The true Democrat., 1857-01-27
his order, from time to time, upon said railroa,


 his order, from time to time, upon said railroad company issuing ard delivering to the said city of Little Rock, certificates for one thousand shares of the capital stock aforesaid, at par, and without the same bearing interest; and also up- on the said board of directors thereof, passing an ordinance to issue and deliver to each person or persons, or his, or their assignee, who shall pay any tax for the payment of interest on said bonds, and when such tax payment or payments shall amount to one hundred dollars a certif- cate for one share of stock in sa company, drawn in like manner-and also upon said rail- roai company giving bond to the city of Lit. tie Rock, in the penal sum of one hundred thousand dollars, conditioned that the whole of said one hundred bonds or the net proceeds of the sale thereof, shall be expended in the con- struction of said railroad, between the Arkan- sas river and White river.
 And be dt further ordained, That for the pur- pose Of meeting and paying the interest to ac- crue on said bonds, so to be issued to said rail road company, for the present year, 1855, there be levied and collected upon all taxable pro- perty Tn this city, special tax of one-h half of one per cent. on the assessed valuation thereof, and upon collection of the same, that special receipts be given therefor to each taxpayer, and that said tax be levied and collected as and with the other assessed revenue of said city; and that the Mayor and Aldermen will, from time to time, regulate the rate of such special tax to be levied for each year with reference to the assessed valuation of taxable property in said city, so as to insure the raising au amount sufficient to meet all payments of interest to be made on said bonds, and for which purpose all moneys raised by means of such tax are spe- clally pledged and appropriated, and shall be set apart for that purpose and used for no other purpose whatever.
 That the Mayor of this city proceed to dc and perform, or cause to be done and perform ed, all matters necessary to carry out this or dlnance, and for that purpose, there be hereby appropriated the sum of two hundred dollars
 Adopted in Council 2Oth March, 1855.
 4. J. SMITH, City Recorder.
 Approved 20th of March, 1855.
 C. P. BERTRAND, Mtuyor"
 Now, while Memphis has exacted the most ample security, indeed aWthe security the com. pany can give, what have our Getty fathers re- quired to protect Little Rock agatnst aU losses Indeed, the $lO0,OOO, which we subscribe, go te the construction of road Dsortgagea to the cor. porate authorities of Memphis. Our $1Oo,OO( serve to increase the security of the city o Memphis It is not therefore, to be wondered at that Memphis should be so anxious to have u: subscribe that amount.
 And too, the subscription of Memphis, ,uiA the m1ortgage required, renders at once the con struction of the Memphis and Little Rock rail road an impossibility. The construction of the 1 ,t GOO. After the expenditure of the S50O,OOC appropriated by Memphis and the $lO0,0OC subscribed by Little Rock, where will the compa ny raise any more means to complete the work Every thing the company o'ons or may hereqtte, o0n, is m,ortgaget to Memphis What will it have, then, unencumbered upon which to raise more money? Nothing. The work will ther be a failure, and away will go the sl0oOOO o Little Rock
 As to the tax which is levied by our " city fathers," to be collected this year, to meet the interest on bonds which have not even been is. sued, it cannot be collected. The citizens ol Little Rock are not wealthy, and they are no, able to pay into the city treasury, at the bid ding of the city council, their money to be there unnecessarily boarded. They did il once, they will hardly do 50 again.
 As for the Memphis railroad, if the right steps were taken, it could be built; but if the proposition offered by Memphis is accepted and the mortgage she requires given, it will be many long years before there will be railroad connection between the cities of Memphis and | Little Rock