Page images

Contract for the Passage of the Isthmus of Tehuantepec.





The Mexican government, persisting merchandise by the company. The in their denial of the validity of the other port is Vera Cruz. Garay grant, upon which we had so much 13. Government protection is assured to say in our January number, have by to the company and its employés dua formal contract conceded the passage ring the twenty years of its existence. of the Isthmus of Tehuantepec to Mr. 14. Guarantees payment by the comSloo and others. We have seen a sum- pany of $300,000 in silver at once, and mary of the provisions of the new grant, $50,000 in monthly instalments until and regard it of sufficient importance to $600,000 is paid. be copied at length.

15. The company is to carry the Art. 1. Provides that the communi. Mexican mails without charge, and all cation is to be by water as far as the goods for the Mexican government at Guatzacualco river is navigable. one-fourth of the regular rates; all Mexi.

2. A plank-road to be commenced can troops, officers and government from the head of navigation, within one agents to pass free. All moneys, ores year, and completed in three years. A and other products of the country to be rail-road to be commenced at the end of transported at one-fourth less than the three years, and to be completed in the regular rates. course of the four following years.

16. For fifty years the government is 4. Company shall make docks, etc., to receive 20 per cent. of the profits of at the ports of the termini, which are to the road. All privileges stated, are be designated by the government of guaranteed during the twenty years to Mexico.

the company; but at the end of that 5. Government grants the lands ne- time the road is to be turned over to the cessary for plank-road and rail-road, and government, guaranteeing the delivery for buildings, etc.; owners of private at the end of that time, by a deposit of property taken to be indemnified accord. 10 per cent. of the profits for the last ten ing to law.

years of the contract. 6. The company may use public lands 17. The company to build light-houses, en route gratis, and also that of private etc., at designated points; and will ap

propriate my per cent. of the net profits 8. The company to have exclusive of this road to that object. right of transit for passengers, freights, 18. Inspectors to be appointed by both etc., at rates to be approved by govern- parties to overlook their interests along ment. Government to levy any contri. the road. bution on the property, etc., of the en 19. The company is to construct no terprise, at any time, but it reserves the forts, introduce no armed troops, shall right to impose a duty not exceeding not admit on the road any more persons 12 cents per passenger and package than necessary to do their necessary transported by the company's route. work. The company to assist in pre

9. The company may import free of venting smuggling. duty, all materials, etc., for the road, 20. Foreigners employed by the comwith the sanction of government; also pany to have only the same rights as such provisions, etc., for workmen as Mexican citizens. All questions to be cannot be procured on the Isthmus of decided by Mexican tribunals. Tehuantepec.

21. Transit free to all nations; but 25 10. The company subjects to rules es- per cent. to be added to the charge for tablished by government; no sales of transporting merchandise of other nagoods, etc., to be made on the route. tions who have no treaty with Mex

11. The government will open two ico. ports at the termini of the road, it being 22. Offices for the sale of bonds are to understood that Ventosa shall be used be opened in the City of Mexico and only for the reception of passengers and London, and for the first six months one


[ocr errors]














third part of the shares are to be kept at scription to the capital stock of this comthe disposal of Mexican citizens.

pany, which are made payable in pe23. Foreign mails may be carried riods of from one to five years: over the road by the company; but always sealed, and passing through un Private subscription ................... $759,835 00

Orleans Right Bank....

75,000 00 der proper inspection.

Parish Lafayette......

33,400 00 24. No sales of shares to be sold for St. Martin's....

103,775 00 6i St. Landry .....

115.625 00 lands appropriated for Indians, etc.


250,000 00 25. All the articles of the convocation St. Mary.

156,600 00 of July, 1852, not conflicting with those City of New-Orleans............. 1,500,000 00 stated above, are to be binding on the

$2,994,235 00 company. NAVIGATION ARTICLES.--1. The ex

M. B. Hewson, whose report upon the clusive privilege of navigating the Guat

Holly Springs location of the Memphis zacoalcos, is guaranteed; but Mexican

and Charleston Rail-road we lately novessels have a right of navigation for

ticed, uses the following language upon the supply of the inhabitants along the

the practicability and utility of that bank of the river.

route : " It may be safely assumed, there2. Government exempts from tonnage

fore, that the increase of way trade duty all the company's vessels.

arising from the Holly Springs location

will reach $60,000—in order, however, 3. The company is to supply a line of steamers under the Mexican flag, to

to be perfectly safe in the matter, let transport merchandise from Vera Cruz

1. this increase be taken at $30,000. Now, to the Guatzacoalcos.

the through business estimated by its 4. All Mexican mails are to be car

friends for the Memphis and Charleston ried free of charge to all points at which

road, would certainly pay the running the vessels of the company touch, and

expenses of the road, and here then,

arising from the Holly Springs location, all goods belonging to the Mexican

is at the very lowest calculation a net government at one-fourth part of the regular charge. All troops, agents of

· profit equivalent to $500,000 at 6 per

cent. or to very nearly one per cent. on the government, etc., are to be free of transit; metals, products, etc., at 25 per

the whole estimated capital. Assuming cent. less than the regular rates.

then the additional capital required for 5. Steamers on Pacific are to use the

the La Grange route, at the sum of port of Acapulco as a depot for coal, and

$125,000, the additional business on the as soon as possible, they are to use the

other route bringing an income equivacoal mined in the State of Guerero.

lent to an additional capital of half a

million,—the Holly Springs route will From the Report of President Overton of the New-Orleans and Western Rail

yield to the stockholders 14 per cent. road Company we glean the following

per annum, over and above the yield of statistics :

mg the La Grange. On the basis then of

the profitableness of the La Grange Receipts and Expenditurcs of the N. O. and Great route, I beg leave to report to your ExWestern Rail-road Company.

cellency, that the Holly Springs location RECEIPTS.

of the Memphis and Charleston rail-road On account of Stock instalments paid in ...................$136,420 00 is decidedly “profitable." Contributions for preliminary expenses 3,941 88

$140.361 88 road will at all suffer by the Holly

Springs location. Collierville, by being On account of Preliminary expenses by Executive

made the point of turn-out for the So$6,063 89 merville branch from the main trunk, 16,100 00

00 will, in all probability, become a point Rights of Way.......

216 35 Engineering and Surveying..... 14.179 06 of importance, commensurate with the Office expenses, salaries and contin

business of that branch. The Somergencies......

9,258 04 Grading and clearing...

14,110 80

ville branch, by the withdrawal of the Tiinber for track.....

2,056 50 rivalry of the main stem on the La

-2,171 81 Grange location, will in virtue of the Cash Balance on deposit.......... 79,205 43

* undivided trade of Hardeman and Mc.

$140,361 88 Nairy, become an excellent stock; and The following are the amounts of sub- while this accession of business will


Committee...................... Real Estate...............


Statement of the South Carolina Rail-road Company.



save all risks as to this short branch The earnings have been as follows on being abandoned for want of business this road: 5, te present in de pics to sustain it, the town of Somerville "Passengers. Mail. Freight. Total. will become an important agency point 1852... 91,938,72 . 13,272,77..164,374,26..269,585,75 for the Memphis merchants. Moscow, 1851...102,694,29. 13,352,27.. 95,546,70. 211,593,26 in virtue of its position at a bend in

10,755,57.. 79,50.. 68,827,56.. 57,992,19 the main course of the Somerville branch will, by absorbing the business Showing a decrease in passenger of the southern part of Fayette and earnings of 10% per cent. and an inHardeman, and of the northern part of crease of freight earnings of 72 per cent., Marshall and Tippah, become the only with an aggregate increase of 2714 per distributing point for one of the richest cent. over the business of 1851. This planting districts along the whole length on the whole is a satisfactory result, of the road. Nor will La Grange suffer though the decrease in the passenger by the Holly Springs location. This earnings is to be regretted, and was not town is situated on a hill above Wolf fully anticipated. river, and inaccessible to a road run. In the increase of the freight earnings, ning north and south. In the event of the expectations of the board have been the Memphis and Charleston Road be- fully realized; and a confident belief is ing located by way of La Grange, the entertained, that the increase will be Mississippi Central Rail-road, (an exten- continued. sion of the New Orleans and Jackson The “Commercial List,” published in road,) being pushed into Tennessee Philadelphia, in discussing the capacities under its charter in that state, till it of that city to compete with all others, connect with the Mobile and Ohio Rail- including New-York, for the trade of the road at Jackson, in Madison county, great West, uses the following lanwill intersect the Memphis and Charles- guage: ton Rail-road, some two miles east of On the first of the present month the La Grange, and as a consequence build- last link of rail-road connection between ing up at the crossing the exchange Philadelphia and Pittsburgh was compoint of that district, will bring utter pleted. This vast enterprise, involving ruin on La Grange. The superior ad- an expenditure, actual and prospective, vantages of the Holly Springs route to of full fifteen millions of dollars, begun Memphis, are too plain to require com- by merchants of this city in the face of ment.

every discouragement, passive and acThe following statement of the South tive, has so far been achieved, that duCarolina Rail-road Company for the year ring the light of a summer day we can 1852, is taken from the report of H. W. pass from the eastern to the western Conner, President of the company: metropolis of Pennsylvania. The Qua

ker, so long quietly plodding, and shunGross receipts of the road ............$1,126,195 42 ning collisions, has boldly stepped into Expenses, current and extraordinary. 453,965 73 the arena of modern trade, and thrown Net profit...

$671,229 69 down the iron gauntlet. In the generInterest paid on foreign and other debts,

ous strife, he calls upon his western damages, etc...

165,958 48

friends to stand by him, and show fair Net income...............

$505,271 21 play; and he will fear neither Yankee Two dividends, 376 per cent, each.... 271,600 00

nor Knickerbocker, even with Europe at Surplus.......

........ 8233,671 21 their back. What are the grounds of This shows an increase in the gross

this confidence? Let a few figures receipts over any previous year, of.. $124 480 44 answer.

The present line of rail-road from PhilThe following gentlemen have been adelphia to Pittsburgh is 358 miles, elected officers of the Macon and West- which includes the portage over the ern Rail-road, Georgia:

mountains. Starting with this distance President, Isaac Scott; directors, An- as a basis, let us see what are at this drew Low, Edward Padelford, J. C. Levy, moment the relative distances from Charles Moran, Drake Mills, Adam points on the southern lake shores and Norrie, Ker Boyce, F. C. Matthiesson, on the Ohio, to points on the sea-board. N. C. Munroe, J. B. Ross, Jas. Thweatt, Other things being equal, the shortest of C. J. McDonald

these routes will command the trade and travel. Other things being equal ,--that Cincinnati to Philadelphia will be less is, with equal markets for purchase and than from Cincinnati to New York, not sale, and equal cheapness, expedition, only by 145 miles already shown, (taking certainty and comfort in transit. Galion as the common point of depart

Considering first the lake business, ure,) but also by the difference between the present point of departure from the the length of the base line from Xenia Northwest for New-York and Philadel- to Pittsburgh and the two sides of the phia and places south of the latter, is triangle, just indicated, Galion being its Cleveland, the routes and distances be- apex. ing as follows:

Without extending these exhibitions Cleveland to Dunkirk.........145 miles

of figures, it is apparent from the rai). Dunkirk to New York........469

road connections actually made between Cleveland to New York......-- 014 miles. the lake country and New-York and Cleveland to Pittsburgh......140 Pittsburgh to Philadelphia....357

Philadelphia respectively, that the disCleveland to Philadelphia.....-


tances are very greatly in favor of the Distance in favor of Philadelphia........ 117

latter; and necessarily still more so beAdd even the distance from Philadelphia

tween Philadelphia and all points farther to New York, through New Jersey ... 96

south. It is useless therefore to multiply And we have the distance less by......... 21 miles figures in proof of this fact. We recog.

nise it as beyond dispute, that this city is from Cleveland to New York through even now nearer to the whole West Philadelphia by the Ohio and Pennsyl. than any of her rivals. Before the close vania route, than from Cleveland to of another year, this advantage will be New-York by the lake shore and New- vastly enhanced. Then the PennsylvaYork and Erie routes.

nia Central Rail-road will be perfect in Keeping still in view the lake connec- its entire length, dispensing with the tions, when the Ohio and Pennsylvania portage road and all the incidental deshall be completed to its junction with lays and troubles of its inclined planes. the Cleveland and Cincinnati Rail-road, TWELVE HOURS, (instead of eighteen as seventy-five miles southwest of the for- now.) will then, and must then, suffice mer city-a new point of departure will for the transit of passengers from the be established for the travel thence east- Delaware to the Ohio. What other hold, ward. Galion will be that point, only besides this grand work, has Philadelphia four miles south of the junction, and the upon the commerce of the West ? What routes will be as follows:

is her own ability to give it business by Galion to Cleveland.. ....... 79 miles.

the maintenance and extension of that Cleveland to New-York......614

commerce? Galion to New York...

693 miles.

The following statement comprises a Galion to Pittsburgh. Pittsburgh to Philadelphia...357

list of the different rail-roads by which Galion to Philadelphia.....

547 Norfolk, as the terminus of the Seaboard Distance in favor of Philadelphia....... 146

and Roanoke Rail-road will be connected

with the Southern and South-western secGalion and New-York city are in the tions of the United States, forming contisame latitude; and if, as thus appears, nuous lines from Norfolk to Mobile and the distance between these two points is New-Orleans, and to Memphis, Tenn. greater by one hundred and forty-five . The Wilmington and Manchester miles, than between the former and Rail-road, 162 miles, running from Wil. Philadelphia, how much more favorable mington, N. C., to Manchester, S. C., must be the connections between Phil- uniting with the South Carolina Rail.adelphia and the whole Ohio and Mis- road, leading to Augusta, Ga., and to sissippi Valley! Taking Cincinnati, for Charleston, S.C. instance, as a starting point, Xenia is T his road is rapidly progressing to the point on the Cleveland and Cincin- completion. When completed, there will nati road at which the projected Pitts- be a continuous line of railway from burgh connection with the Ohio Central Norfolk, to Va., to Montgomery, Ala., a Rail-road will strike. Now the latter is distance of 868 miles. The steamboat the base of a triangle, of which the road line, from Wilmington to Charleston, from Xenia to Galion, and the road from will soon be dispensed with, and a large Galion to Pittsburgh, are respectively increase of travel over this line may be the sides. The route therefore from relied upon, as the time and distance to

[merged small][ocr errors]

New Orleans will be essentially dimi. will form a continuous line of railway nished.

from Norfolk to Memphis, a thousand 2. The North Carolina Railroad runs miles in extent; the importance of this from Raleigh to Salisbury and Charlotte, connection need not be suggested. It is in North Carolina, about 150 miles in sufficient to trace these lines upon the length. The funds for this road are pro- map, and leave the subject to make its vided; the state subscribed two million own impression. of dollars, and private stockholders the The aggregate of the lines above deremainder. This line, in connection with scribed, now in operation or actively in the road from Charlotte to Columbia, S. progress, amounts to more than two C., will make a continuous line of rail- thousand miles of railway; all of which way, from Norfolk to Columbia, of 435 will, in a greater or less degree, add to miles; and will form a connection, in the business of Norfolk, via the Seaboard this direction, also, with Montgomery, and Roanoke Rail-road. in Alabama. A survey has also been A connection between New-York and ordered by the State of North Carolina, Norfolk by means of the proposed air. for a road from Salisbury to Knoxville, in line road would tap an immense traffic, Tennessee.

and besides being the most direct, would 3. The Roanoke Valley Rail-road will be the most expeditious line that could run from Ridgeway, N. C., on the Ra- be built. It is apparent that it could not leigh and Gaston Rail-road, to Clarks- prove otherwise than profitable to those ville, Virginia, and it is proposed to con- engaged in its construction, and the entinue this line to Lynchburgh, Va. This terprise appears to have every element road has recently been chartered, and to insure success. the work placed under contract. It will Through the courtesy of Senator form, when completed, a continuous line Rusk, of Texas, we are enabled to prefrom Norfolk to Lynchburgh, of about sent a copy of his bill for a rail-road to 200 miles.

the Pacific Ocean, which was so much dis4. The Virginia and Tennessee Rail- cussed at the last session of Congress, road, and the East Tennessee and Virgi. but which lies over for future considerania Rail-road, will form a continuous one tion and action. Senator Rusk has befrom Lynchburgh, Va., to Knoxville in stowed great labor upon this subject. Tennessee, a distance of 350 miles. This A bill to provide for the construction of a line is going forward rapidly, both in rail-road and telegraphicline from the valVirginia and Tennessee; it passes ley of the Mississippi to the Pacific ocean. through a country of great mineral and It shall be the duty of the President agricultural resources, and will be a of the United States to cause to be conwork of much magnitude and impor- structed, so soon as it may be practicatance. The means are provided for its ble after the passage of this act, a railconstruction.

road and telegraphic line connecting the 5. The Hiwassee or the East Tennes- valley of the Mississippi with the Pacific see and Georgia Rail-road, runs from ocean at such points as he may desigKnoxville to Dalton, Georgia, 115 miles nate, and upon the terms and conditions in length. This road is in operation. hereinafter prescribed. And it shall be From Dalton to Chattanooga, a part of the duty of the said President to select the State road of Georgia, is also already the general route for the said rail-road in operation 40 miles.

and line, designating the mountain 6. The Nashville and Chattanooga passes between the Atlantic and Pacific Rail-road, 150 miles, runs from Nash- oceans through which they shall be conville, Tenn., to Chattanooga. This road structed, but leaving the intermediate is also rapidly going forward to comple. portions to be located by the individtion, at a cost of about two and one-half uals or companies that shall be emmillions of dollars.

ployed to construct the said road and 7. The Memphis Rail-road will run line; subject, however, to his approval. from a point on this last-named road to The said selection shall be made at as Memphis, Tenn., on the Mississippi ri. early a day as may be practicable, conver, through Huntsville, Tenn., 280 miles, sistently with the judicious choice of the and will probably be finished by the site of said road, and such other prelimi. time the other connecting lines are com- nary arrangements as shall insure the pleted. The five last described lines speedy prosecution and permanent con

« PreviousContinue »