Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1853-11-12
ADVERTISEMENTS.
FAIRFIELD. BEDFoRD CoUSTr. TENNESSEE,
November Z, 1858.


of IaSIpMs and CGaaaaOoja Railroad Company.
Sir design this (my fourth article) as reply to
your report 10 the Directors published in Inc Nash
vile papers 3lst October, 1853; for although You
(of course) do not mention my name IN it-yet IT'S
evident from several illusions therein made. and the
efforts manifested to clear yourself from the many
discrepancies brought TO light by me in all your
other reports-that you felt the sting Of my first
and second articles and therefore sought the endors
ment of the Directory. You likewise parade, as
Introductory 10 your report, statement made by
a committee 10 the Mayor and Alderman Of Nash
vile. This you fondiy hope, will also be taken as
an endorsement but is it so? Far from it. The
Committee merely report yow report-stating that
the business is too yolumnous for them to nvesti-
gate If you call this approval of your admin
istration, you are thankful for small iavorS and
will venture to assert that there is Of CON-
mon sense, who will be guled by it.
It will not be expected, that | can fully Cat the
present tilne) analyze your report. This would re
ouire Uolaiao1ls investigation indeed; yet tDe as
il has proved with all your others, viii soon dSpel
its illusions and expose its errors. But still, before
I am done 1 think shall be able TO expose some
glaring inconsistencies, and fearful foreboding Of
ruin. to ali the honest and unsuspectng body OF
stockhoders-both corporate and single.
now assume that task, and first remark, that
there are some Railroad Presidents as well some
politicians, who presuming on the ignorance, want
of information, and creduhty Of the people, make
to them, from time to time, such statements and
assertions as the exlgency OF the case at the mo-
ment appears to demand-withOut regard to the
correctness of the matter laid before them This,
Sir has been your habit from the beginning of your
administration until now. y on knew that immedi-
ate detection and exposure could notfuy follow any
of your estimates statements and reports-because
it was (for the time) entirely one sided business
You therefore appear to not IN security, aud tan
1 Il y 6
perity, and such saving Of expense by their great
financiering President will make them exclaim
and wonder-ahow one small head can carry all
YOU know" But alas time rolls on its steady
round aud one after another of your various reports
prove ridiculously false and delusive This l have
already fully proved to be the case up to, and in
Guiding your report Of December, l852,-therefore
it is unnecessary to repeat the evidence; as hope
the stockholders have kept that exposure in their
minds
You stated in your report of December 1852,
that S34l, 900, would finish the road and stock it
leaving balance of 500, OOO of surplus Did you
not then know that large amount OF interest was
accruing on bonds? Yes, you at least had some
faint knowledge Of this, for you say in the same
report and as part of the total of all expenses
above set down-"balance TO complete freight
houses, water tanks, wood sheds-and interest on
boTds-amounting in an to $4,000" Remember,
D
hand. and reported by you as being 50. What then
are we to understand by the following items in your
last report Just publshed2 "From the same cause
land DELAY in finishing the road we have been
PEELED to pay interest on bonds not earned by the
! road, and for repairs 100000" Just above this
item in your report you say: "FrOm the delay m
finishing the road from the above causes, we have
failed to make profits to the amount specified IN the
estimate oflS52. which should be deducted from it."
Then cody proceeds TO credit himself with $50 900,
for this ailurel Verify, this is a beggerly amount
of the earnings Of the road-and yet our President
SAYS he has made contracts 10 the amount of S2l6,-
900, over Mr.. Thompsons estimate of 1926, 600 for
stocking the road. How inconsistent and hetrOgen-
ous are these items Yet reader be not alarmed at
the poverty of business on the road-our President
was hard pressed for reasons to explain his exposed
report of December 1852 and adopted this poverty
of earnings for the nonce 1t is all mOonshine, as
you will soon see.
Did you not also know when you made that re-
port that you would have to pay, as you now state,
S2lS 900 interest to stockholders, lSt Of January,
1854? Surely these are not new discoveries, found
out after you made your report? Why did You not
state these facts to that meeting? And why did
you not afterwards state them TO the called meet
ing of stockholders, in May, lS53-when you asked
to be authorized to borrow S6500002 Are not
these unaccountable circumstances in the history of
your administration? Why Sir every stakeholder
then present knows, that the great burden of yOur
speech at that called meeting waste provide large
" for the increase of Locomotives, passenger and
other cars Oh the road This was the great and OBJ
sorbing theme of your oratory-togetber with the
slides in the Racoon mountain and the draw in tie
Tennessee bridge Not one word was then said
about debt accommodating in Bank against the Com
pany What do you mean in your report by THE
closed debt of 1860 54S, 1872 Does this include
your bills payable in Bank, exclusive of the $4,000
now under contract for Locomotives, &c? l pre-
snule so, for you cannot yet call that ''elosed
debt" Your next Acknowledgement of indebted
ness is made up of various items-amOunting in all
to S24l, 6l9, 24-making together S6ll ,l67. To
pay this you have the bonds Of the Company for
$500 900, and other contingencies all $3.50 403.
But Sir where is the provision for the payment Of
interest to stockholders, lst of January ISL
which you say is S2lS 900? Where is the provis-
ion to pay the contract for Locomotives, &C. 40,
900? Where is the provisionfor unsettled claims and
suits against the Company amounting to largely |
over one hundred thousand doars-but say $780,
OOO Now Sir, all this you knew. or ought to have
known-yea and did know, as well IN December,
1852 and in May, 1853 as you do nOw-except
the increased amount for stocking the road. With
this view Of the matter now stands the account
now?
R. R. Co, Dr. to closed debt S369,54S 76 /
4" For Machinery, &c. 2fl,6lS "a .
" Interest to stockholders 2lS.00O
" Contract for Locomotives, &c 5000
=" "To pay claims in suit, 100000
In all S974, I6G 90
To nav this by your shaving the COMPANY has