The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1852-01-23
THE CONDITION OF OUR ROAD
IT'S PROSPECTIVE EXTENSION.

The official reports for The past year are
encouraging, and 60 far towards verifying
predictions long since made 10 reference &c
the value of railroad, both 10 the coun>
try and to stockholders. We are confident
that the crisi s has passed, and the finances
of the Company are manageable. A dead
body has been galvanized. and lille now
courses the veins, where a short time since
the dulness of death prevailed. We shall
not fail 10 award just commentator oil
President Keyes for his policy. which has
been sanctioned by the most favorable re
suits. BY patience. prudence, and an un''
wayering devotion to the Ultimate success
oil the enterprise, he can congratulate the
country that sixty miles are now completed,
and in retiring from the Presidency he
leaves plans and contracts in operation that
will eventuate in eighty miles Of first class
railroad.
The Judiciary Committee in the Georgia
legislature has recommended indemnity Tor
the past and security against all future mo-
Iesta,ion from The Union Branch Com
pany." Our commissioner, Col. Whites
sides, assures us that Georgia considers
that as her own controversy, brought about
by hasiy or defective legislation. and that
we will not be permitted TO suffer any loss
IN any event. Steps will be taken in due
time 10 ascertain the damages already sus-
tanned.
The extension of the road towards its
eastern terminus is the next question Of
most absorbing interest. We approach ii
with dffidence and solctude, because ex-
element is 10 grow out of it, and inj ury 10
the road must ensue upon inlempera,e
policy being resorted to by any party a in
terest-such as is assumed or indicated in
a recent article 10 one Of the papers north
Of the river. At the late meeting of the
stockholders, resolutions were adopted in
dicaling immediate extension from Lou
don TO Knoxville, as The lavorite project
Taken alone and apart from avery thing
else, these resolutions are a little singular.
AT the time they were adopted no app7o-
priaions had been made either for the
Bridge or Road, yet they propose 10 accept
any provisions tina, may hereafter be
made for those objects. OF course this was
designed 10 convince the Legislature that
all questions as TO routes were settled
How that may turn GU, we do not know,
nor we do now stop TO inquire.
Blu, suppose the appropriations are or
shall be made, the resolutions do not dis
pense with the necessity Of meeting OF
the stockholders to ralfy and accept. That
is indispensable, in order that The statutory
lien may attach, and stockholders will then
vote for or against an acceptance, as their
indiyidual views Ct policy may dictate
B vi suppose, as is most probable, that an
acceptance shall be voted, an opinion may
still be expressed by this convention as to
the propriely OF applying for an immediate
issuance of the Bonds. and this will be
binding upon the Directory. This brings
us TO the question, shall the Bridge be lei
10 contract Jorthwith?
When the road shall be completed 10
Loudon the indebtedness of the Company
will be 100000. The bonded debt is now
$500 600, and upon that amount interest
will be due, on The LIST July, amounting 10
S 5000. A failure TO pay this, according
10 the terms Of The loan, will work Tor
fixture of the whole road. II must there'
fore be promptly met. The expenses Of
running the road, must also be paid. Blu,
wo chances for raising the money are pos
sible-the earnings Of the road and the
bonds Of the company. The excessive cold,
he bad state of The Georgia road, and
other causes, render 1t almost certain that
illle more than current expenses can be
m ade during the month of January, The
amour, Of the interest must be on hand, if |
not in New York, by 18th June. Four
months and a half then remain within
" hch TO make this sum. It il cannot be
had from that source, must coupon bonds
of the Company be sold2 PROFESSIONALLY.
The interest must be paid.
When the road reaches Loudon, the
profits wall continue small until the Geor-
gia road is in condition to forward our
freights. Now would it be prudent to ex-
tend the credit Of the Company an add-
tiopal $780, 900, until it is placed beyond
all doubt that the interest will not have TO
be met by still further extension of credit
in the sale of Company bonds!
Again. Let out contract for the Bridge;
il will be four years before the subscription
north OF the river can be called in, and no
one thinks OF grading being finished long
before it Is paid for. But # the whole
route TO Knoxville should be let out, and
The subscription for any reason or 10 any
amount, should fail, that defalcalon can
only be met by the credit Of the Company
1t would be right TO meet il in that way, if
it was once incurred; but that is The question
for the consideration Of those interested.
W. Ia N nj mis- In ba IN loKetool 40 b.