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that the total amount of the private subscriptions to the stock, is the very handsome sum of one million five hundred and fifty-two thousand collars. This includes, of course, the subscription of the city of St. Louis and of the several counties. The late act of the Legislature required that the sum of one and a half million of dollars should be subscribed by individuals and corporations, before the company could avail itself to any extent of the credit of the State. This condition having now been complied with, the Company is entitled to fifty thousand dollars of State bonds for every fifty thousand dollars, actually paid in by the private stockholders, provided that the whole amount of bonds to be issued by the State shall not exceed two millions of dollars. We learn that over $100,000 have already been paid in by the private stockholders, so that the Company is now entitled to an equal amount of State bonds. The president of the Company has corresponded with the Governor on the subject, and the arrangements are all completed for the issue of the bonds, as the Company may from time to time be entitled to them.
We congratulate the public upon the very auspicious condition of this enterprise. It now has an actual available capital of three millions one hundred thousand dollars, which will ensure its completion beyond the possibility of a doubt, provided the counties along the line do but one half their duty. There is nothing needed but a vigorous, concerted effort along the line, to place the speedy completion of the entire road beyond all contingencies.
NEW ALBANY RAILROAD. No public work, we believe, in the United States, of equal importance, has attracted so little attention, out of the immediate neighborhood of its location, as the line from New Albany on the Ohio to Lake Michigan.
If a reasonable degree of enterprise should be exerted by the cities at the falls of the Ohio, this line will be the means of securing to that point the trade of Lake Michigan; and would seem to constitute a barrier to the commerce of Cincinnati in its further progress towards the West and North. This, with other improvements contemplated by the citizens of Louisville will, when carried out, place that city on grounds that will enable it to contend successfully with Cincinnati for the cognomen in which her citizens so much rejoice, “the Queen city of the West."
We copy the following article respecting the progress of this work from the Indiana State Journal."
NEW ALBANY RAILROAD. This important road, designed to connect the Ohio River with Lake Michigan, is steadily progressing:
At our request, Mr. Brooks, the President of the Road, furnished us with the following facts:
The cars are regularly running to Orleans, fifty-seven miles, and doing a good business-- About eight miles more of the road will be finished as soon as the river rises to let the iron
The road from New Albany to Michigan City will be 285 miles long, and with the branch from Gosport to Indianapolis, 45 miles, will make in all 330 miles. Of the main stem of the road from New Albany to Michigan City, means are now provided to finish and equip that part of the road between New Albany and Gosport 113 miles, and between Crawfordsville and Lafayette 26 miles, making in all 139 miles, or nearly one-half of this whole distance, and enough to grade and prepare for the iron the balance of the road with one hundred thousand dollars over towards its equipments.
That part of the road between Lafayette and Michigan City will be graded ready for the iron next year, thirty-one miles, from Michigan City to the Kankakee river having been let last month. The balance of that part of the line will be let as soon as the Engineers complete the location-say next month.
That part of the line between Gosport and Crawfordsville, fiftyfive miles, will be located this winter, ready for letting in the spring; so that by next April the entire line between the Ohio river and the Lakes will be under contract, and we only wait for the balance of the stock on the line between Gosport and Indianapolis to be taken, to justify us in putting that part under contract in the spring.
With the stock already subscribed along the line we can get that done, if we can get $50,000, taken at Indianapolis. Of the importance of this work, or probable value of the stock, it is unnecessary for me to tell you.
Mr. Nathan Edwards, of your city, will have the stock subscription.
Public Improvement and the Press in Arkansas.
We have observed, for some months past, with much pleasure, the spirited movements which have taken place towards the adoption and prosecution of a system of public improvement in Arkansas. The names which we see connected with these movements warrant the conclusion, that our neighbors in that direction are about to enter with earnestness and vigor upon a career, which, if succesfully carried out, will place Arkansas in the front rank of Southern States.
Although the settlement and development of the resources of Arkansas have been greatly retarded for the want of commercial facilities, yet it may be regarded as fortunate, that she has not wasted her means in the prosecution of works of doubtful utility. Having waited until her neighbors have planned their respective systems of improvement, she will be the better able to plan her own with judgment. This is the most important point connected with the public works of a State; and we trust, that it will be wisely considered by our neighbors. Our own system must touch on the nothern boundary of Arkansas, at more than one point, and it is much to be desired, that her system should be planned with reference to a connection with ours. Already some of our far-seeing citizens are looking to a connection with the Lower Mississippi at Helena, and others to a connection with Arkansas river in the direction of Fort Smith, while it is apparent, that sooner or later a railroad connection will be established between St. Louis and Little Rock. We mention these facts for the purpose of suggesting to our southern friends the views entertained in Missouri in regard to the extension of our own system.
At a meeting of citizens, held at the capitol in the city of Little Rock, on the 5th ultimo, the following resolutions were adopted:
1. Resolved by this Convention, That it is of vital importance to the prosperity of the whole people of Arkansas, that a rail road be established from the seat of government to some eligible point on the Mississippi river, as soon as practicable, connecting us with our sister States, and with the great southern emporium, to be extended thereafter from the heart to different extremes of the State, and by lateral roads as the interests of the community may require.
2. That a permanent central committee be raised by this Convention, to consist of -- members, whose duty it shall be to take the preparatory steps for the location and construction of such road from Little Rock to White river, and, if deemed expedient hereafter, to be extended to the Mississippi river, and to act in harmony, as far as practicable, with the Internal Improvement Commissioners, and any Boards of Internal Improvement, which may be formed in the State.
3. That such permanent committee shall immediately cause books of subscription for stock to be opened, under the direction of such persons as they may designate, and at such places as they may deem advisable, both within and without the State, if they deem it expedient; and, whenever the sum of fifty thousand dollars shall have been subscribed, including such sums as may or alrcady will be pledged to the work by members of this Convention, they shall call a meeting of the subscribers for stock, a majority of whom, with such committee, shall immediately organize an incorporated company, under and in conformity with the general corporation law of this state, for the purpose of building said road at least as far as White river, with such capital as may then have been subscribed, and to be increased to a sufficient amount, in shares of one hundred dollars each, and shall elect a President and Directors, under their organization, who shall cause the proper surveys to be made, and commence the work.
4. That said cominittee shall, as soon as practicablo, prepare an address to the people of the State, and cause it to be published and distributed, upon the subject of a general system of Internal Improvement in our State, and cause to be presented throughout proper agencies, memorials to Congress and our General Assembly, invoking their aid, by grants of the public lands to this and other roads, in extension.
5. That we pledge ourselves, not only to this specific work, but to encourage and sustain other works of like kind connected with it, or in extension of it, until the great agricultural and mineral resources of our State, now comparatively dormant or in embryo, become developed, and our State assumes the proud attitude to which her position and her boundless sources of hidden wealth so justly entitle her.
6. That each and every Internal Improvement Commissioner in the State be, and is hereby, specially requested to retain in his possession such portion of the Internal Improvement fund as he now has or may hereafter come into his hands, without applying the same to ány local or temporary work, until unity of action may be obtained, and such fund applied to some general and permanent work, in which the whole State may be interested, and in conformity with the intent of the original grant by Congress.
7. That this Convention does cordially approve of the objects of the Convention to be held in New Orleans, on the first Monday of January next, and will send her delegates to mingle in their deliberations.
8. That, when this Convention adjourn, it will adjourn to meet again on the second Monday of February next; and specially requests
Internal Improvement Commissioner in the State come and commune with them, and that every county, neigborhood, and town, throughout the State, attend either in mass or by delegates, with us, on that day, and at this place, to consult with us, and with each other, as to the proper ways and means for the general improvement of our State.
The following resolutions and report contain a strong rebuke to the political press of Arkansas, and we are pleased to discover that they go far to sustain the views expressed in the leading article of the present number of our Journal. We shall rejoice to see the views of the meeting, in respect to this subject, successfully carried out.
Col. Newton introduced the following preamble and resolutions :
WHEREAS, It is highly important to the present welfare and future prosperity of this State , that an Independent Journal, devoted to Internal Improvements, Education, and kindred subjects, should at once be established at the Seat of Governinent, to bring before the minds of the people such information as will lead to correct views, and practical results, to aid in developing the great mineral wealth now lying hid within our borders, and to furnish such statistical information as may be useful and necessary as the basis of future action, and generally to diffuse such wholesome truths as will be calculated to elevate us abroad, to bring into action the energies of our now depressed people, and to push on to completion, this work of Internal Improvement, by which alone our State may hope to attain her proper position in the Union; which Journal, to be effective, shall be senarate from, and independent of, all political parties. Therefore,
Be it resolved, That the members of this Convention will not only subscribe for the establishment of such a Journal, but will give to it, when established, their most cordial and zealous support.
Which was read and adopted.
WHEREAS, The press, throughout this State, in its character, is well known to be exclusively political, and consequently neglectful of all industrial pursuits, and the leading interests of the people : Therefore,
Be it resolved, That we deem it expedient, right, and proper, that a paper be immediately established, at some central point in Arkansas, to be conducted by men of acknowledged ability, and devoted to the development of the mineral, commercial and agricultural pursuits of the country, manufactures, arts, sciences, literature, and the advancement and establishment of a permanent system of internal improvements, to awaken the people to a just sense of their most vital interests, and imbue them with a spirit of emulation and public enterprise.
And it is further resolved, That we will aid, by every fair and honorable means, the establishment of a press for the promotion of the above specified purposes. Read.
On motion of Mr. Beebe, the resolutions offered by Col. Newton and himself, were referred to the standing committee on resolutions.
Mr. Beebe, from the committee to whom was referred various resolutions relating to the establishment of an Independant Journal, made the following report:
The select committee to whom were committed the preamble and resolutions, offered by Messrs. Beebe and Newton, concerning the establislıment of a Journal devoted exclusively to Internal Improvements