The true Democrat., 1857-02-10
Memphis Subscribes $3oo,C00 to
 the Railroad

done. Below will be found the action of the
 Memphis city council rendering aid to the en-
 terprise. By reference to it. it will be seen that
 Memphis, on a consideration of the subject, has so far come into our views not to demand
 mortgage of the road and the lands of the
 company It is true that the amount to be loaned is vesy considerably under the amount
 originally proposed, but deem the aid now
 offered as far more advantageous to the compa-
 nv than the aid first offered. The mortgaging
 of the whole road and all the lands of the con-
 pany, for o,ee-sinh of the sum required to com-
 plete the road, was too ridiculous and absurd
 to be for one moment thought of by practical
 railroad man. No one, in his sober senses,
 would ever have thought of fcountenancing such
 proposition, except the editor of the Gazette,
 who is either too Subse,vient to Memphis to
 scrutinize her acts, or too much of simpleton
 to see their runous tendencies.
 As we said last week, Sam. Tate, now the
 head and front of the Memphis railroad, in- dorses our position, and by the resolutions fol- lowing, it will be seen that Memphis herself has also done the same
 "WKEREAs. It is of the utmost importance to the city of Memphis, to hasten by all safe means the construction of the Memphis and Little Rock railroad; and whereas this road is an essential part of the net work system of railways converging from every quarter of the Union at this city: and whereas it becomes the board of mayor and aldermen, as the representatives of a people characterized by their energy and wise
 iberaty in the prosecution off public works: and whereas, we deem it of vital importance to the present and future growth and prosperity of this city to connect her atthe earliest possible period. with the Pacific railroad and thus enhance her large stock investments in those roads on the east of the Mississippi river, therefore,
 Be it ordained by he Boara cf lMayOr and Aldermen cfthe City cf Memphis:
 SEC. l. That all the grounds and property known as the navy yard is hereby appropriated to the construction of the first section of the Memphis and Little Rock railroad to the St. Francis river, on terms and conditions as fol- lows: On the procurement, by the Memphis and Little Rock railroad company. of an add- tional solvent bona fde subscription to its capi- tai stock, amounting to S10O,OOO, Exclusive of the subscription of the city Of Little Rock) made by corporations, counties or individuals satisfactory as to solvencv to the fnance com mittee orwhenever said company shall present to the finance committee a satisfactory written guaranty that such stock subscription of one hundred thousand dollars shall be male within the next twelve months thereafter; thereupon the mayor of this city shall be authorized and empowered to mortgage said navy yard pro. perty to secure the prompt payment of three hundred thousahd dollars of the bonds of said 1.I
 seven per cent interest, accrung semi annually: said bonds, with coupons attached, being pava- ble in On reston, South Carolina, or New Or leans, La.
 SEC. 9 Be H o,doinea, That the revenue of the navy yard be and the same is hereby an- propliated, not to exceed thirty thousand dol lars annually, to the payment of the interest of and as sinking fund for said bonds
 SEC. 8 That on the completion and eouin- ment of the first section of said road to the St. Francis river, or at any lime within twelve months thereafter the board of mayor and al dermen shal at their election, take from said company either stock in said company or its first class mortgage bonds to the amount of three hundred thousand dollars, in payment of the bonds of said company secured on said navy yard property; and all sums paid by the city at that time as interest simply, shall be refnn- ded in stock in said company
 SEC. f. If the city elect to take mortgage bonds of said company, such bonds shall bear seven per cent. interest. running thirty wears. with coupons attached, payable like the bonds above provided to be secured by the city in the city of Charleston or New Orleans Said bonds to be on their face convertible into stock in said company at the option of the holder or holders thereof, within five years from the date of their issuance
 SEC. 5. That this ordinance shall not take effect until all claims now existing against said company are adjusted, to the satisfaction of the finance committee
 There are three causes that may yet prevent the aid here offered from being given. The resolutions have not vet been approved by the mayor, though, juGging from the unanimtv with which they passed the council, we pre- sume they will be. Then there are two condi- tons, upon which the aid is offered. which must be fulfilled; the first is the procurement of an atdtt'onat solUem bona fde subscription to Me capi taf stocE of d'e company cf $100O0O: the other is that ~ ciajnas not0 eristing qgafnst the coo,pany must be a5ustel to hie sat,afaction lf Ae city "'"to"S , .jef""ce ecoHW"tee neither these things will or can be done we are not able to say.
 In proposing to grant this ail, Memphis asks as her security, the first class mortgage bonds of the company to the amount of S3OO,OOO.- This IS right, and Is all the security she ought to ask or the company ought to give.
 In regard to our city subscription we still think that any action, as yet, by our city autbo- rites, would be premature and imprndent. Let us wait and see before we involve Little Rock what Memphis intends to do and whether the company, with the aiI she offers them. can build the road to White river. We know that any thing We may say will not be lavorahy re- ceived by our city council, but we coniure them to remember that Arkansas has already been extremely liberal to the enterprise-that our citizens have no voice whatever in it-and that 1t Is wholly in the hands and under the control of the citizens and city of Memphis Let them now act, and give us some evidence. by their works, that they are in earnest and DOS. sess the ability. The sum of SlOO.OOO will be but small assistance to the companv--wil be but drop in the bucket towards completing the road-but if subscribed and lost by Little Rock, will bring upon her utter and complete rum. We are not unfriendly, as it is repre- sented, to the Memphis railroad; we should re- joce to see it, as we'll as any other railroad in the State, fully completed and running; but we are unwilling to stake the prosperity of our city, for all time to come, upon an uncertainty.
 We have now said all we intend to say upon the Memphis and Little Roc! railroad We leave 1t to onr city authorities.
 Cairo and Fulton Eaiirosd.
 We are pleased with the sentiment of the article from the Memphis Bulletin. So far from there being any rival interests he. tween the Cairo and Fulton, and other railroads