Year: 1875

Our dispatches show that recent meeting of the Texas and Pacific rail way stockholders, was held in Phila- delphia, and that the president submit ted an elaborate report which was ap- proved Work is now practically sus- pended, but a resumption is promised in next month. We had fondly hoped that the Texas and Pacific would be built so as to form an independent and competing line from ocean to ocean, but we confess that hope is about dissi- pated. The rapidity with which the Southern Pacific is approaching the Colorado river, insures its completion that far within a few months The ability of the company is unquestiOna- ble and disposition of it's principal men equally so. The San Francisco men are beginning to clearly under stand what they should never have doubted, that it is to their interest to have the California company extend

 it's road through Arizona, and We have reason to believe they are now invest ing in the bonds of the company, at this time being put On the market to insure the construction of the road to the Rio Grande.

 We of the interior want a railway

 from some quarter, and two will be ac- ceptable; the San Francisco people

 know by their experience in trade on the present overland, that their busi- ness substantially ends at Ogden, the eastern terminus of the California con- pany's part of the road, and are now evidently determined to help them selves by assisting the immediate con- struction of the Southern Pacific of

 California to the Rio Grande, and thus

 practically control the trade that far east and of all the northern Mexican

 States. The prize is large, and D. O. Mills and other leading San Francisco capitalists are therefore actively en- gagged in disposing of the bonds now being issued under the mortgage of forty-six millions, referred to in last weeks CITIZEN. This action of San Francisco's mOneyed men, is the first they ever took in this direction, which showed them to be determined to make their city the second commercial one on this continent. Their action helps us to a railroad soon and certain, whether Congress does or does not come up to the independent and prop CT position of securing a competing line. Congress acts mainly in Obedi- ence to what its members think their constituents want, and if the country is without a competing road, the peo- pie at large are to blame and will justly suffer. Had the Southern members in the last Congress done their duty to their own section, they would have soon enjoyed an independent Southern Overland road They failed to com prehcId their duty, or comprehending it, failed in its performance 10 proba- ply the permanent damage of their own constituents. with competition if We can get iii soon, but we do not want to toll on and wait until this generation is under theI sod merely to get competition that will do us no good. If New York and oth CT eastern cities want the vast trade off this Southwestern country, let them att once raise the means and build the Tex as and Pacific through to the Pacific PaeeiitAi 6; l if they will not, we welcome the Cali fOrnia road and its packers, and bidI them godspeed and much profit when they show that they deserve it, as weI believe they are now showing.