Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1853-11-12


all discounted One bill in Bank, payable 70 the
East Tennessee Manufacturing Conifany $1,000
Two small notes to individuals payable IN Bank
both $3.50 In all 500 29l / undeFsthnd all
these are in the Onion Bsnk-excepi those owing
toOther Banks. As colateral security the Man
hatten Bank, the President has pledged fallrosd
bOnds-with the agreement that if the mtney Is
not pad alter one renewal--the bonds are 70 be
sold, Tor whatever they win bring in the market
NOW suppose the Legislature should decline 70 an-
thorze the State to endorse these bOnds--what
Will be our situation? In that event the bonds viii
not bring more than forty or CITY cents in the dol
ar-as that IS now Coy the bad mans ,enlent Of the
Presidency the price Of stock Bat n ths the worst
view OF the ease2 VIII any Of these Blnxs--ex-
cept the Manhatien, desire % receive payment in
this way? Viii they not rather especially the
Union Bank) sue the Company. get judgment pur-
chase the States nOrtage. sell the road. buy il M
and have the whole establishment to themselves
Is there no probability Of this Look Al this dan
gerous tripartte combination-and read thus
Stevenson, Bass & Company, Railroad Directors.
borrow of Bass Stevenson 4 Company. Union
Bank Directors. several hundred thousand dollars.
and Stevenson, Bass i Company, Rail Road Direc-
tors, make contracts with and purchase Of Stew
enson, Bass Il Company, Directors or Stockholders
of the Nashville Manufacturing Company, several
hundred thousand dollars worth of locomotives and
other machinery. You see the debts are all in the
AauuS OF the same men anu THESE wealthy
in the State. Our President bOrruws money Of
himself and Company Our President also makes
contracts for locomotives and other machinery,
with himself and Company. In this condition Of
things IS it likely, that our immaculate President
would make close bargain with hImseli2 livery
movement Of tins man shows a determination to
make huge fortune Of this roadif al the rest Of
sink. Look again: He receives s., O0G, year
to preside over the affairs of the road-but not
-
stone TO speculate. not only in making locomotives
and in lots about the Depot OF Nashvilie-bns con
tinues speculate in land and Depots all along the
line Of the road-even 70 Chattanooga where be
has one Of gigantic magnitude.
Perhaps il may be said by some that in thus ex-
posing the President shall do injury % the pros
poets and character Of the road. Ifso, sha deep
" regret it, as nv whole soul has been enlisted in
its welfare. But a surgeon. believe IL the ne
cessity, where wound in the human body has he
come gangrenous and endangers the life Of the
man, to probe and cut deep and if possible, exter-
pate all the fungus or diseased part5-then there
viii be hope, that new and healthy granulatiOns
viii shoot forth, and the man restored TO suandness
and health again. The head Of our Corporation By
his speculatioHs and bad management has brought
the road to the very verge ofbankruptcy; andin my
opinion the only way to prevent utter ruin is to
move him, and put in another-who is no speculs-
tor and who viii be content with fair salary.
The Presdentln his last report states that-'ex-
perience has shown that Mr. Thomp1ons estimate
[of $4,000 for machinery and station houses, &c,
would not furnish enough ami our contracts for
these objects amount with what is delivered 20
$4,000 He then adds-~hrre is S2iG 600 &C
eoanted for and il IS matter to rejoice at rctherthan
complain Of that it takes more locomotives than
was expected" Rejoice at injeed-when the
President says in one breath. that there 50 little
business done on the road the present year. that the
profits did not help him out 10 paying interest on
bondS-nJr in the work on the road and he takes a
credit for 100000, which the road failed to make,
according to his prediction. let here he would in
innate that the business Of the road hal increased
largely. How contradictory But does il take
these additional locomotives, cars &C. 20 do the
business Of the road at present? Here is the ques-
ton, and 1t brings fearful implication on the Pres
ident-If such expensive articles are not need
ed What are the facts In July last the Pres
ident himself told me that some Of the conductors
and other hands on the road were dismissed for the
want of business 70 dO-cOuSequentiv the lOcom0-
tives and cars were idle To this day these d.e
locomotives are not on the road and but six or sew
en- trains are regularly runuing-whllst eight or
nine locomotives, and their aPpendages now on
hand are idle and laid up t. cOOt and vet Others
being built, to the amount OF $4,000. Il may
well be asked-why this large extra expense 10
provide for prospective busincss-when the Com
pany IS weighed down and struggling with debit
VIII not the solution be found, in the necessity Of
keeping the Nashville Manufacturing Company in
blast-even if the Railroad Company should expire
now ask the Stockholders To unite with me IN pc
titiOnng the President to re=cind II possible, his
contract with the Nashville Manufacturing Compa-
ny, of which he is a member-until it shall beseen,
whether they are needed or not
10 the lIyOr and aldermen Of he Cify Of Charles
ton, and President and Directors Of he Gs0rgia
Railroad Company:
GESrLDES:-When I commenced investigating
and exposing the management Of the Presideni and
Directors of the Nashville AMI Chattanooga Rail
road Company-knowing that both your Corpora-
tons We're deeply interested in the same road
sent my first article to the head Of EACH and ike
wise all the following ones. With my first, wrot,
a short letter, which I am sure could not be called
dctatorial or offensive as t only requested you 20
investigate the matter and seek FOR information. in
consequence Of proviso IN yOur 81 descriptions Of
stock in this road you have not heretolOre been
voters in the election Of officers That provision
being now complied with aud consummated you
are now entitled to all the privileges Of stock
holders and 1t Is upon this fact that the President
of our road and his co-adiutors about Nashville
expect to succeed IN tie approaching election. To
secure your votes he made out bis last report to the
Directors published 3lst uit, and obtained their en-
dOrsement and also seellgg one OF a committee Of
he Immediately took on to your
cities himself as you know with that object Not
having heretofore voted in our elections will vou
now with your first vote, force upon US a man
whom we conscientiousy believe viii ruin The. road
fcontinued2 No doubt he represents TO Won, that
The corporation OF Nashville would cast its 500
votes for him. Ia this he egregously deceived you.
That IS against him; and il IS upon that vote as
nucleus, that large majority (as ! believer Of the
)ther stockholders Of Tennessee, are ralying We
n Tennessee know his course aud mal-administra-
ion well. You cannot know it so we'll Then viii
you under this view Of the case, cast your yctes
gainst the vote Of the corporation Of Nashville
OF have only to enquire o. the Mayor Of Nash
lille, TO ascertain this fact But still If Won are not
lilly satisfied on which side TO vote al We ask Is,
hat you leave us an open feld-witholi your vote,
md let the votes in Tennessee elect the officers as
hey have done heretofore
JANEs L. Armstrong, ST.
PROCLAMATION.