working on behalf of subsidy for this en-.
erprise. The demand was made that the
government should guarantee the bonds of
the company to the extent of sixty millions
Of dollars, so that they might be foated.
The company promised to see that no call
should be made upon the government for
either the principal or interest, and many
Sell-meaning persons were induced on the
strength of these promises and in view of
jhe Importance of the work to favor the
'ubsidy. These had not in mind the past
history of such guarantees. When
he Union and Central Pacific roads
we're built the projectors were profuse in
their promises to pay all interest and princi-
pal, bat thus far have not paid cent of either
except in the way of transporting the mails.
The government, however, has been obliged
20 pay out over thirty millions of dollars as
interest on the bonds of these roads, and
will, without doubt, be called upon to pay
ne principal at the date of maturity. III. re
little question but the case would be PIE
sely the same if the government should
guarantee the bonds of the Texas Pacific
company.
There are many good reasons why this
reat highway should be opened. Though
for long distance it traverses an arid plain,
good for nothing agriculturally, it passes
through the richest mineral region on the
continent. The silver mines of New Mexico
and Arizona are wonderfully rich,
out have not yet been developed
owing to the difficulty of reaching
them and the cost or transporting the pro-
duct to market. The gold and silver mines
of Northern Mexico would also be placed
within reach and would add largely to their
value and to the wealth of this country.
There are, besides, rich grazing lands in some
parts of New Mexico that are now simply a
waste wilderness, while the fertile lands OF
western Arizona and southern California
would furnish an abundance of business for
the line. The port of San Diego, the west
ern terminus of the proposed line, is perhaps
the best on the Pacific coast, and large
traffic could easily be built up between it and
the islands of the Pacific and the East Indies.
There appears to US no reason why the road
should not be paying one from the date OF
it's completion, and hence we &c 9 nothing to
prevent the projectors from obtaining all
the financial aid they require without apply
ing to the government. Only by the worst
management can it bs rendered losing en-
terprise. We are glad, therefore, that the
attempt to bleed the government has been
apparently abandoned, and that the road
will be constructed by private subscrip-
lions. If a road or steamship line cannot
be made successful without government
subsidy it ought to be abandoned. Wnen-
ever it becomes evident that such an enter.
prise will pay, it will be built by private cap
,talists. 1t will have to wait until such time