Year: 1876

Bills have been introduced In both Houses
of Congress to aid in the construction of the
Southern Maryland railroad by q guarantee
Of the interest and bonds by the United
States. This measure deserves, and will no
doubt receive, the earnest consideration of
Congress. It furnishes line of rapid COM
munication to the ocean at all seasons of the
year, and in that respect, as well as affording
close connection with the military posts and
nayy-yard at and near Norfolk, will be of
great advantage to the Government. As 4
line OF cheap and rapid transportation at all
seasons OF the year, it will undoubtedly prove
OF great advantage to the industrial interests
of Washington. The single fact that this road
will furnish at all seasons of the year unob-
structed access to the seat of Government,
would seem 10 establish the propr;ety and
wisdom Of granting the aid asked. The great
advantages resulting from its construction to
the merchants and to every industrial pursuit
within this District render it the duty of every
citizen TO urge its passage by every proper
means. There can be no risk in granting this
aid, as the guarantee is not to be given until
the road IS completed and in running order
thus all the safeguards are thrown around ir
to prevent the possibility of loss.


First. That no such Endorsement shall be
made until the said company shall have made
and executed and duly recorded a deed of
trust, TO the satisfaction of the Secretary of
the Treasury, upon all the said company's rail-
road completed, as provided in the first section
OF this act, and on all its lands, lots, rolling
stock and real and personal property of every
description, providing for the indemniication
of the United States against any loss by reason
nv in1nrsampnt


Second. That the said road shall be COM
pleted within two years from and after the
passage of this act; and in default thereof this
act shall be utterly void and OF non effect, and
the Secretary of the Treasury shall not in
dorse or guarantee the bonds of the said
company, as provided in the foregoing sections
Of this act.


Third. That in order TO provide means to
meet the coupons Of the bonds guaranteed as
Aforesaid, as the same shall become due and
payable, the Secretary OF the Treasury is here
by authorized and directed to retain ali moneys
arising from the transportation of mails, coal,
troops and supplies of every description for the
Government of the United States, and to apply
the same to the payment of tine said cOupons as
the same become due; and in case the amount
thus retained shall rot be sufficient to pay the
said coupons as they fall due, then the said
company shall deposit with the Secretary of
the Treasury a sufficient amount out of the
net earnings Of the said railroad to make up
said deficiency.


Fourth. To provide for the payment of the
principal OF these bonds, all the surplus earn
ings, after paying the interest and other ex
penses. if any such exist, shall be paid to the
United States Treasurer, and by him invested
in United States bonds for the purpose of ere
ating sinking fund to meet both principal
and interest at the expiration of thirty years.


Here are conditions, it strikes us, sufficient
to meet and provide against all dangers, and
should satisfy the most cautious members of
Congress who are opposed to the loan of Gov
ernment credit on the ground of its likelihood
of abuse. All this question requires is 4 care
full examination of its merits, and We are sat-
istied, if tried by this standard, it cannot fail
to meet the approval of Congress, and We hope
it will. From the advanced condition of the
road it can be completed in six months. and
would have been had not the panic of 1915
came on the country, and up to this time has
had such depressing effect on all the indus
trial interests of the country.