New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1856-03-31
TO the Public.

HfJEEE 90 ri. GRESCEnTA.
TO the Public. % Wy.
With disposition obtrude the public nocewc
feel inperaycIy called upon justification TO lay be-
fore the public as well Stockholders of the New Orleans
Jackson and Northern Railroad Company condensed
statement Of condition when constituting portion of the
Directors entered the discharge Of our duties AZ
siclf in May last time to give them just idea
Of what has since towards the completion Of the
road etc. ~
Without useless verbge begin with the statement that
the present Board session about the LIST Of May
ul that inherited frots preceding directions very large
debt amounting the aggregate to million OF dollars
The assets Company composed mainly Of city and
State bonds say city 81 CO. and Of State S6 CO. The
State all pledged and GU: of possession and
may say the with respect 10 the city bonds excepting
hand That the city bonds deprecated in value,
from 2 20 pe cent! is we'll known ill DUE
turing pressing had be provided for to alrge amount
clamorous for Without little dspoS
indulge Funds Of course conld only efaised 10 meet
the emergencies at interest the Company sell
dom lower per cents aud often as high Is cent,
including commissions. The credit Of the Company being Of
much impaired Of consequence obtained
a. bank rates only inous figures one through
the medium Of brokers, who deep incorporation the
eessities of the urgent.
this Of embarrassment IL may readily be conceived
difficult ii for step What, whose nils
management brought about this deplorala of things is
not for inquire explain That is the affair Of pre-
decessors which have nothing do. Mr. james Robb
claims tile paternity Of the road andtTho, from its incep
ton it. all its departments under his eye and guild
doubtless, eHgheu the public that subject. All
appertins duty is to show tie state of
affairs whewe took seats at the Board and in what the
business Of the Company has been conducted since Now what
has been done?
neg from jackson Canton connecting these points
together twenty mel Of which Is, will be, by
FIRST Of April, ready for the
We have graded forty miles of the track between osya
Jackson and the same Is nearly ready for the rails.
We have paid Mr. James the last dollar large deb
due him by Company. the which claimed and
received very moderate fourteen per cent discount
which, interest, would be equal to sixteen per cent
have the pleasure Of informing You iathe longer
/ creditor of the Company " ~
Many of important facts ysuppored BY
cial report recently BY Calhoun President o,he
Company the Legislature of Louisiana, proof thereof we
beg call your careful attention to the following He
| says: SSH -nH2 .,I.4 $50
The road between the city New Orleans and the southern
% f. danse % !, pa, and 0as5d
tie greater portion Of it in excellent running order
Immediately above The State line the graduation FIVE miles
next nineteen miles finished md ready to Be ronrd and on the
seventeen miles above the graduation pro-
crossing satisfactorily and will be ready for the rails June
next. 5F5z,-=-
fs9 hfe ess @ siss asthRfS s s
and fs Ssooas i'Sak h S1f
favorable to the Company having made for e payment #
sf or s ha"a befoa them o.
70 e Company hat Nothing IN np a he % % fad
line south viii hands IF Contractors VIII
From Jackson Canton distance Sf miles the
en,anng six miles q that portion he road viii Completed
ss9a bs p for s
The condition Of monetary affairs home and abroad has
sss oa s hs 5stees
cha en- nSe ssn l f syni T's k s BE- ahn
money, generally pledge q New Orleans city bonds a.
ss lie safa YET eo hs a aff he fs @ @ e
made by contractors for the work they sangu ID
probability sooner. s'-- " ~
Can the Boards which preceded us say much?
We not run the in debt and wasted its med
On the contrary every laid out pay some
thing TO the advantage of the stockholder Good work. all
things consderod has been DONE and mprovident
made wasten expenditures incurred We had neither money
credit to waste and consequently had be poyident both
We do that others may have better
but think have done well under the circumstances and ask
for an honest and impartial hearing If those who may follow
promise better things will most cheerfuy give
places Such the crippled state Of its finances
took There many contracts needy
the line TO foot and deaf with that being quite
ue of credi. money tsa marvelto how
ble to work the through the year without suspension
payment But asbeen done, and through personal
influence with the banks and others have, in eminent degree,
contributed the restoration of its credit.
of the Company continue be managed
IDENTIFY hereafter justified in telling you that
line between Osya and Jackson finished put under
contract carly PERIOD with ample provided pay
the cash down the work progresses Two of the undersigned
with Calhoun had this assurance last in New York
from the most reliable quarters.
These recently repeated by the same
tics in form altogether atterng present Board At
their suggestions and with that view made applications
the Legislatures Of Louisiana and Mississippi for amendment
Of charter in important particular believe the
amendment has been granted by both.
III all eXertion In behalf of the road have had
eye the further taxation of the real of city
means of building It, We well satisfied that it
aswell without laying any burdens the people of this
overtaSed city and far concerned shall oppose
the of power any such policy 1t might he well
those who favor II to show that the money heretofore raised
by for that purpose has been udcous and economically
applied But will press that point, it might be
question troublesome 10 answer.
We have fary and trust nte}lgiby all that
concerns public know what has been done since Mr.
withdrew from active participation in the affairs Of
the Company.
said has been said in vndcation and
we hope done without just Of offence 10 any
laying these before the public have only acted IN
obedience to the public wish, mainly stimulated by series OF
letters with which EScelency the Governor of the State OF
Louisiana has recently honored by very distinguished
gentleman Of New Orleans well by the character OF his
response date of the 18th inst to public call made OIL
him to resume former position at the Board of Directors
The charge intended be made in that letter. that have al
tempted to the road suhscrven of local and ndvdua
interests wholly unouude and gatutous and entitled to nc
of respect cedence We wished tread upon TIT
tees of others hut Tin this exposition have inadvertently
done So let remembered have not cast the ts
stone ,-,,n,.o,,
} ,Ii T. sHAW.'
, JOSIAH COLE,
& Sos5E $ kHEE,
New Orleans March %, 1856, NJ inot "