Newspaper Page Text
jlfntf|ern Enterprise
(SEMI-WEEKLY.)
L. c. BBT AN, : : : Editor.
THOMASVILLIi, GA.:
TUESDAY, MAY 14, 1867.
SOUTH GEORGIA ft FLORIDA
RAILROAD.
We give up roost of our space to*
4*y, to the able anonymous article on
the above subject. Wo have no room
for comment, and in reality nono is
needed to convince citizens residing in
this section, of the truth of the csti>
mates made and the strength of the
arguments advanced. Our people arc
satisfied of the utility of the cnteri
prise and its agricultural and commer
cial importance to their section. All
that is now necessary is resolution, and
unanimity of action to raise the
means/ It can be done and it will be
done sooner or later, and the question
is shall it be done now. We can at
least begin now, for the time has ar
rived, and Thomas Mitchell, leaker,
Dougherty, Lee*, Early, Colquitt and
other Counties interested must decide
note whether they will tjmbrace the
favorable opportunity to advance their
interests, or continue supinely pros
trate, while others gather the golden
harvest.
BABY SHOW.
It has been suggested to us that
some of our citizens desire to get up a
juvenile exhibition in the grove near
the Methodist Parsonage, similar to
that lately indulged in by the citizens
of Savannah. Those who havo un
promising, or ill favored babies will
doubtless object, and those who have
none at all will feel littlo interest; but
wc think the affair can be made very
pleasant to all. Who does not love to
look at the innocent faces of infants 'l
Let us sec the babies by all means.—
We would walk a mile every day to
get into such aswectlijtle assemblage.
Let those who suggested,appoint their
com'mittees of arrangement and move
forward in the matter — we stand ready
to do the publishing free gratis for
nothing.
BIND YOUR BOOKS.
We have made an arrangement with
Mr. Joseph 11. Peck, of Savannah,
whose card we also publish, by which
our readers and friends, may, through
us, get books bound, blank books manu
factured, paper ruled to any pattern
&c &c. This arrangement will be con
venient especially for those who wish
pamphlets, Magazines, newspapers, or
Music Books bound for preservation.
County records, Court Dockets Jour
*wU Arc. and Blank books of all kinds
will also be manufactured to oruer in
any style at the lowest prices. From
personal inspection we are enabled to
reoommend the Book Binding and
manufacturing house of Mr. Joseph
Peck, and our confidence in it prompt
ed us to become his agent.
NEW* REMEDIES
Dn. Kayton’s Oleum Vitae Di*>-
peptic Pills &c. Nearly all our ex
changes contain the advertisement of
these medicines, and we notice that all
unite in speakingof them in the high
est terms. These pills have but recent
ly been introduced, but they are hav
ing a wonderful success, and bid fair
to supercede every other medicine of.
tered as a remedy for the diseases re
ferred to. Dr. Kaytoo is willing for
them to stand or fall upon their merits,
and he therefore boldly throws down
the gauntlet and sends his invaluable
remedy broad cast on its mission thro’
the land. See advertisement in anoth
er column.
Editorial Correspondence.
Atlantic St Gulf Railroad.
Savannaii, May 10th, 1867.
By invitation and in company with
Mr. H. S. Haines, the able and ever
vigilant Superintendent of the above
road, we to-day made a tour of inspec
tion through all the different depart
ments of the work shops and depots of
the Company. With the facility and
ease of a master imparting instruction
to his pupil, Mr. Haines explained and
made plain the most complex and dif
ficult mootianieal operations, and with
his knowledge and experience renders
such a tour interesting and instruc
tive. The company have rapidly mul
tiplied departments and greatly in
creased the magnitude of these works
since the war, and the style and finish
of the buildings, takert together with
fkhe grand variety and immense power
of the machinery indicates nn amount
of energy and cost truly astonishing
when we consider the great embarrnssi
meats the company labored under at
the close of the war. They now make
their own engines, construct the most
splendid cars and do all other work
necessary for the carrying out and per
fecting the great system of railway
under their control; and the Atlantic
jk Gulf Railroad is rapidly rising to
the level of the best equiped railraods
In the country.
The thoroughly systematic manage
ment of Mr. Haines has worked a
wonderful improvement in the depot
grounds as well as on the line of tho
road, and the promptness and accuracy
with which all business is transacted
under his'control convinces us that a
master hand has seized the helm. Mr.
Haines is determined that the Gulf
road shall not be surpassed by any In
country, in its facilities for travel or
comfort and convenience, and to this
end he will shortly place two splendid
sleeping cars on the line for the ac :
commodation of night travel. Wo aro
gratified to learn also of him that ar
rangements have been roado with a
telegraph company by which telegraph
wires will, during the present year, be
put up on the whole line of the Gulf
road to Thomasville. Thus stop by
step the work advances toward comple
tion, and the steady unswerving ener
gy of the President and Superintend
dent hag at last triumphed over, every
difficulty and made the Atlantic and
Gulf Railroad a living breathing insti
tution, for the developement of the
country it penetrates, and a great pro
moter of prosperity and growth to the
city of Savannah.
Let both city and country look well
to theT interest and hold up the
hands of this enterprising company.
[for the southern ENfEnraisE.]
To the Editor oe the Southern
Enterprise :
Sir So long as the South Gcor.
gia and Florida was a mere Railroad
of the imagination, and blew its whis
tie only in the realms of fancy, it was
very well to speak of it in general and
sweeping terms ; but now that it pro
mises to assume a 1 cal habitation, as
well as a name, and to stretch itself a
visible and accomplished fact ”on
terra firma, it behooves us to enter
into a careful consideration of all that
it claims and may perfoim. I say a
careful consideration, for no cursory
view of this important subject is wor
tby of an intelligent people. When
the public are brought seriously to
weigh the practicability of the enter
prise, they will not pronounce in its
favor without r. .close examination of
every grain of argument that uiay in
cline the balance one way or the other.
It is a common remark, that the
people of this county arc not “ public
spirited,’’ and in this respect, a com
parison sometimes made with the peo
ple of Decatur does not reflect much
credit upon Thomas. Ido not sym
pathize with that philosophy which
traces all human actions to selfish mo
tives, but I confess to believing, that
what is called public spirit in Rail,
road undertakings is a misnomer, and
only a form of private enterprise,
prompted by cupidity and controlled
by self-interest. It is true that indi
vidual energy is most apt to devclope
itself in the form of public improve
ment, where the people arc most en
lightened ; but it remains to be seen,
whether the people of Thomas are less
enlightened than those of Decatur.
Decatur has certainly fought very gal
lantly against the force of circumstan
ces, and it is to be hoped will be vic
torious; but it may be reasonably
doubted, wliother there wero any pat
riotic victims on the public altar who
nobly bled their purses to enrich the
general coffer. No doubt each indi.
vidual subscriber considered the Rail
road an essential element of his future
f--«nA took the intellu-i-nt
view, that in making a subscription he
was making, either directly or indie
recl/y, a paying investment. If the
people of this county can bo brought
to a similar vi*w of the South Georgia
and Florida Railroad, it will be a con
travention of the laws of human natuic
(which by the way nre the same on
the Ochlockoncc and the Flint), if
Thomas does not subscribe as unani
mously, an-i far more largely than De
catur has ever. done. It is in this
plain and pradt’cal spirit that the pco.
pie will regard the proposed Road, and
it is in the same spirit that I now pro
ceed to advocate its construction.
Now, although I wish as fur as pos
sible to avoid all generalities, it is
yery necessary to combat a widespread
but erroneous idea, that original in
vestments in Railroads do not pay;
in other woids, that the original stock
holders do not receive a fair annual
return for their subscription’s, and
wise.men should not embark their capi
tal unless they foresee certain indirect
or attendant benefits in the increased
facility of markets, ihe enhancement
of property, and the various other
modes in which railways create wealth.
This popular idea is injurious to all
public enterprise, for its legitimate re
sult is to confine all shares to the vi*
oinity of the routes proposed, and the
sections most in need of railway im
provement would be least ablo to com
mand them. Against this error I will
contend in two ways. In the first
place, by pointing out its source and
nature, in the second place, by an ac
tual apneal to the statistics of United
States Railways.
The source of this popular error (as
I term it) of U» public m-nd, is f-mnd
in the simplo fact, that new Railroads
are observed to pay very small divi.
deeds, or no dividend at all. llaij.
roads are not born in a day. The
conception of the ideal Railroad is
agreeable and easy, but the child is
brought forth with pain, and must bo
nursed through several years of help
less infancy, before it gains strength
enough to stand alone. Eventually it
grows into a giant, but it must attain
to years of matured manhood, befoto
it pours into tho lap of its matortml
community, the lruits and flowers of
every clime, and becomes an objeot of
pride and the grateful giver of wealth
and power. This is the ordinary
cou sc of nature, but the term of pro
bation is different in different roads.
Some have sprung, almost full grown,
from the brains and pockets of their
projectors. To drop the figure how
ever, Railroads which creato wealth,
are also the creation’s of w-tilth, and
a rood which demands a certain expen
diture in its construction and equip- j
ment, must have that nrnounf expend- ■
ed upon it, before it can reach its full
capacity. In almost every case of non- ;
paying roads, it will be found, that tho I
Stockholders have only furnished par- 1
tial means for the creation of their
road, and have adopted one of two
piodes for supplying the deficiency,—.!
They have built a part with their cash
and the remaining part with their
eredit, or they have built and equipped
so far as their cash would carry them,
and have then used the pet earnings
of the completed part, for the farther
prosecution of the unfinished road.~
Let us illustrate these two eases by (he
supposed example of a road which will
cost, when fully constructed and equip
ped, two millions of dollars io current'
money. If in the first ease, the stock
holders build and equip the road with
one million paid in cash, and one and
a half millions promised to be paid,
they certainly have < no cause to. com
plain, if the net profits of their road
are devoted For some years to the li
quidation of the debt; or if, in the se.
cond case, they employ their cash in
the buildinu and equipment of the
first half of their road, and devote the
annual earnings of the completed half
to the farther prosecution of the un
finished part, there docs not seem to
be any just claim ft r annual dividends.
It is evident that in both of the cases
supposed, the stockholders are annu
ally benefited to the precise extent of
the net earnings, though no part of
those earnings may have reached their
pockets. After the lapse of a certain
time, they find themselves in posses,
sion of property which is worth double
the amounts expended on the original
shares. During all this period they
have been creating the road. Had
t’roy expended the full amount at the
heginnin-, the road would have been
still er'eated and in full vigor.
This temporizing policy is sometimes
necessary, always legitimate. It is
the constant practice of individuals.
A man who buys a plantation with a
promise, and makes the place pay lor
itself, or buys half a plantation with
cash, and makes enough on that-half
to buy the remainder, ought to be very
well satisfied with the result If in
the meantime, lie is not able to furnish
nis wife with a carriage and bis chil
dren with a due allowance of pocket
money, a critical neighbor would hard
ly be justified in saying that he had
made an unfortunate investment.
In spile of a'l this the stocks of new
roads arcoH.cn low. I admit that, they
are low, but because of this same error
which 1 am now striving to remove.
If people were better informed, tho
stocks of new roads would .command
higher quotations The public are
suspicious and speculative, and there
aro two things which they never fail
to depreciate, a Railroad under diffl
entities, and an honest man iu distress.
I have promised in the second place,
to furnish some statistics in support of
my position, and here I am limited
only by want of time and space —the
field is inexhaustible. The Railroad
property of the United States foots up
to ihe immense sum of fifteen hundred
millions ($1500,000,000) of dollars
There aro thirty-four thousand five
hundred (34,500) miles in actual ope
ration The gross annual receipts are
estimated at no less tfron one hundred
aod niiUiuus (#130,000,000)
of dollars.
The gross annual receipts of our
entire railway system, arc therefore,
12 per cent, of the entire property,
and if wc estimate the working expen
ses at one-half of the gross earnings,
(which is tho usual estimate) we have
6 per oent. left lor net earnings. That
is, we have 6 per cent, on the entire
property valuation. But 6 per' cent,
on the property valuation is much
more than 6 per cent, on the capital
stock. Tho former exceeds the 1 ittoY
about 30 per cent, in amount, and we
have therefore, for the annual net earn
ings of the entiro railway system of
this country, about 8 per cent, on the
capital stock.
When wc come to regard the Rail
roads separately, we will of course, find
many examples for and against my
position. As rol.ht be predicted, how
ever, from the general result, a large
majority of the roads have been pro
ductive propeity. It will be sufficient
to cite a lew oxnmplos of faiuilia'r
roads.
The t riginal shares of the road from
Charleston to Augusta, wero about
four millions of dollars, but the neoes
srry expenditure was eight millions of
dollars, and they therefore contracted
a debt of four millions. At the com
mencement of the lute war, they had
paid off four-fifths of tho debt, were in
possession of a road worth eight mil
lions of dollars, ami in addition to all
this, had actual deAired annual divi
dends of 8 per cent. In fact, the net
earnings of the r« - 1 were 15 per cent,
of which they per ocut. in the
liquidation of debt.
A similar example is found in the
(ieoi'gia Railroad. Its not earnings
were so largo, that it had paid off its
emire debt before the war. accumula
ted property worth double the original
subscriptions, and declared annual di
vidends of from 7 to 8 per cent.
The mere mention of the Central
Railroad ot tills -State is an argument
in my favor.
'1 he Southwestern Railroad, though
built ulmost entirely tbr st-cks and
bonds, has uever faltered for a mo
ment in its career of prosperity. It is
altogether an extraordinary work, and
would striko a European with aston
ishment. Supported almost ent.rely
by local travel and traffic, it lias earned
annually, not less than 16 j>rr cent, ——
Os tl esc earnings 8 per cent, went to
its stockholders in the form of divi,
dends, and tho remainder was expend
ed in the annual extension of the road.
It has developed unsuspected resour,
ces, proved a source of profit to Its
projectors, and of pride to every Geor
gian.
• You arc familiar with the extrsor
dinary obstacles surmounted by the
Atlantic Si Gulf Railroad, and you can
scarcely doubt that the late war has
prevented its shareholder* from hav
ing already realized their highest ex
pectations.
That Railroads may pay handsomely
and vet defer their dividends, can be
illustrated by the Memphis and Char
leston lload. I).is Railroad earned a
net profit of 16 per cent, annually dur>
ing the first loir years of its opera
tions, and yet (Jeclared no dividends.
-Why no dividetds ? Because for the
want of sufficient subscription, it was
necessaiy to buy the equipment with
the credit of the company, and those
earnings were therefore devoted to the
'payment of the debt.
These are strong cases near home.
If the 'industrious reader will extend
his researches, he will find new argu
ment at every »tep; he will discern the
various stages and Railroad growth ; and
after divesting each case of all that is
extrßnemis aid accidental, he will
scarcely find a single Railroad which
has not prove!, or will not prove a
productive investment.
I will toke pleasure now in dismiss
ing all gcneraliti-s," and addressing
myself strictly to the main question.
Shall the South Georgia and Florida
Road be built ?
I will argue in the first place, that
the stock of this road will be a good
investment per re; that is, it will pro.
duce good net earnings. f
In the next place, I will present
those arguments in favor of the road,
which depend upon its influence on the
property and products of the section
in which it will be built.
Having then attempted to prove that
the road should be built, I will consider
the no le-s important question —Van
it be built? Where are the means to
come from V
l have already endeavored to re*
move the popular prejudice against
Railroad investments, and I hope now
to show, that this particular road, will
offer a better return than the average
roads of the United States. Will the
road prove a good investment ner se ?
Tl.is will depend upon the dividends,
if we suppose the road I uilt and equip
ed. But tire dividends depend upon
the ratio of the ahnual net earnings to
the capital stoCS, which we-.will con>
sider in this case, the same as the cost
of the road. Tho two things to'bo con•
sidcrcd therefore, are the cost of the
Railroad and its annual net earnings.
If the net earnings are $200,000, '-111(1
the cost of the road one million, the.
dividend declared will be 20 per cent.
If the first is $200,000, and the last,
two millions, the dividend declared
will be only 10 per cent. Tho cost of
the road is therefore an important ele
ment which doe* not cease with- the
eonstruotion of the road, but is felt
through all time, and displays 'tself in
every dividend ; not that it affects the
total net earnings of the road, but be
cause it affects the number of the
shares, between which those net earn
ings are to be divided. The small
cost of this road therefore, funi-hes
me with an argument of peculiar
strength in favor of its construction,
and 1 may be pardoned if I dwell upon
it with some particularity.
The cost of a Railroad is the cost of
i's construction ni:d equipment. The
c st of constructing the proposed road
lias been estimated at, $11,500, per
ii ih, and if We roako tho liberal esti
mate of $3,500 permile. for equipment,
we have a total cost, p:r mile, of
$15,000
The net profits, per mile, of tho New
York railways, are over SI,OOO annu
ally-, and wo have already seen that
the gross earnings <f our entire railway
system, arc over si,ooo per mile. We
are safe therefore, in considering that
the annual net. earnings of Southern
Railroads are not less than $2,500 per
mile.
Supposing then, that the proposed
road will cost $i 5,000 per tni)», and
that its net earnings will equal the
average net earnings of Southern roads
or $2,500 per uiib, it follows that this
road will declare annual dividends of
16 i per cent.
If this road does only one-half the
average business cf Southern Railroads,
it \ ill still declare an annual dividend
of 81 per cent. It is scarcely neocs.
sary to enter into any argument to
show that the road must at learn do
this much. I will endeavor to show
that it must do nuro.
It w II bring into cfos6 connection
the railway systeus of two adjoining
States, and completely revolutionize
tho lines si trade »nd travel. All the
cotton within reach of itu arms must
inevitably flow to Thomasville, and at
that point take the Gulf Road to Sa
vannah. Examine this subject care
fully, consider tho number of bales
shipped, even during tho la-t disas
trous season, at Albany, Newton, Tal
lahassee, Qninoy and St. Marks, and
you will agrua with iuo, that 50,000
bales is not a large estimate of the early
business of this road. It must reap
the benefit of every extension of the
Floiida Railroad system, west and
south of Tallahassee, for at M-mticello
| it will tup and thoroughly drain the
i Pensacola ami <teorgia Road. If tho
Southwestern Railroad builds west
| ftvin Albany, it will only build for
j your benefit, lor, at that point you will
j employ its cars. If you can .count
I therefore on 850,000 bales for the pie
i sent, y6u may also look for an indo
! finite improvement in the future. In
proportion to your Oottou business will
be your lighter freights, large in the
commencement, with a prospect of
rapid increase. In the matter of west
ern supplies, it is not improbable, tlrot
you may completely change their di
rection, mnl there is no reason why
the completion of the Montgomery and
F.nfa-ila R-md, together with your own,
tony not make Thomasville, with hur
meat, the rival of Savannah h-wself,
with Her New York supp ies Thom
asvillo would then become the market
of Middlo Florida, the Atlanta of
Georgia, and your road one of the
most prosperous enterprises of the
South.
. But if the freight business of your
road would be large, ita passenger bu
siiiesn would J>e even greater. Your
road would become the gate of Florida,
and her railways the paths leading to
it. They would couie from the East,
as well as the South and West- In a
short time the road would seem so es
sential t« their comfort, that they would
marvel how they ever done wiihout.lt.
Every blow hereafter struck on a rail
way in that State, would accrue to
your benefit. A lirie.of steamers from
St. Marks to New Orleans, would cost
you nothing, and profit you much.—
You would occupy a proud and conii
nianding position. Nature offers it to
you, and it only requires energetic and
prompt action in order to assume and
maintain it- The advantages g ined
would be almost perpetual, for there
would be no danger of futore compc*
tion. Your road once built would leave
no room for a rival road. The South
western Railroad from fimithville to
Albany points to the connection ; the
Pensacola k Georgia Railroad invites
it with an acute angle at Monticello. —
The road from Florida via Baiabridge
to Albany, can be averted by prompt
action on your part, and is positively
the only enterprise of the next quarter
of a century .‘which is likely to threaten
your interests in Florida.
Two roads, now being vigorously
built, will, on their completion, -place
Macon one hundred miles nearer to
New York. I refer to tiro Macon and
Augusta, and to the Augusta arid Co
lumbia lload*-. The competition,hcre
•tofore existing between the sea coast
route, the- middle route and tho East
Tennossce and Virginia routes, will
then be decided in favor of "the middle,
and the tide of travel will flow to and
through Macon, with renewed strength.
It is very reasonable 'to suppose that
passengers, even from Jacksonville
and Ferriandiiia, might seek this in
preference to the sea route. • It is very
certain, that tho entire-travel of Mid
dle, and a great part of East Florida,
would pass this way.
I am aware that want of space pre
vents me from doing justice to this
part of my subject, and compels, me
to suggest rather than demonstriito. ‘1
w 11 close this portion of my argument
by another, and perhaps to some, a
more conclusive view of the 6ubjeet.
Something has been already said of
the extraordinary prosperity of the
Southwestern Railway, sustained al
most en irely by its loeal business. —
It was well known at onp tipie, that
tliis enterprising road was only pre
vented from building to Thomasville
and Florida, by the rapid approach of
the At [an tic & Guif Railroad. That
it desired qn extension in this direction
is the best proof that, it would have
found a paying business. Such an
extension, if not prevented by the
Atlantic k Gulf Railroad, would have
compared favorably with any equal
part of their present road. What they
expected from such an extension was
more local business. Not a single bale
of the 25,000 at Albany would have
passed over it. You will obtain the
samo local business, und in addition
to this, will make that mad itself, with
the roads of Florida, tributary to your
own, taking advantage at the same
time, of the facilities afiorded you by
the Atlantic k Gulf Railroad towards
the city of Savannah. It is not too
much to say, that the construction of
such a road would be the -crowning,
glofy of South West Georgia.
Does it not seem almost a certainty
that this road will exceed tjie average
business of Southern Georgia!'' And
yet if it does only one-half the average'
business, it has boon shAivn that it will,
on account of its small cost, be able to
divide out 8) per cent, annual'y among
its shareholders.
In the seqond place, even if the
South Georgia and Florida Railroad
was not in itself a good investment to
the general capital st, it would at least
bo an advisable outlay for that belt of
country through which it would pass,
and which would teel its beneficial in
fluences. On this point there need
not be much discussion.* The. public
mind observes, if it does not entirely
appreciate, the marvellous energy dif
fused by Railroads into every branch
of industry. They develope and en
large every resource of a country, and
frequently bring to light, those "which
were previously unknown. Property
is enhanced in value, from 50 to 500
per cent. The rise in the value of
property near tho road, is often greater
j than the entire cost of the road, <to
that in anoh eases a tax on property
tor the construction of a railway, waulti
hardly be felt by the property holders,
and would equalize the benefits derived
from the improvement. Between the
| Railroad and the-supporting country,
j there is a mutual dependence,an intcr
i change os well as a community of in
terest. They act and react on each
other, and only find an equilibrium in
the highest state Os mutual prosperity.
; Tho country in the first (dace creates
j the road, which in turn increases the
population and stimulates the business
j of tho codntry; the business of the
country thutiiiorea.ss'd.adds an increase
of business to the ma-l, whi-ih again
t-acis with renewed energy upon the
business of the country. Thu* we
have IV process of progressive i*nd iude
-1 finite expansion, and a kftUre improve*
ment in properly and population which
can hardly tall short of the mast San
guine expectations.
A practical example of the influence
of railways in enhancing the value id’
property occurs to me at this moment,
she tax returns in this State have of
course been largely diminished by the
war, but the diminution has been small
er along the line of the Atlautio &
Gulf Railroad than mi other parts of
the State. This is not to be accounted
tor by the small number of negroes in
that part of the State, for this species
of property, though smaller in the ag
gregate, was equally large in propor
tion to the .orber returns ’ It is evi
dently due to the impetus imparted to ;
those counties by anew road, which
before the war bad not 1-ad time to de.
yelope its influence. - Pierce county k
perhaps, the only county in the State
whose tax rcturns-in 1866 were g-rea*
ter than in 1860. What was formerly
worthless has now become valuable
and all former values have been great<
Iy increased.
Examples of this kind might be
multiplied without end. 1 venture to
say, that there are absolutely no ex
ceptions to the immense benefits con
ferred by Railroads, of which numer.
ous examples must present themselves
to every observing mind. On this
subject reason outstrips the irnmagina
tion. The reader's fancy may indulge
itself in the boldest flights, lut his
highest visions will scarcely exceed the
coming reality. The events of the
past will be eclipsed by the triumphs
of the future. Like the constantly
accelerated motion of a body which for
twenty years has been falling through
space, our system of Internal Improve
ment is now rushing with accumulated
velocity, nor will it cease to move un
til this entire Continent becomes the
seat of population, more dense than
that of Europe.
I believe that I have stated some
good reasons why this road should be
built, or have at least suggested a mode
of examining the question, wh ; ch if
followed out by the people, can not fail
to result in their approval of its policy.
I have not argued like a lawyer, whose
duty it sometimes is to make “ the
wrong the right appear,” hut have
spoken with candor and sincerity*
building cautious conclusions on care
ful premises and supporting all with
prudent statements. •
Having now disposed of the advisai
bility of building this South Georgia
and Florida Railroad, I will next at
tempt to show that, even if distant
capital cannoi be obtained towards this
investment, the. accomplishment of
the road is entirely within the means
of those who are so vitally concerned
! in its construction.
Something has already been said
about the mode of creating Railroads,
and the reader will not be surprized to
learn, that in ninty out of a hundred
cases, the subscriptions necessary to
build have been much smaller than
the necessary expenditures. As we
have already sebn, thq deficiency is
met by the credit of the company or by
the net earnings of its completed part.
In a majority of cases both qf these
plans aro combined, and this may be
the best, as it certainly is the most
feas’blo policy of the Sduth Georgia
and Florida Railroad.
The Southwestern and the Atlantic
and Gulf, are striking examples of
two classes of Railroads, the first of
which aims principally at local and
tho second at through business. The
consequence is that the former unlike
the latter, was a paying road from its
first commencement and fri ra its net
earnings was ablo to expend large
amounts on its own extension. It is
not too nrooh to say, that our proposed
road can claim, not only the glorious
future of the Atlantic and Gu'f, but
also the happy present of the South
western. Tho South Georgia and
Florida Railroad might be divided in
to several parts, any one of which will
compare in its local bi sines* with any
equal part of the Southwestern Rail,
road. A road from Tbomas-ville to
Albany, would be a self-supporting
and dividend paying road, and judg
ing from the precedent es’ablishcd liy
the Southwestern road, would soon
spare enough from its own cannings to
build the gap between Thomasville
and Montisello. Os the 16 per cent,
net earnings of the Southwestern, 8
per cent, were devoted to dividends
and 8 per cent to' extension, and we
may certanily claim for this connection
all that tho Southwestern, has over
achieved. -
I renture oqe step farther, and have
mo doubt the reader will accompany me
in the belief, that if the South Geor
| gia and l-’lordia R rail road is built to
■ Newton or to a point opposite to New
i ton it will then by its unasisted efforts,
extend itself with its own earnings to
Albany, and then gathering strength
with, every mile, finally push its South
thevn end to a final completion at
Monticello. . - .
The success of this enterprise will
then be assured by the building, and
equipment ot 40 miles. The cost will
Certainly not exceed six hundred and
fifty thousand (8650,000,) dollars.—
! Gan there be any doubt of the ability
i or thu willingness of Thomas, .Mitchell
! and Baker Count es, to furnish this
I requisite amount ! 8o far as tho ques
tion, of ability is concerned there can
bo but one answer.
The benefits of the Railroad uiay be
had in one year from its first com
mencement, the burden of cost can be
divided between a longer'tcrin of
years. The entire amount of the $650,,
000 would consist of the following
! items : *
(County and priotatn'sub
scription.of Thomas Cos.
to be paid in semi an
nual installments of 25
per cent. * 8!.*»0.©00
1> tto of Mitdl ell County, 75,000
IHtfb of flak or County, 70,000
l>jtto of Colquitt County, spoo
Bonds of Thi uiasvilk, 50,000
ponds of Thoma* County k 150,000
Bonds of Mitchell County, 76,000
Bonds es Baker County, 75,000
Total, *650,9*0
To which may be added, if necessary.
Mia Company’a credit to the extent of
at least SIOO,OOO with >ut dotriment te
the stock.
The*use ot eounty bonds should he
'cautiously avoided iu the early pro
gress of the work, but if held in re
serve and not put forward until the
proper moment, they will have all the
effect of cash subscriptions. The i
bonds of Thomasville lujyy be consij.
eretl cash from the first step, and ad- .
ded to the county and private sub
scriptions "will produce an available
amount of $356,000: TTua will ena
ble the road to be graded and bridged
at the Iqwcst oasb prices, wilt also l*y
down a few miles of rail and furnish •
proportionate part of the equipments.
Now, and not sooner, the county bonds
must be used'. If secured by a mort
gage oft the property of the road and
by the pledged faith of the company,
they can be hyphotlieeated and sold
on such terms as to secure the com
plete succc/s of the undertaking.
1 am taking the most unfavorable
view of this question, for no doult the
earthwork and timber work of the road
might bc’paid for, to a large extent, in
bonds and stock, but I am addressing
myself to nervous minded gentlemen.
The public generally have already ad.
mitted my conclusion.
If we regard two-thirds of Thomas,
the whole ot Mitchell and two-thirds
of Baker as being the legitimate pa
trons, and beneficiaries of thi*. road,
we find that its influence in these coun
ties will extend over no less than 649,-
700 acres of land. If (heeffect of the
road is to increase the value of this
land only one dollar per acre, the ap.
preciation in the value of this single
species of property would itself ruiju
merate those counties for the cost of
the road. If wc value this land at
the low sum of $5,00 per acre, or au
aggregate value ot three and a quartej
millions of dollars, it would require a
tax upon land of only two-thirds of one
per cent, to pay the annual interest of
tho bonds.
Perhaps the people on consideration,
may determine to build at once to Al
bany, instead of pausing at an inter
mediate station. In this case, they
must raise in cash and
bonds, and in the same proportion as
above. They are able to do it. Let
them also proceed by the shortest route
to Albany, for that is their cheapest
location. , ,
But il they must pause on the way,
they should go at'once to Newton, f«r
two reasons, one of which relate to, the
building and the other to the opera
tions of the road. They will by this
location enlist tho sympathy and com
mand the material assistance of Baker
county in the work of construction.—
They will also add greatly to the net
earning of their road by securing a
position which will plank the South*
western road at Albany, and contract
tho influence of tiro Atlantic and Gulf
at Bainbridgc. Many of these advan
tages would be included in a direct
and completed line to Albany, but they
tfould not be secured by an incomidete
road buihiinif mi a straight line to
that point. *
These views aje respectfully submit
ted to the people. The argument is
not exhausted, whatever may be the
condition of the reader.
Answers have been given to two
questions. Should the road be under*
taken? Can the road be built? A
third question, will tho road be built,
can be answered only by the public.
Horrible Affair in Memphis.
a triple murder—VKV'-EANCE of a
DEPRAVED woman. .
An event has just transpired ih
Memphis which has caused an excite
ment unparalleled. The chief actor in
this seemingly unreal drama, which
has rn it a touch of the barbaric age,
was a young man named Robert Fur
guson, a late graduate of the Medical
University of Philadelphia, and ha
bore a reputation for mildness and
good behavior, and wlm was last be
coming recognized among his profes
sion as a youth of great promise The
tale, which seems unreal, is briefly as
follows:
After Furguson'e return from
Philadelphia, where ho had prosecuted
his studies in medicine with great dili
gence, and graduated with first honors,
he became connected in business with
One of our popohir physicians, and was,
to all appoaranoos, advancing along the
road to professinal renown with rapid
strides. But it seems that good for
tune did not benefit him. lie became
reckless, and finally it was rumored
among his many friends that he had
beootoe enamored with a young lady
of great beauty, but depraved habits,
and had neglceted his business so that
ha could enjoy her charms. She had
otkor suitors, among them • young
man who was considered a warns friend
of Ferguson. Their faceting* were
clandestine, but ere long Ferguaon be
came aware of the false actions of the
courtesan whom he loved.
A eohlnos* ensued between him and
I.is false friend. One night they met
in a drinking saloon where desperate
characters of every description assem
ble nightly,end debouch until the gray
morning drives them forth to thetir
pursuits of crime and degradation.—
The meeting resulted fatallv to the
false friend. Ferguson shot (aim, and
was immediately arrested, bnt through
sonic peculiar whlh* ojtenrndi be was
released on bonds. After his release’
he wont to Nashville ; but a love for
the beautiful courtesan and a desire
to again mingle in the scenes that had
fascinated him and dragged him from
a position of honor nod trust, caused
him to return to Memphis Fate! ac
tion I The spirits ol vengeance were
ahpoad. The woman who, by her beau
tiful person and educated wiles, had
caused him to forget his dnties to ao
eie’y and his profession, was gathering
the meshes of death around him. She
hud loved the man whom Ferguson
had so ruthlessly shot down, and the
sight of his dead body had aroused hi
her pitiless heart all the passion* of
and ** pent ion ano revenge.
Slowly she waned the ootl, and as
she caressed her victim her eJ a »
wqnid seem w rend hie very hart.—
In her desire to fully mature her
plana, she *eemiogly descended lower
w»to the pud a t A’gvala*lew. and as