Texas Day by Day

On this day in Texas history…

Texas Railroad, Navigation, and Banking Company chartered

December 16th, 1836

//250722-778774-raikfcquaxqncofqfm.stackpathdns.com/images/handbook/entries/Railroad Company Charter
Image taken at random from the related Handbook of Texas entry, Texas Railroad, Navigation, and Banking Company

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.

Want even more?

Texas on This Day book cover image

Get even more daily history in this fascinating book! Arranged by day of the year to allow the reader to see into the past on any specific day, from 1528 to the present.

Purchase at Legacy of Texas »