Year: 1876

| When the financial crash came upon this
country in the fall Of 1878 many hard
earned fortune was lost in day, and many
great and worthy enterprise was sud
denly checked or its prospects destroyed
altogether. Among the great undertak-
ings then in successful progress was the
Texas and Pacific railroad, stretching out
from Sherman through the northern coun-
ties Of Texas towards the Rio Grande, and
designed in its completion to form great
public highway between the Mississippi
and the Pacific ocean. Individual capital
and enterprise had already pushed the road
along some hundreds of miles, and but for
the panic Of that year the bonds Of the
company, secured by its property, might
have been sold at reasonable rates for
money enough 10 complete the work. But
the financial revulsion, which parslyzed
all the industries of the country brought
misfortune 70 this great and beneicent
scheme.


Individual and corporate credit had fal-
len low in Europe, and nothing less than q
Government guarantee Of interest would
enable the company TO sell five per cent.
bonds at or near their par value. The
matter was brought before Congress, and
the Government was requested 10 guar
antec the interest On construction bonds,
and for such guarantee the most abundant
ard reliable security was offered. The
transportation Of Government mails, troops
and supplies would about equal the amount
of guaranteed interest, SO that in most
cases the obligation would be paid before
il fell due. The saving TO the Government
of several millions year in the single
item of border protection would amount to
nearly as much more. Besides this the
company propose in the bill now under
consideration to give first lien upon sll
their property, recedc to the Government
10000, ,0C0 acres Of land already granted,
and leave with the Secretary of the Treas
ury IS, 900 in bonds for each mile of con-
structed road, to be sold at any time to
meet any exigency that might occur dur
ing the prosecution Of the work. In nd-
dition to this the bin is full Of restrictive
provisions with regard TO combination,
discrimination or exorbitant charges.


With all these provisions for protecting
the Government from loss and the public
from injustice, there has been a popular
sentiment in favor Of giving the guarantee
of interest and thus securing the carly
completion Of work that will be of incal-
culable advantage, not only to the West
and South, but to the whole country. This
favorable sentiment has gone on increasing
in volume and power until now many por-
tions Of the country are almost unanimous
and very earnest in favor Of the measure.


But, with this growing sentiment in favor
Of good and great enterprise, there has
sprung up an opposition as bitter and de-
termined as il is rich and powerful. This
element OF antagcnism exists in the Union
Pacifcand Central and Southern Pacific,
Of California-all three companies esseu-
tally one in the motive that inspires oppo-
sition. They constitute, together. the
strongest monopoly on the continent, if
not in the world. and light against meas.
ure that would build q competing line.
They WELD immense power. and this
power will increase from year to year
Now is the time for action.