The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1854-08-04
IMPORTANT RESOLUTIONS.

IMPORTANT RESOLUTIONS.
The Directory OF the East Tennessee and
Georgia Railroad Company adopted the fol-
lowing important resolutions at their last
meeting, which occurred on the 10Th ult:
Resolved, That the President of the Com
pany be instructed 10 institute suits against
delinquent stockholders for the calls due and
unpaid.
ResoIred, That semi annual dividend of
three dollars per share on paid stock be now
declared to the third Monday of July, 1854,
which the President and Secretary are hereby
authorised and directed to pay to the stock
holders, both State and individual, in Scrip,
convertible into capital stock.
While we are gratifed at the prospecting
condition of the business of the Road, as
evidenced by the adoption of the last resolu-
ton, we cannot but regret that the necessity
for the passage Of the first should exist. 1t
ispresumable that every man who subscribed
fo' one. ten, fifty, or a hundred shares Of
railroad stock, was aware of the nature and
extent of the obligations he was mourning
and nj the time fully intended to pay, when
ever calls were made. Nothing has occurred
to weaken and cancel the obrntions-on the
faith of the stock SUBSCRIBED he work North
of the Tennessee river was put under con-
tract, and the obligation to pay the calls
promptly are just MS binding as though the
debt had been contracted for barrel of flour
or middling of bacon; and we DO trust those
who have been tardy will change their policy
and promptly meet the liabilities they hon.
esly incurred, and which they should hon
estly discharge. The first resolution makes
it the duty o: the President of the Company
to institute suit against delinquent stock
holdcrs-we know he would prefer to avoid
such n course-at the same time, unless the
necessity for it is at once removed, We know
he will promptly discharge his duty in this
respect, "wthont fear, favor, or affection" as
he has done in all others pertaining to the
interests and success Of the Road.
H The copper mania is subsidng, al
though there are still good many persons
engaged in wasting their energies among the
mountains, led on by the deusive hope that
in few days "they will cut copper" The
mines already opened and being worked, are
Welding enormously. But the best proper
ties have been taken, and not more than
one in fifty now engaged in digging will find
anything that will pay. In fact, numbers who
few months ago imagined they were worth
half million, would now gladly sell out,
like broken merchant, at little less than
"cost and carriage" Having been sold them
selves, they would like to sell somebody else.
We don't want to spoil any pretty trades, or
knock down the tall and airy castles which
the more ardent ana imaginative have been
erecting, but we believe if about nineteen
twentieths of those engaged in copper-hunt-
ing, would quit at once and turn their atten-
ton to some tangible and substantial employ
ment, such as cutting and piling cord wood
or mauling rails, they would make money by
the change. We regard the chances for n
fortune by operations in "mineral property"
at this time, outside certain locality in Polk
county, rs desperate indeed-and as to the
stock in many Of the companies that have
been formed, based upon INFESTED property,
it mint worth baubee; and it is time the
public were becoming acquainted with the
facts