Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-23
THE BOND BILL.
Mr.. IOhn " Fawel Of the Capitol Syndicate
Predicts Evil
Results.
Chicago, III, April IS. 1909.

Chicago, H. April 1s. 1909.
Editor Gazette
/ have just read Ia your Sundays H.
sue the new railroad law just passed
by your legislature, aud your editorial
on the formation Of home insurance com.
panies 10 do the business Of Insurance.
In your state
As to the railroad law, my experience
aud observation enables me 10 give Il
heading that win characterize its
immediate effect upon the building Of
railroads In Texas, namely. ~ law 20
prevent foreign or home capital from
building railroads IN the state Of Texas"
The reasons are obvious 20 anyone at
all acquainted with the Inducements
60 build railroads In new countries where
the business from which dividends are
70 be paid, Is mostly to be obtained by
the building Of the railroads themselves.
Ia the process Of building up the country
through which they run.
No one who has been conyersant with
the history Of the development Of Ili-
nois, iowa, Kansas and Nebraska can
he ignorant Of the fact that the taxable
property of those states was mostly
built up as the direct result OF railroad
building and the establishment Of manu-.
featuring enterprises within their Dor
ders. II Is also very apparent that none
Of those states were able 90 build their
own railroads; hence, when the first
railroad was built in Illinois enogh
land was given IN alternate sections by
tho government 10 pay the whole ex.
penso, by Keeping Il until the rond was
built The unsod sections were sold
readily for enough more than the GOV.
eminent price 10 cover the donation 10
the railroad and all were happy. aud
the state had It's railroad
This beginning Of miracles In Illinois
Of the United States led 90 hundreds
Of Others throughout the West, Of
similar character
Is II reasonable for the people Of Texas
or fair 10 railroad builders To expect
any Investments Of this kind In Texas.
with the restrictions and superyisions
provided for under legal forms in the
statet | think not; / say boldly, / know
Il Is not And | say further. Thar 1 do
capital nearly 50 much as In the interest
OF Texas itself, j haven't a dollar of
railroad stock or bonds, aud II Is not INV
business, and when railroad men g,t
rich--yes, Immensely rich--as individuals
10y their enterprises and foresight-build-
ing railroads before they are needed i'm
any state and increase the cash value
Of real estate values from four 10 100
times more than they We're before. Is IL
lar or the proper thing for state,
through It's highest officials, 10 complain
OF such rcsultst / say. without fear of
contradiction, chat railroad builders I'm
new countries ARE by far the greatest
benetAct0N 10 those sections.
do happen 10 have a large land ipte,,.
est IN Texas When thar Interest was
acquired several railroads were SURVEYED
through T. neither one Of which have
Deen built because Of such sentiments
as TINS law indicates being entertained
py leading men IN the state. who baye |
hNu power 10 control It's politics. For |
THIS reason / would much rather scli |
every Interest | have IN the state for /
cost lhan 10 invest another dollar within /
Aer borders, unless there ia a chance Il, /
!he spirit of her political and econon'
iival unams' / presume every railroad |
interest IN the state would ~
slad 10 follow suit ana 6nd 4
Z region whore the great fo,,r,'
ing ana Industrial interests can annrl
aate an expenditure OF money tbat nan |
az least quadruple the value of tbeir
holdings OF property, instead OF saving.