Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-05-16
GeOrgia'S Priceless Investment.

Such bubbles of sentiment as existed for
the sale of the Western and Atlantic railroad have
burst and vanished in the deepening tide of public
conviction The more the people think on this
subject the more clearly they, perceive how fool
NSh and wrong it would be to part with priceless
investment merely to get lump of cash. They
realize that the State road not only should be
served and protected against hostile and covetous
schemes but also developed and if possible, ex-
tended to the sea. Here and there, to be sure
are msinformed or sef-interested persons who
think otherwise. We do not mpugn their motives
They have an unquestonabe right to their views
especially when they are sincere. But the impor-
tant fact is that the great body of thoughtful opn-
ion in Georgia is opposed unalterably to any sug-
gestion that the Western and Atlantic railroad be
sold.
1t is peculiarly gratifying to. The Journal that
this is the case. For years past, The Journal has
urged the protection and development of the State
road, and with all the earnestness at its command
has combated every proposal for the sale of this
Invaluable property. We note with cordial salts
faction that Atlanta contemporaries are now
pleading eloquently in the cause, albeit some
what candidly. There is better service to which
the press of Georgia, daily and weekly alike, can
devote its energy, service that means more to
the material interests of the Commonwealth.
Every citizen of Georgia has a stake in the
Western and Atlantic railroad 1t was built with
the peoples money for the peoples benefit, and its
record abundantly justifes the craftsmanship that
planned and brought it to pass more than three
quarters of a century ago.. During the twenty
year lease which ended in 1890 the rental from
this road netted the States treasury six million
dollars, The rental from the present lease, which
expires in December, 1919, will amount to twelve
million, hundred and eighty thousand dol
lars; so that from these two lease periods the
State will derive eighteen million, one hundred
and eighty thousand dollars-a sum nearly three
times greater than the States entire bonded debt.
In the light of this record, can urge
on any ground of justice expediency that the
road be sold to hquidae the States bonds, because
the rental alone, at the comparatively low
figures which heretofore have obtained, would suf-
fee to take care of the bonded debt and leave
royal surplus. Under the lease ended in 1890, the
roads rental three hundred thousand dollars
a year; under the present lease it is four hundred
and twenty thousand dollars a year; under the
next lease ought to be not less than six hundred
thousand year. If the new lease runs, on those
terms for period of thirty years, the State will
receive eighteen million dollars and if it
fifty years. thirty million dollars. Meanwhile, the
intrinsic value of the property, which is now be-
tween sixteen and twenty million dollars, will be
increasing continually. The fact is, the value of
the Western and Atlantic roalroad to the people
of Georgia is simply incalcuable Besides yield
it stands as the bed rock of the states high credit
"a granite guarantee on which the state can Dor
row. at low rates of interest, all the money it
needs To sell this source of never failing and
ever increasing revenue merely to get few mil
lions of ready money, would be folly so monstrous
as to fall nothing short of crime
It is evident, however, that the few advocates
of that short-sghted policy have either the
error or the futility of their and are fold
kho
is how the State road can best be developed. The
settlement of that issue is largely in the hands
of the Western and Atlantic commission, estab-
lished at the last session of the Legislature and
composed of eminently fitted for their
task 1t may be taken for granted that they will
look diligently to every aspect and detail of the
new lease getting the best rental price to be OBJ
tanned and terms that will assure the continued
improvement and protection of the property.
There is one matter, however, that merits
particularly earnest consideration because it in
wolves the security and development of the state
road for all years to come. That is the ques-
ton of extending the Western and Atlantic to
the sea-. The broad desirabilty of this project is
not debatable If 1t be done, then certainly
it ought to be done The possibilities of the
case have been under discussion for years. but
without definite results. Last week, however, the
Western and Atlantic commission received a clear
cut proposal to this end from Mr.. j. A. J. Hender-
son. who together with his associates, offers to
deliver to the State by or before December 1919
a first-cass railroad extending from Atlanta to
ST. Mary's and thence to Jacksonville Fla, and
to do so on terms which will not require the state
actually to spend single dollar.
The Journal previously has reviewed the
ditions of this offer somewhat in detail Suffice
it now to say that the rental at which Mr. Hen
derson proposes to lease the road when 1t is
completed would be adequate to take of the
interest and principal of the ten million dollars. of
State bonds to be accepted in payment for the road
so that at the end of fifty years the state would
acquire the property without any cost to the peo-
pie. The Henderson proposition looks also to a
fifty-year lease of the present Western and At
lantc line.
1t scarcely need be said that the state would
enter into no contract of this kind without
haustive inquiry and reflection. The pending Of
49,.