The Southwestern Historical Quarterly, Volume 35, July 1931 - April, 1932 Page: 24
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Southwestern Historical Quarterly
by grants of land, and having contributions of stock from states,
corporations, and individuals.87 But progress on this plan was
defeated because of the interruptions from excitement over the
Kansas struggle and by the financial panic of 1857. After that
year the effects to get a southern road died down gradually in the
southern commercial conventions except for an occasional sporadic
outburst. The Vicksburg Convention of 1859 declared that the
immediate construction of the road along the 32nd parallel route
was essential to the prosperity, strength, and commercial inde-
pendence of the South and to the continued existence of the
Union." But definite plans of procedure already advocated had
lost strength and momentum, and other plans were lacking.
Plans having failed to secure a Pacific railroad through acts
of Congress or through plans formulated in the southern commer-
cial conventions, let us again turn to Texas:
It will be recalled that among the railroads chartered by the
state legislature of Texas in 1852 was the Texas Western. This
company seems to have been organized for speculative purposes,
and when the Mississippi and Pacific Act was passed by the leg-
islature it was found that the Texas Western stockholders had
filed in the General Land Office a designation of their line along
the proposed route of the Mississippi and Pacific. The Atlantic
and Pacific Railway Company, a New York corporation, was de-
sirous of obtaining the sole franchise for the transcontinental
railroad. The chief agents and directors of this company were
Robert J. Walker, Secretary of the Treasury under President
Polk and later Governor of Kansas, and ex-Congressman T. But-
ler King, of Georgia. The Texas Western Company was paid
$600,000 for its rights and the only proposal to construct the
Pacific road was received from the Walker and King group.89 It
will be recalled also that the Mississippi and Pacific Act of De-
cember, 1853, required that the company undertaking to build
the road must deposit in the treasury the sum of $300,000 as a
guarantee that fifty miles of road would be completed within
eighteen months. The stock of the Sussex Iron Company of New
"De Bow's Review, XXI, 99.
"De Bow's Review, XXVII, 101.
"Governor Pease's Veto Message in Senate Journal, ~Sith Legislature,
Adjourned Session, 15-18.
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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/m1/28/: accessed September 25, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.