The true Democrat., 1857-02-03
Memphis Railroad Matters.

in his last issue. and call the attention of the citizens of Little Rock to them
 In regard to the tax levied upon IFS to meet the interest on the city bonds for Sl0O 900, the Gazette says:
 And no tax, to pay interest on city bonds, will be collected until they are sold"
 Now. we all know the city bonds have not been and will not be sold within a year, and yet the tax has been ordered to be collected. Here is the order:
 "And that in the assessment for the present year, the taxes for railroad purposes be col lected."
 Thus the Gazette gives out one thing, and the council another. Which are we 10 believe? Are we to be taxed for the interest on the bonds, or not, before they are sold? And, if so, why? The first instalment of interest will not be due for six months after the bonds are sold. then why are we to pay up our taxes so far in advance?
 The editor of the Gazette indorses Sam. Tate esq., of Memphis, and is pleased at the prospect Of bis being chosen president of the Memphis company. lie says:
 "THE MEMPHIS RoAD-SAM TATE, Eso-- We are rejoiced to learn that Sam 7ate, esq.,, has become one of the directors in the Mem phis and Little Rock road, and there is all un- derstanding, that he has been elected to the directory, for the purpose of being chosen pre- sident of the company. In that case the friends of the road may look upon it's early completion as thing certain"
 This is strong indorsement Would any suppose that MT. Tate has taken precisely the same grounds that we have?-precisely the same grounds which the Gazette condemns so harshly in us? We said, if the company &C., cepts the aid offered by Memphis, and gives the required mortgage upon its road and lands, the road would never be built Hear what MT. Tate says in his letter to the company upon the same subject:
 "Would it be good policy to tie up the con- pany's entire property, including road and land grant. for loan of 5O0OO0 dollars? think not nor do IJelieve e road ,poua ever De built # you do it?'
 MT. Tate talks like a man of practical sense. what says the Gazette? Mir. Tate takes pre- cisely the same grounds that we did Yet the Gazette comments him, and condemns us. What consistency!
 Again, the Gazette says: The bonds of the com pany for S5OO,oOO, in consequence of their indorsement by Memphis, and the pledging of the Memphis navy yard for their redemption, will be he Jest rai2sOad bonds in tie n,a,ket" Mr. Tate says: My impression ts that bond, tI. could not be sold unless to runous sacrifice" Which are we to believe, the Gazette or Mr. Tate? The editor of the Gazette is an igno. ramus who makes statements to bolster up his own cause, without any knowledge whatever of their truth; while Mr. Tate is practical and experienced railroad man, and is the presi- of the Memphis and Charleston railroad con- pany.
 The following is the extract from Mir. Tates letter, which we clip from the State Rights De- mocrat-let our citizens read it.
 "Whatever course your board may see pro. per to pursue, let me make one suggestion in relation to .he resolution passed recently by the city ceuncil--I doubt it's policy as we'll as practicablity, upon several grounds. Frst, it proposes to loan the navy yard property, to be mortgaged to secure S5OO,OOO of the railroad company's bonds. Secondly, it requires s2OO,- GOO to be subscribed by individuals before she will do anything. Thirdly, she requires the stockholders to give her a mortgage upon their lands, to secure her in this loan. My impress sion is that bonds for $5OO,OOO issued upon the navy yard property, could not be sold un- less to rulnous sacrifice. Secondly. the in hal bo ol4. mn. Would 1t be good policy to tie up the com land grant, for loan of $5OOOOO? I think not nor do believe the road would ever be built if you do it. The city of Memphis is more Interested in the project than any one else. She is more benefited by the comple. ton of the roaG than any one else. Then why should she desire other parties who have or may pay their money, for building of the road, to give mortgage to secure her against loss? She has already the entire control of the road as she holds large majority of the capital stock, S5oOOoo. Suppose she subscribe S250,- oOo or S5oO,OOO more, this would place her in slil more secure position, as she will at all tune have the power to direc; its destiny. She can turn out the board and elect a new direc. tory at her will. And why desire more secur- lty than the absolute control of the entire nro perty? If the city council is capable of con. trolling it's own affairs it is entirely capable of judging whether its agents, the direc cry. are doing their duty and proceeding properly for the e1ty'S interest in the matter"
 This letter expresses our views fullv. When the Gazette censures usi must recall its whole sale endorsement of MT. Tate.
 We now leave the subject Wo have no desire to assail the Memphis and Little Rock The object of our notice of it has been, not only to warn the citizens of Little Rock, but the railroad company itself of the gulf that yawns before them Had not the Memphis council made the proposition it did, or had there been no possibility of it's being ac cepted by the company, we should nave had TO- thing to say. Against the attempt to mortgage the whole road and ail the land granted by this State to the company,t to the city of Memphs. for only half million of dollars, when, according to the estimate, it requires three millions of dollars to complete the road, we felt it our dutv as public journalist to enter our most solemn protest. This duty we have faithfully per. formed. If the citizens Of Little Rock and the Memphis railroad company, with all the lights they have before them, choose to plunge themselves into irretrievable ruin. they "a, blame only themselves.
 
 The Island of Cuba.
 ne Qneen Of the Antilles is the glory of span. She Is guarded with care and cherish