Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1855-12-04
The MsmphI, and LI,fle Rock Railroad.

system OF internal improvements, II was loai GU
that the failure of some of the chimerical
projects suggested by such indscriminate be-
stowal of State aid would lead to a Revision
lin public sentiment, and that the future of
many works OF merit, needing the fostering
care of further legislation, would be seriously
threatened The indications are that these
Iapprehensions were well grounded, and that
the wave upon which some of these schemes
iOated INTO existence is about TO recede, and
that many of them will be swamped in the
undertow. II, however, the last Legislature
went too far, or yielded too readily and too
much to the prevailing public sentiment in re-
lation to works of Internal Improvement, there
rests upon the present body the weightier re-
sponsiblity in that they do not adopt the OPP
posite extreme. In this regard no better rule
of action could be adopted than is contained
in the advice given by old Dedalus to his IN
fortunate son, "in medals tutissimis ibis"
These reflections have suggested themselves
to Us upon learning that there existed some
opposition to the proposed endorsement by the
State of the $3.50, 900 in bonds, issued to the
Memphis and Little Rock Railroad by the
thriving and prosperous city of MAmphis. The
opposition to a measure so necessary, so vital
to the successful prosecution of this most i'm
portant western connection, can only result
from that revulsion in public sentiment to
which we have referred, and which it is the
part Of wise legislators to control and direct,
rather than allow themselves to be carried
away with. Had the proposition submitted to
the Legislature, contemplated a subscription
on the part of the State to the amount for
which she is asked to endorse the bonds of the
city of Memphis-the money to be applied as
the terms of the subscription on the part OF the
city direct it shall be, viz: the purchase or
iron-we might have felt less surprise upon
learning that there was some opposition; al
though, impressed as we are with the almos
incalculable benefits to accrue to the State Of
Tennessee from the completion of the work,
we should marvel not little at the rejection
of such proposition in the face of the many
precedents found for its adoption.
We are informed by writer in the Banner.
who evidently speaks by authority, that tb
work must be suspended unless the bonds q
the city Of Memphis are endorsed by th
State. This suspension is equivalent to a,
abandonment of the work; for the charte
provides that should the company fail to grade
iron, equip and fully complete the first divisio
of the road between the Mississippi river, Oppo
site Memphis and the St Francis river, by tb
first day of January, 1853, all their right an
interest in the road, together with the right {
way, and all the work and labor done, an
materials furnished, and their charter, shall
forfeited to the State of Arkansas.
But two years now remain to the Compan
to complete this first division; andin this emel
gency they present themselves to the Legsls
ture of the State, asking simply that she sha'
endorse, not the bonds or credit of the ROa
or Company, but the bonds of one of her Ow
most thriving cities. The case stands thus
The city of Memphis subscribed $350000, f'
which she has given her bonds, having thirt
years to mature, upon the express cOnditiO
that the proceeds Of said bonds should be apple
to tie purchase Of Iron, and for no other par
pose achatsoeoer. The balance of the subscrir
tions to the Road have been absorbed in cor
struction, surveys, &c, and the work is no
ready for the iron. BY the terms of the cor
tract, the bonds of the city of Memphis are t'
be received by the contractors for the purcha'
of iron, provided they can be disposed of ~
70 cents in the dollar-tbe bonds can only
sold for 62s cents, and at the present prices
iron, the nett proceeds of the bonds at the
prices will not suffice to iron the road e
der such circumstances, the State is asked
enhance the value of these bonds by her e
dorsement, to such an extent as will enable /!
Company to purchase the iron.
1t viii be seen that the contractors are to Z
rive no benefit whatever from the proposed
ton of the Legislature. Were this the ca. "
or was there the remotest possibility that in'
vidual interests were to be promoted, ratl
than those Of the State, we should as siren
ously oppose the measure as we now advocsl
it. BY the terms of the subscription, the bon
of the city of Memphis must be appropriat
for the purchase of iron-they can be dispoS
of for no other purpose. Ii they can be Sc
at 20 cents, then the contractors are bound
purchase the iron and receive the bonds in pc
ment, they sustaining the loss; but in the eve
of their being worth less, they have the Opt
to suspend the work. Well, the bonds q
only worth CIT cents, and the contractors CO
not purchase the iron without loss, and th
prefer to abandon the contract. There is, all
another feature in this contract which shot
not be lost sight OF, and that is this: in CT
the bonds, when endorsed by the State,
be disposed Of at par, or Whereabouts, then
Company dispose of the bonds and have
benefit of this enhanced value.
From a thorough examination of the CT
tract. the terms of the subscription, the Pre-
dents Report and the Charter for the Roi
we are perfectly satisfied that the propostl
is in all respects reasonable, and so meritorio
in its character, THAI there should exist
hesitation on the part of the Legislature
take immediate aud favorable action.
In the limits of such an article as this, Y
nave no opportunity, even if it were necessai
10 refer to the immense advantages result
TO tie Stale of Tennessee from opening mp
resources of our sister State of Arkansas,
thus placing all our own roads in direct @
nec;iou with the great belt which ere very 10
will girdle our continent. Cur purpose b
been 70 state, suocinctly, the proposition, VIII