The true Democrat., 1857-01-27
The Mayor and Aldermen of Mem
 phis and Little Rock-The Differ

ne Mayor and Aldermen of both Memphis and Little Rock have acted in relation to the Memphis and Little Rock Railroad--and in their action there is a marked contrast. The resolutions of the Memphis Board betray sus- picion of the company, and determination to protect itself from all loss-while the resolu- tions of the Little Rock Council siow reckless confidence in the company, which, under the circumstances is indeed wonderful. To ap- preciate the contrast more fully, it is necessary to state that the Memphis and Little Rock Railroad Company, whom Memphis seems to diStrust, and we so confidently to rely upon, IS composed aoholly of citizens of Memphis! And, again. in regard to the subscription, if Memphis should loose it all she could bear it. but if Lit tie Rock were to lose $1O0OOO. the amount of her subscription, it would sink her beneath load of debt and disgrace from which she could never recover To pay merely the semi-an- nual interest upon $100OOO, will strain the city of Little Rock to its very utmost. 1 The following are the resolutions of the Board of Mayor and Aldermen of the city of Memphis:
 "WHEREAs, The city of Memphis has already invested about two hundred thousand dollars in the Memphis and Little Rock railroad com- pany; and whereas we deem it of the utmost importance to this city and State to complete said railroad to Little Rock and Fulton at the earliest practicable perod-be it therefore, Resolved, That the board of mayor and alder men herebysagree to aid the construction of said road on terms and conditions as follows: 1st. That two hundred and fifty thousand dollars be subscribed by solvent and bona fide stockholders satisfactory as such to the board of mayor and aldermen.
 | 2d. That said railroad company be requested to issue their bonds payable with semi-annual interest in the city of New York, for one half million dollars.
 Sd. That said railroad company, to protect thls city agalnst all losses is to mortgage its l road and all lands which they have received. or may hereafter receive, from the State of | Arkansas, or from the United States govern ment, or from any other soure whatever.
 4th Aud be tt ftutlter resolued That when the foregoing terms and conditions, as above set forth, are complied with, the mayor is here by instructed to mortgage the property known as the Navy Yard with its fixtures, privileges | demption of said bonds
 5th. That the said Navy Yard property be leased by the city at the earliest praticable period, for a term of years not exceeding the time within which said bonds may mature: that the proceeds of such leases be applied to the payment of the interest accruing on said bonds; that the mortgage provided to to taken rom said railroad company provide also for the security of the city against the payment of such interest, as well as to secure the final pay | ment ot sad bonds; and ID case the lease of said property should amount to sum greater than the annual interest on said bonds, said surplus | Is 10 be pad into the city treasury, to be used as sinking fund to pay the outstanding debts of the city.'
 Mark the rigid conditions--"h that said rail- road company, to protect hls city (Kempbis) against al losses, IS t' nottgage its road ant al | lands whtch Mey hape rcceiued, or naay Hereafter receive' :! Now when this mortgage upon the road and the lands is executed, what security will the company have to offer to Little Rock! none. But the Little Rock council exact none. Here is the ordinance passed by the Little Rock council:
 "WHEREAs, The Mayor and Aldermen of Lit tie Rock, have heretofore, to wit: on the 2Oth ot March, lo55 ordered subscription of one thousand shares of the capital stock ftbe Mem phls and Little Rock Railroad Company; and directing by ordinance the issuance of the bonds | of the city to said railroad company, upon cer- tam conditions therein expressed; and, also pro- ceeded to levy a tax, for the payment of inte- rest of said bonds. And,
 Whereas, for reasons satisfactory to the board, the tax so collected, for the year 1855 was, on the l6th January, 1856 ordered to be refund ed, etc, and no more collections of such tax be made, until the further order of the Mayor and Aldermen. Be it therefore
 ResOl0ed, by tse Board of 1Nayor and Aldermen of the City of Little Rock, That the ordinance of the 2Oth of March, 1855 as aforesaid, be and Is hereby approved and revived, as we'll as the ordinance of same date, levying a tax for rail- road purposes, and, that the Mayor be autho- rized to issue the bonds of the city, as in said ordinance directed, and, upon the conditions, etc., subject to the provisions of said ordinance and that in the assessment for the present year, the tax for railroad purposes bs col ected.
 ResolUel, That the Mayor and Aldermen be directed to open correspondence with the pre- sldent and directors of said railroad company; and to issue said bonds (when they shall con slder themselves sufficiently advised in doing so) unto said company when they are satisfied of the energetic prosecution of said road, or measures to insure the same
 heseSued, That we fully appreciate the im- portance of a speedy completion of railroad from this city to the Mississippi river, in which our sister city of Memphis is now so energeti cally and thoroughly aroused, pledging our. as a hoard tn oil for the furtberance of that great enterprise, and in our private capacity, to leave no means un- done, to secure the immediate commencement of the third division of the road
 Adopted, 18th January, 1857. A. J. SMITH, City Recorder.
 Approved, 18th Ja uary, 1857. WM. E. ASHLEY, Mayor." The following is the ordinance of the Little Rock Council of the 2oth March, 1855 as op- proced aud reviued" by the above:
 "An ordinance to subscribe stock in the Mem. phs and Little Rock Railroad Company
 Be t ordained by the Mayor and Aldermen Of dte city cf Little Rock, That the corporation of said city do subscribe for, and purchase one thousand shares of the capital stock of the Memphis and Little Rock Railroad Company. each share of said stock being of the par value of one hundred dollars, and do pay for the same by issuing, delivering. and paying for the same, to said railroad company, the bonds of the said corporation of the city of Little Rock, at par which bonds shall bind the said corpora ton of the city of Little Rock, to pay to said railroad company or bearer thereof, the sums Of money therein named, with all interests thereon-and for the full payment of each and all of said bonds and interest, the faith and credit of the said city and all the revenues and taxes thereof, and also the said shares of stock so purchased and owned by said city, and for which said bonds shall be paid, and all divi- dends and incomes thereon, are hereby irrevo- cably pledged.
 That each of said bonds shall be made for the payment of the sum of one thousand dol