Below is the OCR text representation for this newspapers page.

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