The Southwestern Historical Quarterly, Volume 35, July 1931 - April, 1932 Page: 10
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Southwestern Historical Quarterly
provided for her produce to go to such places as Mobile, Charles-
ton, and Louisville, always out of Tennessee. He eulogized Gov-
ernor Clinton and pointed to the state-owned transportation units
of New York, Pennsylvania, and Ohio as examples Texas should
follow. He thought Michigan officials were stupid for having sold
their state's railroads at eighty per cent of their cost and ended
one argument as follows: "Adopt a constitutional provision mak-
ing stockholders in all corporations personally responsible for the
debts of the company, and we'd have no more trouble from them
than we should from mosquitoes and horse-flies when the mer-
cury stood at zero."20
When the legislature met in November, 1855, Governor Pease
sent in a message urging the adoption of the state plan, which
was explained in detail. He showed that the tax of 15 cents on
the $100 would bring into the state treasury in 1857 the sum of
$268,000 which would pay six per cent interest on $4,250,000;
allowing an increase in property valuations three-fourth as large
as recent years had shown the tax would bring in 1860 $337,000,
which would pay six per cent interest on $6,250,000. The gov-
ernor expected the earnings of the system to pay one-half the
interest and concluded that the state might expend some $31,-
000,000 on improvements during the next fifteen years. He
thought the cost of building and equipping the roads would not
exceed $10,000 a mile and said there would be left some six mil-
lion dollars for canal and river development.21
Taking up the governor's suggestion the House Committee on
Internal Improvements was divided in sentiment. One faction,
a majority, signed a report favoring the state plan. This group
was headed by J. W. Throckmorton, later governor of the state.
But a minority report represented the state plan as being a politi-
cal scheme and conducive to log-rolling and it was defeated in
Opponents of the Pease state plan centered on what was called
the "Iron Policy." This plan proposed to sell 75,000,000 acres
of public lands, constituted in the plan as a school fund, and
have the proceeds invested in railroad iron to be loaned to three
"Sherwood in De Bow's Review, XIX, 85, 202, 586.
"1Senate Journal, Sixth Legislature, 1855, 18ff.
2Reports of the Committees are found in the House Journal, Sixth Leg-
islature, 401-12 and 413-19.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 35, July 1931 - April, 1932, periodical, 1932; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101092/m1/14/: accessed October 18, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.