The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1850-05-10
T.. Il. s. GEORGIA RAILROAD.

'it ihC's CJHUecleu win me SURRENDER u
Gen. Dull Green Of his contract for tn
construction Of the East Tennessee an
Georgia Railroad, and the circumstance
witch induced The same, to the end ih5
the same may he published for the inior
nation Of the public" have prepared til
ioiowing. emhodying some Of the leadn
facts connected win the surrender, an
simply naming some Of the circumstance
which Induced the same.
il Is known that when the contract wa
entered INTO, it was agreed TO a.h sane
toned by the Board, on the express I'm
dets'andln2 and condition that tie con
tractors were to bring to the prosecution o
the work ample resources and credit for it,
successful and speedy completion. 1t wa
not uCon Gen. Green's credit and resource:
alone that The contract was entered into
bot upon that of other gentlemen, fo
whom he protested to be contracting, sOmt
OF whose names were given, to be aSso
caed with him IN the contract, apd VIII,
possessed both of the requisites deemed es
/ senljal. Means were to be furnished b,
| the contractors for prosecuting the work
until tho shares Of the Company, a large
a,uuun, Of which was 10 be taken N the
contract, cor'd be made available; and un.
der these circumstances large margin
or in other words, large profits, were al
lowed the contractors in the shares Of the
Company.
Gen. Green has net associated with hln,
in the contract the gentlemen named by
him. or any others possessing the promised
credit and resources. No active and avail.
able means have been brought forward and
vested by the contractor for the vigorous
prosecution Of the work, aud no funds
have been expended by him on the WORK
bu, those furnished him by the Company;
OF. in other words. the Company has lur>
ni,hed to the contractor, in cash means,
more than The work has actually cost him,
aud his eXertions and energies have not
resulted in providing any actual and iangi-
Lic resources.
THIS being so. and continuing, the Dr.
rectors have seen and tel, sensibIy the me-
cossi'y OF providing other means than
those guaranteed IN the contract for the
construction and equipment Of the Road.
Hence the application made to the Lrgis.
la'nre Of Tennessee. at its last session, 70.
aid, and the grant Of "A loan Of $3.50 900 to
purchase IRON and equipments for the road
was obtained.
This being the true state of affairs under
the contract with Gen. Green. the nrec-
tory considered they would be derelic, to
duty did they agree TO expend the loan
from the State under said contract, without
Snch just and proper modification Of the
contract, as justice, under due consider
alton of all the circumstances, requireI.-
With a view to the eilecling of such mod.
licai0n, the Directors at their meeting IN
April, referred the subject TO committee,
vino submitted a proposition for modli.
cation, which was unanimously received
and adopted by the Board. Some of the
reasons OF The Directory for proposing the
gre stated in The following ex>
tracts, taken from the repor, of the com.
mtlIee, VIZ:
alt is well known to the Directory and
TO the community at large, that at the time
the contract was given TO Gen. Green the !
Company had no available means with
whch TO commence active operations up
on tn" road, and that the credit of the |
Company was entirely destroyed.
~, iih a full knowledge Of the condi.
ton and prospects OF the Company. but
with contiding reliance upon his own in.
lomlablc energy aud character, and the |
ample means oi promised associates, Gen. /
Green palrio'lcaliy proposed taking coz
tract Tor The construction and eQuipmen; of
HE nnuTe road from Dalton TO Knoxville.
"'Fhe Directory, justified only by The cir
cum-lances with which they were .Ihen
surrounded, met the General in a mos: lib .
eiaI and sei.sacri!icing spirit. and the con-
lIact {" the first November, 1913, was en-
tered into.
"tlad Gen. Green not been disappointed
in his calculations and expectations, the
work on the road could have been carried
Oh without delay or embarrassmenls, as
there is no stipulation IN that Conirac, on
the part Of the Company but what could
have been performed punctualy. But for
reasons winch II is not necessary now to
enquire into, II soon became evident that
the work on the road must necessarily be
suspended unless extraordinary efforts, out
side Of their slipulatlons. should be made
by the Directory; and in this emergency
Gen. Green did not fail to find some ready
and willing irIenGs IN some individual Dr.
reciorS and other friends Of the road; and
your committee mny be permitted to say,
without assuming more than is justly due
to the Directory. that they have, upon ev>
cry occasion, TO the utmost of their ability
extended every aid 10 the contractor; and
as lailering means of assistance, entered
into with him the modified Contract of the
| lth July. 1919.
"Gen. Green having failed TO bring into
ASSOCIATION with him gentlemen OF capital, |
as he assured the Directory he could, and
as |, was contemplated by the Directory
he would, he was, and ,s, SO far as your