Year: 1877

1t is dan gerous thing for State to
part with her own sovereignty or any
part of it, As long as she retains the
management Of her own affairs and is
responsible for success or failure, her
local stake in success will insure the
best effort to avoid failure. But let her
have more bonds out than she can pro
vide for held by foreign capitalists and
fall behind IN any instance to meet the
paper or interest when due. and she is
8 slave forever afterward or until she
discharges in full the whole Of the obi
CATION 1t is unsafe when State per
mt the toregn holders of obligations
to form her financial policy, or to gain
influence IN any way in her local ad-
miDistratiun; SO surely as she permits
this, her policy will be arranged to for
ward the interests of such holders
whether the people suffer by it or rot
While this is all true of finance GEN
orally, so is it peculiarly true of rail-
roads and their foreign managements.
Two influences operate to induce the
construction of railroads in the first in
stance necessity and subsidy. When
road becomes necessary to the COM
merce of a country it will assuredly be
built, and those roads which are thus
induced are of the greatest utility to th e
people and profit to their owners, and
80 long as the State in whose territory
1T - located assumes the care of
it aud guards the interests
Of the people, as affected 10y Il. so long
will it prove advantageous but if she
permits her sovereignty to pass away. or
barters it away to those who own and
operate from distance the railroads of
the State. so long she remains only the
servant Of these corporations. No road
which was built purely to secure an
immense landed or money subsidy.
rather than because the business of
district demanded IT, has proven profit.
able TO its constructors or the people
either.


The State should encoura ge the EN-
ployment of foreign capital in the con-
struetion of her roads, simply. because
she has yet insufficient capital to do it
from her own internal resources, but in
doing this, she can so guard her own
interests as that they will be safe in the
hands OF the roads. Nothing will do so
more surely. than to provide that a GER
tain home representation shall have a
Voice in the management and control
of these important lines. For instance
if Charles Morgan. by purchase or
otherwise, secures the controlling inter
est in the Central, the State must pro-
tect itself against his ordinations, by
insisting that certain part of the exc
cutive control of the road, shall remain
in the hands of bona f,ie citizens of the
State.


The advantages of this policy are oh
yious. We know the Law provides Ger
tain restrictions and checks. but these
are so often and skillfuiiy eyaded that
nothing short of direct personal stake
in the prosperity of the State. entirely
Disconnected from proprietorship in the
road, viii insure the practical observ.
ance OF the rule So it il in the case
of the Central. 1t is an immense road
Its business is growing and increasing
with almost unexampled rapidity; il
can be made great blessing to the
State, or, en the other hand, a greai
curse. and the pivotal point will bt


found where The State p rts with or re


tains home representation in its man


agement. Whether Commodore Morgan


or Mr. Dodge becomes iiilaIiy the owne,


of the road. we want to see the interest.
of Texas cared for by strong, health,


home influence in its management ant
i policy.