Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-12
DEFERRED DEBATE

Remarks Of NJ. CALDWELL, IN faUor Of an er.
tension Of time 10 the NGshpille and NorthUesteTn
Railroad Company, delivered in the House Of Rep
rssentatiDss Of the TsaHsssss Legislature, February
Ist 1883
This is q bill authorizing a consolidation Of the
Railroad Companies, and granting extension of
time two years, to one Of them, the Nashville and
Northwestern. Now, sir, before we inquire into
the propriety Of authorizing the consolidation, it is
proper to show that an extension Of time ought to
be granted to the Nashville and Northwestern Rail
road Company, and more especially, sir, since some
opposition has been made to the bill, because
IL PROPOSES to grant further time. OF course, the
consolidation is not desirable unless further time is
granted and if we should conclude that this ought
to be DONE 1t will then be proper to inquire wheth-
er the Leqslafure ought not agree to an arrange
ment which will reduce OnethIrd, or $4,000, per
mile the contingent liability Of the State Should
the time be extended for obtaining stock, and COM
pleting the section Of thirty miles as required by
Law?
When this subject of extending the credit Of the
State 10 internal Improvements was under consider
/ alton in the HOuse-When We were called to act
upon the resolutions introduced By the gentleman
! from Montgomery and the gentleman from Bradley
it will be recOlleCted by The members upon this
floor that the ground upon which We agreed to stand
was No further ate aid, but an extension Of time
TO all railroad companies that had commenced work
/ Il good faith" I understand, sir, that such was
I
/ Internal Enforcement Committee Of the Senate
/ I thought, sir it was the proper ground l
was willing TO stand upon 1t, and thought at that
time that it received the concurrence Of large ma
! jority, if not of all the members Of this body.
There are many and obvious reasons for sach poll
cy The actual and contingent liability Of the
State is already very large, and it would be mad
ness to increase it until have tested the wisdom
of the policy naugurated by the past Legislatures,
of lending the credit of the State to Internal i'm
/ provement companies. These bonds must be paid,
| and if the companies themselves do not pay them
| at maturity, the State must. The State has some
security by virtue Of the lien she has retained, but
that might prove insufficient to protect her against
loss as believe it would if the companies should
fail But Mr. Speaker where the credit Of the State
has been promised-Where the people, induced BY
! this promised aid have invested means, and to a
large extent as in this enterprise, but have been
unable to comply with every condition of the Law
where the probabilities are that the enterprise will
| be completed, and when completed furnish great
facilities for trade and transportation 1t to
me- Mr. Speaker, that the State would do injustice
to herself and to the people who have already ex-
pended much money in the prosecution Of the work,
If she were TO refuse an extension OF time-thereoy
defeating the enterprise aud throwing the loss Of
hundreds Of thousands of dollars upon the people.
| Withdraw the credit Of the State from such COM
panies and they must fail. 1t is easy matter to
build railroads with State aid-WithOUt it, it would
be impossible, or impracticabe. Now, SIR, to such
| companies as have not commenced work, or have
| not commenced work in good faith-such as have
| not invested money and would not suffer pecuniaTy
loss by Withdrawing State credit should be disin-
| clined TO grant an extension Of time Such, how
ever, is not the case Of the present application.
! This company-it is true at time when it did
| not have one million of stOck-put the work under
| contraet-bUt by the contract, the subscriptions
/ were raised above that amount. This contract was
considered and is still considered advantageous
| one for the company-and had the subscriptions
been promptly paid-so as to have enabled the con-
tractors and the company to proceed with the work,
the probabilities were that a section Of more than
thirty miles at each end would have been completed
at an early day. If the contractors had then failed
! the company would have been in a condition to
have filed up the intervening gap. Under this con-
tract you will by the report Of the Railroad Com
missioner that $780, 900 worth Of work was done
/ upon the road-snd three fourths or Whereabouts of
the first section Of thirty miles was completed The
company saw 6t to dissolve that contraot-the pro-
! priety Of which step was perhaps superiudueed by
the Hardness with which subscriptions were paid.
The work is now suspended on account Of The none
tary pressure and because the company is awaiting
the action of this legislature but will be soon re-
sumed 1 am assured if this application is granted.
They have now about $4,000 Of stock subscriptions
! vet available-so I am informed. And now, Mr.
Speaker, considering all the circumstances do in
sist that every consideration of justice and sound
Ilicy forbids any action the part Of this legis-
lature which would operate the loss Of all the money
| which has been already expended along the line Of
! this road by the people interested in it.
! It is an enterprise in which the people Of my
county feel deep interest and trust that gentle
men viii not hesitate to grant favor already gran
ted to other roads and give them a chance to COM
/ plete it, if they can.