Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-06-21
To the Voters of Memphis as
stockholders in the N. A. n. m.

X. R-3CO.
l. any fufdfe svent esa be, depending upon the sIsrriss
Of eoA.pefentt Gifhfui mAnssers, with ample mean And
To th= Honorabse Board Of Mayor and Aldermen ,, an.
city Of Memphis is due the praise OF resaseifGfiHq th,
great enterprise, which for many months seemed dez ned
TO fall a victim 10 the controversy between Prests= II
williamson and his contractors.
The part I took in the adjustment Of the dIncuItIS
from whichfhe road has just emerged, has imposed upsn
me the duty Of laying before you some Of the facts at
tending It's resuscitztioR, from which ! cannot shrink
without doing great ~injustice to all parties concerned. re-
sultiug IN a peeuniAry lost myself, which l ought not 10
Il III have shown myself reckless Of ny private rights
and interests, in trusting 10 the Intelligence and GOOD
faith Of tSe people OF Memphis, to have restored u me
what ! have v07Hntdrily paced IN thsi' power; n my re-
lance upon the Justice u nv claim shall prove Elusive I
may a. least console mvselfsEith the reflection that bet
ter and wiser men have failed 10 obtain from their fellow
erizens . recognition0 Of their Just s,aims. let it be dis
tinctly understood, that l ask nothing as a favor, nor
compensation for services rendered. l simply demand as
Alright, payment Of the amount i ondiuoualy surrender-
ed T. the Company, for the sole purpose OF preventing the
Directors Of the Company, and the City Council from
abandoning the road.
To relieve the Company from a rulnous contract. and a
large claim for Tork done unasr It, amounting TO nearly
two hundred thousand dollars, I purchased a controlling
interest ID thS,ontraet' lhoiualas al me Claims OF the
contractors against the Company. with the hvoved par
poss Of suuendenng the cont act and claims to the Com
pany upon the same terms on which I had, n BEHALF Of
mise the matter with the contractors.
The BoardOf Directors bad passed a resolution authori-
1ng the President 70 settle the matter; but he ~preferted
a reference to srbttrators. The whole subject was re-
ferred 10 s P. walker, Daniel SAnarrans and Il. W. Il.
King, and after 5 laboriou. Investigation, ami = personal
examination OF the 70 K By Aessrs Saaarrans ana Kiug
they awarded 20 the assiEnees one hundred thousand dOusrs
In the Bonds Of she Company. ten thousand dollars IN ak
and twelve months, four thousand collars IN the stock OF
the Company. and ten thousand dollars IN cash Il was
further AWARDED that The Company should pAs certain
thousspd dollars, aud hold the Contractors harmless sgsinst
claims for d,maSes BY sub-contraetO .. The dDGTd was
signed On the e6th day Of November, 1886, BY Messu.
sahuraus ana King. Ar. wslker objected TO Gus item in
the aEsrdi and refused to siEn u. By the terms q the
agreement 70 a~rbitrAte, the award was binding, and Il was
so considerably both parties aud all the aroitrat0rs-
In the meantime, fresasnt ,abli- meetings had been
held IN Memphis 10 devise ways and means for the COM
pletion Of tr road and the City council were almost
tent Of nve hundred Thousand dollars. and only seemed TO
differ in regard 70 thu mode Of raising the money. But
before taking any definite action In the matter, the City
Council, very properly, required tbs Board Of Directors
20 report 10 Them the financial condition OF the COMPANY.
Nine months spsnt in angry controversy between the
President snd contractors, with the uRual Grimm atoms
and denominations, had prOdncsd the- iBsvTtzble fleets
up3n the public mind, and the Imaginary e1ceeda the
real dirnculties with which the enterprise was sur
ronnded. Ths Directors feared that the award void be
objected to by the people. and consequently that ths City
Council would refuse to grant further aid 10 the road,
unless a mobilization Of the award, favorable 70 the Com
pany. oould be obtained. At that time I owned less than
one-hslf interest In the award. but, upon my tadipidHaI
responsibility, I agreed 10 the mobilization PROPOSED By
the Directors and Mr.. walker, the Dissenting arbitrator,
snd subsequently settled with my colleagues and delivered
10 the PresIdsnt q the Company their receipts for their
me Directors ihereupOu mAds heir report to the City
/ Council setting forth the dlcdrd a. modified. emitting 70
mention the award which Sas actually made, as there was
no necessity for their doing %. In their report, the d.
rectors say, Bound, however. as they have been. and
are, TO looK especially to The rights and interests Of the
Company, they are not prepared 70 question the decision
OF referees of known standing In tuis community, and
1 fairy chosen By both parties. The Company unquestiOo-
ably gain byI an important and valuable Consideration.
N It's immedislr aud amicabie release from a CONTRACT,
which, n farle "a ~faitbfuiiy e.4ied Ogt you'd have
Of It's meant more than, with sood m~s-zxraent Il viii
I fuM rIrrnmsf4ueaE arurruuuHiur Tie enternrsr- uof q n
egfiiy ssteensd. Il d bot just % say, that In their ad-
kfastins the various patiers IN eontToverSy with Mr. Aus
Tin, the assigsse Of The contract. they have found in him
a spirit Of lioershty and fairness, a'd an earnest desire
10 promote the successful prosecution Of the enterprise"
their compliment. not dreaming that the City Council, By
vbose Authority they were sctink, would oUerl0okthelib
crafty Of the &gvntof their release from their old con-
tract and make their furthe- aid to the rosd depend upon
another display Of iiberaiity BY the same party.
The report Of the Directors Of the Company seemed to
give entire satisfaction 10 the City Council. and a resoiu-
tion, Wa unanimously adopted. TO mise nve hundred
I thousand dollars 10 aid in thr completi0a Of the road
UpoR subsequent Investigation It was ascsrtsinsd hst
The money would have to be changed, and that the zmsunL
niEht Be reduced neary cne-half. In the discussion Il the
proposition 70 reduce tie smOunt necessary 70 be r1isec.
10 snvsshe enterprise from Impending ruin somshow or
ether, the idea Vas suggestd o. reduciBg thecebts Of the
COmpanyhy snothsI sppeal to ny heeraliiy A propos-
tanning the basis II 4 settleneut With me, D the Con-
pany, which they would rHtiiy Twas assured By men,
Conpsny that Il I did not Aocepf the proposition then
made, that the Council would abandon the r5sd, and th4t
the Directors would resign the pex tdsyi aud I then be-
iered, and nov believe, such uoud have been The result
! hsd previously offered TO driver into the bands Of the
Council the Bonds I had against tke Company. to Be De
stroyed. pr5yid-d theS would say that they would not
give further aid 70 he rosd whilst I held them against
the Company, reserving the right TO appeal 20 the stock
hoid~rs and people q Memphis for restitution aud I did
not hesitate to Accepi, upon the sAme conditions. the
prop sitouthen made BY the coGndi.
About two months AFTER ce proposition was made aud
accepted as stated and ener Ihaa c ssed 10 be bond
I BY Il, either EASILY ~ moFsiiy, the President OF The COM
pany delivered to me the Beads Of the Company fortver-
ty-eighs thousand six hundred ard ninety four doIisrs-
eight theusznd dollxrs IN Meuphis endorsed Bends,
and a Certificate FOR sixtg-thfee shares Of the ftock In the
Company aud delivered 10 him the Bones Of TIE Gem !
psny fr e~ighty-nve thousand dollars. a. d The ch~llEatlon
Of the Company for ninety shares Of stock, with the "a |
derstanding that reserved the night 10 eppesi &c the I
stockhslier and people OF Memphis ter reatitution.
Al I ask Is, that The voters OF Memphis will iEstrucf I
their representatives, an the City Ccun@l % rspeal the
resolution BY which thss required the Directors q the
COMPANY 10 repudiafe their obllgAtlcus 70 me, upon the /
faith Of which ! pertermed tn acts Of hbershfy for
which they have given me credit ir their published re-
port TO The end that The Presiarnt Of the Company may
retHin to me the bonds l placed IN his hands without re- I
oeivine payment thersfsrs and also thst he 1re.surerof
the Coukany may be sufh0riEd 70 cay e,rtain outstand-
to Be pzid, to the anou7t Of some ave or six thonkspn
doTars1 II Is due 70 the Directors 70 szy, that they have
done AIthfy cozId 70 fndnce the City Council 70 srant
the mezAs necessarysto ssve the -sd. and 70 snaose them
70 corplvlsith their oolirsticns 70 NE uppn he faith .,
nhih Tsh6aleered The Whole burthen Of their deet an
dt4rUfy utth thsir eonrsetors-
nv49-erSlNs II h &UsEitS#