Texas Railroad, Navigation, and Banking Company chartered
On this day in 1836, the Congress of the Republic of Texas chartered the Texas Railroad, Navigation, and Banking Company. The short-lived company was authorized to connect Gulf ports by canal, to construct railroads wherever desirable, and to have banking privileges as soon as one-fifth of its capital stock of $5 million had been subscribed. Though Congress approved the charter without opposition, and though the company apparently had the support of Sam Houston and Stephen F. Austin, it became a political issue in the election of Anson Jones, who attacked the venture mainly because of the banking provision. Unable to sell its stock because of public opposition aroused by Jones and because of the panic of 1837, the company collapsed before achieving any of its ambitious goals.