Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1855-12-15
SKETCH OF THE
speech Of Ex-Gov. NeilI S. Brown,


issued and to be issued to the Memphis aud Little
Rock Railroad C.mpany
Mr. BRowN, of Davidson, (Nr. Nixon in the
Chair said be had not, until within few hours,
Expected to address the House upon the bill now
under discussion. He was glad there was diver
sty of opinion in regard to the merits of the bill as
this diversity Of opinion had resulted in thorough
discussion Of the measure, which had brought TO
light many important facts bearing upon the subs
lject Distinguished gentlemen had discussed the
bill with great ability and he was sometimes con-
irmed and strengthened in his own views, by COM
iparing them with the opinions entertained by 9th.
,ers When this bill was first introduced, the ten
ldsncy OF his mind to oppose IL but having heard
the arguments of the friends and opponents OF the
measure he had come TO the conclusion that he
ought to vote for the BILL and he proposed TO state
the reasons that wodId influence him in giving that
: vote.
He thought some gentlemen had displayed too
great diStrust in regard TO the resources and in
liebtedness of the State-statng the Indebtedness
at a much higher figure than it really is. We have
been told by gentlemen opposed TO this BILL that the
Stste is already in dett TO the amount Of 1914
$50 66. The Governor, in his message to the pres
ent Legislature, put down the actual Indebtedness
ol the State at So 9g2 $50 66. In addition to this
actual Indebtedness, the Governor informs US that
the State is liable for bonds loaned and endorsed to
railroad turnpike companies, to the amount Of
81, 752, coo; but who supposes that the State will
be called upon to pay dollar OF these bonds?
This made up the aggregate Of Indebtedness which
seemed to alarm gentlemen so greatly. The Gov
ernUr estimates the actual value OF the stock owned
! by the State in the Bank of Tennessee and Union
Bank, and various internal improvement companies,
at 81 pa, S27 and it would bring that amount any
day. Now subtract this from the amount of indebs-
edness, as stated by the Governor, and it leaves
81, 74S, G29 sc as the actual Indebtedness of the
State. He would do the Governor the justice TO
say-and he said it in complimentary sense-that
be is cautious man in his statement of figures and
in hiss ideas of public economy.
The Governor, in his message. says the State is
liable for bonds issued to the East Tennessee and
Georgia Railroad to the amount of $4,000. He
would ask if there is man upon this floor who will
risk his judgment to say that that will not be pay
ing road? 1t is true there had been some losses in
the early history of the road, but it is compile
| ted and will unquestionably be profitable enter
prise. Every thing combined to make It one of the
best paying roads in the State. The country through
which it passes abounds in mineral wealth. which is
being rapidly developed and besides, is one of the
finest agricultural regions in the whole country. To
the Tennessee and Alabama Railroad bonds have
been issued to the amount of 5000, 600. This road
passes through rich portion OF the State, and al
though only portion Of it has been completed, it
has been demonstrated that it will be paying road
So conf lent was he of this fact that if he worth
81 600 900, he would exchange it for stock in this
road. To the Memphis and Ohio Railroad bonds
to the amount of $40 600 have been issued. This
road runs through the heart of the Western District
towards Kentucky-a rich and thickly populated
portion of the State. Who doubts that this will be
paying road? To the East Tennessee and Virginia
Railroad bonds have been issued 20 the amount of
E569. 900. OF all the roads in the State, he felt
more socitude in this than any other. lie had ad
vocated it before spade had been stuck in the
ground in its construction. 1t passes through heav
lily POI ulated and rich mineral and agricultural
gon. The people are industrious and enterprising,
and have only wanted this outlet to the markets of
the country, TO make theirs one of the wealthiest
portions of the State This road forms link in the
great chain of railroads passing through Virginia
and Tennessee and connecting the Atlantic and the
Northern cities with the Mississippi our Western
borders. These considerations show that when
completed, (which will be accomplished in a year
or So it cannot help being paving road To the
Memphis and Charleston Railroad bonds have been
issued the amount of $4,000. This road, in its
incomplete state, is already paying fifteen per cent
Not doubt can, therefore, be entertained that it
will be a paving road. To the McMinnville and
Manchester Railroad bonds have been issued to the
amount of $500, 900. This road is short one but
it will furnish outlet to market for very wealthy
portion of the State and he had great confidence in
its being paying road when completed. There
we're other short roads to which bonds had been
issued with which he was not familiar. The bonds
of the Nashville and Chattanooga Railroad Company
to the amount of 81, 100000 have been endorsed
by the State. The members were familiar with this
road and its important connections and in regard to
il he deemed it only necessary to state that it paid
dividend of four per cent. during the past year,
and he thought it probable would pay six per cent.
the present year. All the roads Except, perhaps,
\ a. h.
meant by paying roads was, that they would yield
six per cent or more.
Gentlemen had talked and argued as though, if
railroads had to be sold they would bring compare.
lively nothing Does any gentleman suppose that
il any one of the railroads he bad mentioned was to
forfeit its lien to the State, it would not sell for
more than SO 600 per mile? He did not entertain
a doubt upon this point. The State is perfectly
cure in all the bonds she has issued and endorsed
10 these internal Improvement companies. He did
not entertain a lear that the State would ever lose
dollar on account of the aid extended TO these roads
Before our present system had been developed,
he was the advocate OF constructing a main stem
centrally from the Mississippi to the Eastern limits
of the State, mud leave the construction OF such
branches as the wants Of the people demanded to
private enterprise. A different policy, however,
had been pursued, and he thanked the friends OF
internal improvements for the system and policy
adopted 1t seemed we had TO remain as pioneers,
or invoke the credit of the State to help build the
roads which are now stretching out their iron arms
in every direction over the State.
He showed the advantages of railroads to all
classes and especially 20 farmers. Large numbers
of the farmers in tits State have lost the present
wear from fifty to SEVENTH five cents per bushel on
their wheat, because they were cut off from rail.
road facilities This was demonstrated by pric. 8
paid at points on railroads and in the interior
ties Railroads not only increase the profits of the
farmer on the products Of his farm, but they in
crease the value of his farm and he contended that
the State could not do more for poor men, in a pc
Icuniary sense than to give them railroads. Men
are slow to adopt Innovations, even if they for
r the advantage of tho great mass of the people.
Mr. Huntington tinterrupting, aud Mr.. Brown
giving way said he understood the question to be
no, as to the proprey OF constructing paying roads
but as TO endorsing the bonds Of the city OF Mem
phis to be applied to the construction OF road Out
of the State and he would ask the gentleman from
Davidson whether he would vote for the endorse
ment bv the State of the bonds OF Maury county
for the construction OF the Tennessee and AlAbama
railroad.
Mr. Brown replied that ne was inclined to thinl
he would not lie would not vote TO endorse the
bonds of Davidson county, or any other county
unless, as in the present case, there were peculIA
circumstances urging the propriety and imp ortanc
of such a step.
He said the gentleman from Henry (Mr. Travis
had argued that the State had gained nothing, OF
the contrary, had lost by aiding in the construction
of turnpike roads, aud had warned the friends o
railroads that similar result might attend their en-
terprses-ihat the lands in the State we're estima
ted TO be worth, ia 1885, an average value OF fou
dollars per acre. and that the Comptrollers repOr
showed the estimated average value Of lands nos
to be only four dollars and sixty cents per acre, a
increase Of ohly sixty cents in twenty years, not
withs,anding the large amount invested in turnpik
u, roads during that time lie said the evidence upo