Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-04-11


tive over The Journals opposition to the sale of
the State Road. Because condemn a certain
scheme OF the Louisville and Nashville Railway
Company. they strangely assume that we are con-
demning them. When refer to 1.-THE emissaries
and dependents" of the L. and N, the Macon Tele-
graph grows black in the face and bawls like An
cient Pistol in his cups. The Telegraph is wasting
wind. We have never accused it any newspaper
of acting from unworthy motives unworthy in
huences In its advocacy of selling the State Road.
On the contrary, we have said that:
sThere are honest and disinterested per-
sons who are persuaded that the State Road
could be sold 20 advantage"
II the TELEGRAPH reads itself out of that category
ii does SO by fits own Interpretation. not ours.
Fvarv newspaper and every individual is enti-
tlsd m the utmost freedom OF opinion on TINS as
m all issues When the Augusta Chronicle declares
that IL fayors the sale of the State Road and mas
,avorad II for years we do not doubt the Chron-
icle's sincerity though feel sure that It's 1uoe-
meut in this case is unsound. What the Journal
insists uuon is that persons who are in the en-
rIov of the Louisville and Nashville Railway Com
nanv are i'll qualified to advise the people of Geor-
gia concerning the future disposition or the west
ern and Atlantic Road. And it is from such per-
sons that the most persistent plea for the sale Oh
that road proceeds. Representing the LOUISVILLE
and Nashville as attorneys or in other capacities
It is quite natural that they should urge this propo-
sition. They are not to be censured for fidelity to
their employees interests. But the people will have
good reason to censure themselves IL they mised
into surrendering the States most valuable piece
of property
Imagine a man owning gold mine which yields
him thirtyve thousand dollars at the end of every
month year in and year out, whether times are fat
or lean. which increases continually in value and
which costs him not a penny for taxes or upkeep
or operation. That represents the present worth
of the Western and Atlantic railroad to the State
of Georgia During the twenty-year lease which
ended in 1890 the rental from this road neted the
State six million dollars. For the present lease Of
Twenty-Five years. which ends in December, 1919,
the rental will amount to twelve million, one hun
dred and eighty thousand dollars. Thus within the
two lease-periods the State will derive eighteen
million, one hundred and eighty thousand dollars
IA sum nearly three times greater than the States
entire bonded debt.
In the face of this record, how can IL be urged
with any show of reason that we should sell the
Western and Atlantic to pay the States bonded
debt? The roads rental alone, even at the COM
paratively low figures whichshave obtained hereto
fore, is far more than enough to take care of the
bonded debt as il stands it may be in
creased. II is neeuful to sell this magic tree
in order to enjoy its fruit. We have only to stand
by and gather its golden harvest, the seasons
through.
Under the lease which ended in 1890 the State
Roads rental three hundred thousand dollars
a year; under the lease now drawing to a close 1t
is four hundred and twenty thousand dollars a
year; and under the next lease it should be GER
tainly not less than six hundred thousand a year.
If that lease runs. those terms, for a period of
thirty years. the State will receive eighteen million
dollars II IL fifty years, the State will re-
ceive thirty million dollars. Meanwhile, it should
be noted. the lessees viii make extensive improve
ments on the road their own interests constrainng
them to do so, that the intrinsic value of. the
property would be continually enhancing
Why should the State part with an investment
which has been enriching in the past and which
If duly protected, will yield ineomparably higher
bounties in the future? Why sell a source of
steady and permanent and increasing income?
Whatever amount of money the sale might bring
land we have assurance in present circumstances
that 1t would not fall far. below the roads real
valued would be swept away by instant demands
and special appropriations. Although existing
debts could be paid with the proceeds other obIiga
tons would arise. But the constant stream of
Western and AtlsAtic revenue which we now have
for meeting them would be lost forever.
More than that, the chief bulwark of the States
credit would be lost. With the Western and Allan
tic railroad collateral, Georgia can borrow at low
rates OF interest, all the money it needs Georgia
bonds now are rated among the soundest securities
in America, and sought by the most prudent in.
vestors. This is true very largely for the reason
that these bonds are guaranteed by the State Road
The State cannot afford, for any consideration to
part with its most valuable basis of credit
Who would profit by the sale of the Western
and Atlantic? Certainly State institutions such
as the public schools, to whose maintenance the
Western and Atlantic rental steadily contributes
Certainly not the taxpayers, each of whom is a
stakeholder in this great property There is only