Tri-Weekly State Times (Austin, Tex.), Vol. 1, No. 51, Ed. 1, Tuesday, March 14, 1854 Page: 2 of 4
four pages : illus. ; page 22 x 32 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
wiynwpm mj) aiaiigTyj?'j''ivi''.''vTit')'"'t'yit'i''-"
-VPSv? VI UJ J"
l
'MrnnrwnaratasnnH
M 'JiiiiiiywiiiipwpPM'ippi
0iCTECinairgoo7iwwcCTrea3CTmmjTgTC'CTiTxvv:v
L
!
i.
I
mi
f:
-
H
M
hst'
iiv: .
U?V J
WT
II
rrj S
I
I
KL .
B
( B
LI
Mr
i ji
i.vfiirt
fVrS
frame the bill ns to secure the construc-
tion of n road to the Pacific and pro-
vided what you do is within the power of
the legislature and done with a strict re-
gard for the- rights of others and the
constitutional rights of the people of
Texas.
One great feature of the bill insisted
upon by its friends as affording perfect
securit' is the forfeiture to the State of
the road constructed with all its para-
phonalia if the terms of the charter are
not complied with. Now docs this bill
forfeit it ? Docs the language of thc-bill
authorise such a construction V A sec-
tion seems to have crept in that could on-
ly have boon suggested by one who had
doyisedtaWdan to be carried out for a
Speculation a great project with all the
guaranties on the side of a speculation.
I Lore Mr. .Franklin read the Uth and
1 .r)th sections of the bill and proceeded :
What rights have accrued prior to such
forfeitures V Mortgages have already
been given to secure the repayment of
tlio money borrowed and tho interest
thereon. You arc vesting tho power to
mortjmrre in the first instance the road
with its paraphonalia and everything
connected with it and then you forfeit
the whole to the State reserving the
right to the corporation to have the road
and its appurtenances sold out and ap-
plied to the payment of lions previously
created. What then.becomcs of the for-
feiture to the State ? What becomes of
the security thus afforded ? What bene-
fit do you derive from such a provision?
A great deal has been said in relation
to this great Pacific road and I choose to
speak upon the subject not only in refer-
ence to matters in this House but out of
the House; because it seems to me that
in the peculiar construction of that sec-
tion 1 trace the handywork of specula-
tion ; and I think I can trace it to its
source and origin. I think 1 can trace
it to a companj' of a hundred millions of
dollars that called in an installment of
one-tenth of one per cent. in the lan-
guage of one of the stock-holders of
that company for tho purpose of sotting
the megs here and at Washington. 1
will not pretend to say how the megs aro
set or how they have been set. But I
do know how public sentiment has been
manufactured in this country Meetings
of tho people have been called. Desirous
of improvements thoy have been misled
by the designing. Meetings in various
counties have been hold for the purpose of
promoting this great national object.
They adopt the object because it is a
laudable one and leave the means of at-
taining it to others. And gontlcmen
come here then instructed how to vote
upon this great measure. That is ono of
the megs that was set. I have seen ma-
ny gentlemen here in no wise connected
with this great object but who would be
glad to see those improvements going on.
And they come here to advise us and
tell us what is for our good. I am glad
to see them glad to hoar the suggestions
of any and every porson upon the sub-
jeer. But I am not glad to see this pro-
vision insorted in tho bill when its friends
toll you the State is safe because it gets
all the road and its paraphonalia in caso
of failure in its construstion. I prefer to
see that little clauso stricken out. And
1 do not think this House if the atten-
tion of members had been called to it
'would have permitted it to remain in the
bill. I think thoy would not have per-
mitted what is hold out as the security of
the State to bo compromised by such a
reserving clause.
All our legislation upon tho subjoct of
railroads has boon of a speculative tend-
ency. It has not been plain open and
fair york with the idea of carrying out
great enterprises. It has been the grant
qf charters to a few individuals who
iJutve desired to procure them with the
'Mkl2Q& SGCmS how much money could
'iHpnuwc out oi thorn.
Wo aro an exceedingly liberal people in
Texas. Our legislation has been exceed-
ingly liberal and a stranger who should
made a calculation of tho number of
square miles of land grantod for tho pur-
pose of encouraging internal improve-
ments would supposo that our public do-
main was as wido as tho Constitution.
There was a bill passed at tho lust extra
session which was intended to accom-
pHs.h tho sumo objoot with that of tho bill
hero proposed. jtcovored all tho ground
necessarily covore'd by this with the ox-
coptipir that it gave eight sections ot land
instead oi twenty.
Hero Mr. Iranklin ontorod into a
calculation of tho number of sections of
land which would bo absorbed bv tho va-
rious roads which had been chartered
with their branches and continued :1
This is bat a tithe of the charters "here-
tofore granted with the power of branch-
ing indefinitely. Tho object was to oflbr
as much inducement as possible to capi-
talists to embark in these enterprises. It
is a principle in commerce I believe or
I am told so by those who advocate rail-
roads that in order to get capital invest-
ed in them you must begin at some place
and end at some place. You must begin
at some commercial point and terminate
at some commercial point. Then capi-
talists can sec the wisdom of investing
their money in such a speculation and
will go into it. Hence gentlemen who
have but one terminus fixed take the
power of branching so that at some time
or another they can run to some definite
point and find a beginning and an end
for their road.
I refer to this in order to show tho im-
policy of that mode of proceeding. I do
not think the policy has been a wise one
of placing it in the hands of individuals
to undertake the construction of these
roads at this time and offer such a bonus
and at the same time giving to other roads
the power of branching so as to come in
conflict with them and produce confusion.
The result of such a course will be that
no road will be built.
There is another section of tin's act
which contains a provision that seems to
require attention.
Here Mr. Franklin read the 16th sec-
tion of tho bill.
How is this to be carried out? Is it for
feited to the State and does tho State
own it or is it sold to other persons who
become the purchasers of it? If the
property be mortgaged and is sold in or-
uer to rcnnDurse the limits borrowed by
the company the purchasers to take
anything must necessarily take it in
company with a franchise! They take
that portion of the road. Do they take
it without the power to use it ? They take
it with the consent of tho legislature
which authorises it. The purchaser then
holds that portion of the road as his pro-
perty without becoming the proprietor
of the charter. So he may own fifty
miles or any number of miles of the road
without owning the charter.
After some remarks indistinctly heard
by the reporter
Mr. FRANKLIN proceeded :
I think however that this matter
could be very easily adjusted. The first
company that contracts could easily ar
range it. It would only be necessary if
they tailed that a portion of the same
company should make a new contract
and take the whole of it and begin anew
without losing anything.
There is no provision in this bill which
I notice that if the parties fail to comply
with their contract thoy shall forfeit tho
lands granted them. If you grant this
corporation a sufiicient amount of pro-
perty to amount to more than their capi-
tal stock as a gratuity you should require
in caso of failure not only the forfeiture
of their charter privileges but of each
and every thing the State has granted
them.
In this bill you have reserved no con-
trol over the comnanv. You have not
designated for instance where their of-
11 . 1 .11 1. 1 i. All .1
ucu Kiiaii uc Koui. iuui wnore is tno
clause declaring that this charter is Grant
ed subjoct to the provisions of the gene
ral railroad law i It may be said to bo
unnecessary becauso that of itself would
apply to it. Perhaps so ; I think so ;
but others may doubt it. And when doubts
may bo raised on great questions the side
oi sarety is m precaution and placing
the matter beyond controversy.
I believe if this charter nass. that it
will 1V.11 sis a dead letter so far as any
execution can be done upon the terms
specifiod in the bill. I believe the road
never will be constructed in that way. I
bolievo thoso interested in pressing this
chartor through have boon over-anxious
upon the subject. It is a groat work
which requires time for consideration
and timo for its accomplishment. It is
not to a day nor a year nor any number
of years within a reasonable time that
I should limit a company who went into
the enterprise bonajide with the inten-
tion of carrying it out. I would not
compel them to forfeit everything if they
did not accomplish it in so short a period
of time. This bill I sav does imnoso
upon them unncessarily onerous terms.
Becauso within tho torms m-escribed. it
wilPbo physically impossible for them to
got their iron upon tho road and make
tfm required number of miles within tho
limits of Texas. The route commences
near Fulton or at some point not north
of it. lied lliver it is true is a naviga-
ble stream sometimes a portion of tho
year and part of the way up. ' The Sa-
bine may be such a portion of the year
and part of the way up. The iron is to
be transported to tho beginning of the
railroad. It cannot be expected to be
hauled there on wagons. They must find
another and a cheaper mode of transpor-
tation to bring it within the capacity of
the company. We should be careful of
the funds of a company undertaking so
great a work and not compel them to for-
feit an enormous amount unless thev
complete such a portion of the work with-
in so short a period.
Then 1 say that the friends of the bill
should take more time to consider it and
should so amend it as to obviate all these
difficulties. Branches should be com-
menced in the first instance to be used in
constructing the great work.
Gentlemen need not think to sec the
Pacific Railroad completed in such a short
time. That work can only be accom-
plished by means of railroads running up
to it and tho line of its water. These
branch roads would at the same time be
of great benefit to the settled portions of
the State and facilitate the grand pro-
ject of connecting the Atlantic and Pa-
cific by that great trunk road.
I believe as I said before that the
construction of the Pacific road is one of
the necessities of the ago ; and believing
that I think we should adopt the wisest
and best course to carry it into effect.
The bill as passed does not do that in
my opinion nor do I believe it will meet
the views of this House upon calm reflec-
tion on the subject.
I know it has been pressed upon the
House that there is great danger of some
other route coming into competition with
this that there aro others over which
the road can bo built and so on. Now
sir upon this subject I take the word of
a gentleman who is conversant with the
matter and who has seen the estimates
made for the various other routes and
I lay it down as a moral impossibility
that a railroad uniting the Atlantic with
the Pacific can be built on anv other
route than that through Texas. It is a
moral impossibility and why ? If I am
rightly informed according to the esti-
mate those roads would yield but three
per cent upon tho investment whilst a
road through Texas would yield ton per
cent. And you will find no man invest-
ing his money to draw three per cent in-
terest whilst in another place it would
draw ten.
Ono great source of the anxiety mani-
fested on the part of tho House and one
of the causes alleged for getting the bill
through in so much haste seems to have
been the expectation of getting the action
of Congress in relation to this route and
securing an appropriation in aid of the
project.
Now sir so far as that is concerned if
I understand the Executive Message cor-
rectly it rather puts a damper on the
idea that that the government as now
administered will realize any such expec-
tations. If that is tho case we had bet-
ter bide our time and fix up this bill wise-
ly before we pass if in such a hurry.
If we are disposed to pass this bill in
its present shape let us allow it to go.
And what will be the ultimate result
supposing this road to be completed as
it is said by its friends it can be and will
be admit that the road is completed
throughout its full and entire extent
within the time prescribed and accord-
ing to the terms proposed ? I say then
sir that Texas has transferred herself to
a corporation a railroad corporation.
She has transferred herself to that cor
poration for ninety-nine years and so
long after that time as they may choose
to use her. Because you give to that
company the control of the" transporta-
tion of the State and all the produce to
be raised in this broad State for ninety-
nine years controlling everything as she
can do by her local roads. Overshadow-
ing all with her capital she will control
the legislature. Corporations will do
such things for nobody is responsible ;
nobody does tho wrong but each and eve-
ry ono takes a portion of the dividends.
And public opinion will not bo strong
enough to induce a monopoly to leavo its
grasp upon tho prosperity of the country.
Tho idea is preposterous in the extreme
of chartering such a company for ninety-
nine years. It is as bad as the establish-
ment of tho East India Company a hun-
dred years ago. Tho United States
Bank so objoctionablo to many persons
had a narrow limit in comparison. It did
not exceed half the length of time and
yet it had acquired an influence nearly
sufficient to give it the entire control of
the United States. Give this corpora-
tion a fund out of which they may real-
ize a hundred millions of dollars and
they will use their funds to control the
commerce of your State and to control
your legislation.
Any plan is feasible where money can
be brought to bear on it. One gentle-
man wants one thing carried through and
another wants another thing and they
can make things tally right well. They
can compromise matters and go cosily up
to the ayes and noes and vote in unison.
Because they have one common object
gain for themselves and that gain is the
loss of the country.
Then if we have the time let us look
over this bill ; let us make such amend-
ments as will induce those who have capi-
tal and wish to invest it to subscribe to
the stock of this company. Lotus throw
it open to the world and say here is an
amount of land we will grant as a bonus
to those who will in good faith take stock
for themselves. Lot us place them in a
position in which they may avail them-
selves of tho bounty given by the State.
But let everything we do be as broad and
open as the day. Lot there be no secret
plans and combinations. But let our mot-
to be here is the great work to be un-
dertaken how can we accomplish it.
with the least cost to ourselves and the
greatest benefit to the country ? Let the
books of the company be opened and
commissioners be appointed. Let us
throw no temptation in the way of men.
I have as high a regard as any man for
your Executive officers each and every
one of them. But I believe the wisest
part of tho Lord's prayer was the peti-
tion lead us not into temptation. Thi
bill proposes to make the Governor the
creator of corporations. It authorizes
him to contract take back and re-contract.
It invests him with the power of
doing what the legislature should do. It
places upon him the responsibility of
looking to the interests of the people
when we. as their representatives should
look to that interest. In using the ex-
pression that I do it cannot for a mo-
ment be conceived that 1 would intimate
that our present Executive would go
aside from his duty in fulfilling tho func-
tions assigned him. But 1 object to the
principle. From what I have learned in
history from what I have seen of man
and from what one man has told me of
another 1 am impressed with the belief
that men arc rather uncertain especially
where much money is to be divided i
I have been in Washington I have been
here and I have heard reports rife in re-
lation to gentlemen advocating great
measures in the halls of Congress for
compensation. I have heard it charged
against men high in office that they ha e
taken fees for advocating claims against
the Government. I knew nothing of the
facts. But these charges have been
made and reiterated by thousands. And
I wish to give rise to no such insinuations
against our public officers. I do not wish
to place in tho hands of our Executive
the power to choose between two three
or four companies all anxious to snatch
at the bait that bill presents for the chance
of speculation.
If you are to make this grant to a
company name the men yourselves ; let
the representatives of the people dis-
charge their duty and not throw the re-
sponsibility of failure or success upon the
Executive. j
I have occupied more time than I had
intended in relation to this matter. 1
did not dream that the bill would have
been taken up to be discussed at so early
a day as it has been.
Hogs.
The Louisville Democrat has tho fol-
lowing on hog killing :
" Have seen the report of the num-
ber of hogs killed this season in Cincin
nad? Some 408000.
Yes but that includes of course all
that have been taken into town in wagons
killed out of the county. Our pork-
men have probably killed seven or eight
thousand since the season closed which
would mako tho total here 415000.
But if wo should count in as they do in
Cincinnati all that have been brought
in by wagons it would swell to 440(?00
or 450000."
J3ST The U. S. Senate has refused to
confirm the nomination of George Saun-
ders as Consul to London.
i
v
U
jU?2IV"lw""
--nw
f tJl
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Newspaper.
Ford, John S. Tri-Weekly State Times (Austin, Tex.), Vol. 1, No. 51, Ed. 1, Tuesday, March 14, 1854, newspaper, March 14, 1854; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth78441/m1/2/: accessed June 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting The Dolph Briscoe Center for American History.