Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-03
From the Austin CTexas) Gazette, Nov. 24th.
SOuthern Pacific Rail Road.

by the company by January next, II VIII theh
be sold out to the highest bidder.
To this complexion things have come at
last. 1t is a sad thing that five years should
have rolled round since the charter privileges
were granted, without any other result than
this But II is no time for regrets. A great
incubus has been for years resting upon the
settlement of the counties more or less lying
upon this road. Thousands of acres which
might have been productivity employed, have
been tied up by the privileges of this rotten
corr Grafton, and all that the people or state
have got for it has been the grandeur OF
splendid mammoth scheme upon paper, worth
IN the money market scarcely enough to buy
the rags upon which the beautiful plates were
engraved.
The great misfortune of Texas has been that
this railroad should ever have fallen into the
hands of Northern sharpers Ever since the
organization of the grand Pacific scheme IN
New York, Texas has been used as sort OF
N6t1nd, " To amass fortunes for men who have
had neither residence nor interest in our coun-
try. Even the extravaganza of our Leglsia-
ture was exaggerated by them to deceive the
unwary. Then we have had interlopers COM
ing among US as the Officers of the company,
well supplied with paid stock to suborn the
press and corrupt the channels of power IN
our Legislature, and smooth the way to the
Railroad morals has been growing into exis-
tence calculated to lead 70 the most aISrming
consequence. It has been hard to look around
and mark the hired advocate of the claims of
tins colossal humbug without apprehension OF
chicanery and fraud.
Now the time has come for action: The
people on the line of this route are FESTIVE for
II. They feel that they have been Injured
In the present nominal head of the company,
I
think 1t may be found that he was the worst
appointment for the New York company, and
the best fer the interests of the Texas Direc-
tors and the State, that could have been made.
tie, doubtless, has discovered the utter rotten
ness Of the concern; for, as far as we know,
he has been utterly unable to find out a word
IN regard to the amount Of stock issued by
the concern in New York. He has sought to
do so no doubt, and for that purpose has been
in New York, but the leaves Of the "bg ledg
er" have been sealed down and scrupulOusly
kept from his gaze. Indeed when Mr.. Yerger
attempted 20 create a substantial company, by
the sale Of stock in New Orleans, thousands
Of spurious stock were thrown into the mar
ket at the most runOUs rates, until it was per-
haps found by President Yerger that it was
impossible to continue sales in the South
against such reckless competition9
God alone knows how many millions ofdol-
lars of this bubble stock have been scattered
10y Batter King, Jaudon, & Co. The debt
against the little Marshall road, of few miles,
would sink the energies of a whole State in a
futile struggle to cancel it. 1t is estimated
that the Northern portion of the company
have issued some Sirty millions Of dollars Of
stock, all Of which must constitute a debt
against the company. Jaudot & Co., pretend,
we learn, TO have realized some 100000
from the sale, but where il is, no one knOweth.
1t is evidently not at hand when wanted To
pay debts In this state of magnificent COM
plication, President Gerger has sought to cnt
the Gordan Knot, by sale III January next,
of the whole road and its apPurtenauces, TO
pay debts actually created or known 10 him to
have q substantial existence while President #
the Company. Unless the bogus concern can
plank down 100000 in hard cash, the sale
t. kes place. The game of " thimble rig" or
s. Jersey Paint mine" or JePtha Fowlkes'
Bank, at Memphis, is at an end-the humbug
is exploded-aud the mOney-the GOLD and
come from the 100000 bonus
default rs
AS an illustration of the loose manner in
which business has been transacted, we have
the following instance:-A merchant of Mar
shall, Mr.. Hynson, to whom the company was
indebted some $4,000 sought to obtain his
money while in New York. He applied TO
Edmund Post, the Vice-President, whose draft
was given him for the amount, but, after use
less negotiation, the money could not be made.
1t was then proposed to pay him in Pacific
Stock, and and the debt was finally cancelled
by paying him in the stock at the rate of one
dollar per share of stock sold in the markeJ ut
So per share of 500 paid stock. The securi-
ties of the company were thus sacrificed at the
rate of four hundred per cent. discount
What sort of financiering could ever overcome
dead weight ike thiS9
1t is said that an Executive Committee exists
at the North, who, without any public office
or place Of business; without any aCcounta-
bility known to the President of the company,
have more complete control Of its affairs than
he himself Indeed he knows scarcely any
thing about what is going on. Mr.. Yerger
was placed ia office dnder the impression that
well known in the Southwest. He has borne
himself in the profession of the law, so as to
sustain the very highest reputation for legal
ability as well a. probty of character. None
will deny this to him. He was induced to
take the position from those assurances Of sol
vency and vast resources which have misled
more men than himself. 1t was also promised
by resolution, that the books OF the company
should be placed in New Orleans, and that all
future operations 10 stock should be conducted
there This obligation has never been per
The new President has never seen them. They
have been aud continue in New York; and
Mr.. Yerger evidently finds that his friends
whom be has led to place means in the con-
Germ have been deceived and we doubt not
that this re JASON has much TO do in causing him
TO retain his position. We believe bin TO be
an honest man, aud we think it we'll that he
has now got hold of the little monster. He
will sque, ze Quits remaining vitality, and then
let the people act on their experience, and
avoid the intlctiOn of similar curse hereat-
ter.
The people Of Texas may congratulate
themselves upon the probable demise OF this
monster corporation. II ought to be day
set apart for thanksgiving, that so much cor
ruptiOn is about TO be swept out of existence.
We hope 10 see the bogus humbug wiped
fairly out of existence; and now, at this Leg.
stature, there Is a good opportunity offered Of
relieving the bona Jide members of the COM
pany in Texas, who are really intereated IL Sc
curing Il road at Marshall, aud aiding an i'm
provement calculated, if prosecuted by sub
stantial capitalists, TO DO not only successful,
but of vast benefit to the whole State.
The Red PeIJicOaI and the White.
CHARLES MCKAY.
o, the ryd, the Haunting pc ticoat,
That clouds the eve Of day,
That lows 10 fare and be adm ed,
And bliuks IRON lar away
Il may delight the rowing sight
aud charm tie fancy free;
But 10 weaTe IS half as bold,
III pass, Andlet her be;
With her red, her hauLtng petticoat,.
shr's not the girl Tor mel
Bat the white, the modest petticoat,