Year: 1874

the most embarrassing circumstances,


the Texas and Pacific Railway Com


pany have secured the construction OF
about three hundred miles of road,


now in actual operation, within the


last twelve months, and have, in addi-


ton thereto, over one hundred miles,
graded and bridged, and the cross-ties
OH the ground. This work has been
accomplished notwithstanding the un-
usual low water in Red river during the
| fall and winter of 1872 and the spring
of 1873. This required, at great cost


long lines of wagon transportation of
supplies of material, of implements,
grain, forage and provisions. The late
! epidemic among the animals of the
Construction company and contractors
was, for n time, II serious source of
| trouble. This was followed up by forty
five days of rain in the spring, and
later still, the disasters of the yellow
fever scourge locked up the iron and
material, and for more than two
months almost nothing was done in
the way of transportation on the COM
pleted work. This much, we have
deemed necessary, as a justification
and reason for the embarrassment now
pressngu gupon the company. Upon this
completed road, already earning largely
over its running and contingent cXpen-
ses, and which penetrates into the
most productive sections of the State,
Congress can authorize the company
to issue its bonds to the amount of the
cost of construction, station houses and
equipments, guaranteeing the interest
on such bonds, with mortgage re-
tained upon the same, and i'll addition
thereto include in such mortgage lien
upon such parts Of the land grant of the
State and general government as may
be deemed necessary, also retain all the
earnings of the company for trans
portation of mails, troops and supplies
of the United States, to be applied by
the government strictly to the pay
ment of the interest, or repaid to the
company upon its discharge of accru-
ing interest, with the right upon fail
ure of the company to promptly meet
the interest upon its bonds to seize and
dispose of such portion of the road or
its property, or both, as will secure the
government against loss. Such meas
ure should apply at first to such road
as is completed and in active opera
ton, and only bonds of the COM
pany to the amount of actual construc-
ton, completion and equipment to
issue, and afterwards upon completion
of every fifty or one hundred miles of
the road the bonds to issue. Under
such plan the government would guar
antee no interest except upon complet-
ed road that would largely earn more
than expenses of operating and main-
tanning same, having the resources of
the earnings, the transportation of
mails and supplies, and proceeds of
sales of company's bonds to apply to
payment of sinking fund and interest.
Under such plan, or, perhaps, some
other equally careful and guarded in
its provisions, no risk or loss to the
government, or tax upon its resources,
could occur.


As wise measure of craftsmanship,
In relieving theimpovcrshed and over
burdened condition of the Southern
States, in melting out to every section
of the country alike the protection and
fostering care of the government, and
in binding together with common and
indestructible ties the widest and re-
motest interests of the whole country,
we believe Congress should act as u
unit upon this question.