New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-04-14


enterprise some aid. Aud what do You suppose tina
aid isl Why, to pay us the money which, long ago
was ours, and which they never could have touched
but for the confidence which we unfortunately re
posed in the good faith Of your Company.
The foregoing remarks are made upon the assump
ton that the present Board of Directors intend to
abandon the enterprise at Canton-of which have
no doubt-uness compelled by the Legislature OIL
Mississippi to comply with the Charter and her foul
times expressed will and it is their intention for the
present to disregard the law of their existence, and
to apply to the Legislature for release. will here
however, not discuss the question of their success
and will only say that do not entertain the slightest
apprehension that point. The selfrespect Of our
Legislature and the rights and interests of the eiti-
of the State, forbid the possibility of such sue
cess; nor do believe that the Legislature has the
power, far, to impair the obligation OF contracts
as to grant such release, however willing. The evi.
dence of the intention of the present Board of D.
rectors is to be found in the frequently expressed
opinions of individual members of this Board, and
in refusal to adopt the following resolution on the
ground that it would further commit the Company to
extend the road north of Cantou-and this refusal
took place even after the money had been received
| (by the Company appropriated by the Act The
was loaned to the Company at six years time and
without interest The resolution was in the follow
ing words:
Whereas, the Legislature of Mississippi at its last
session in November, 1857, passed an Act entitled
g An Act to aid in the construction of the New Or.
leans, jackson and Great Northern Railroad, and
other Railroads., whereby the Three Per Cent Fund
was loaned to said Roads, on certain conditions in
said Act named Therefore be it
kesofred, That this Company accepts the loan OF
SAID FUND, on the condition prescribed in said Act
ResoiUed further That the President of this Com
pany is hereby authorized and empowered 10 execute
and sign, as President of this Company the Bond or
Bonds OF this Company, for the amount of the Three
Per Cent. Fund loaned to this Company, payable to
the State of Mississippi in accordance with the terms
OF the above entitled Act.
Extract from the Act of he Legislature of lTissis-
stppt. referred to in the abore Resolution.
" and Provided further, That the amount invested
in the New Orleans Jackson and Great Northern
Railroad shall be used in the construction of said
Road north of Canton"
The next evidence is to be found in the report of
the minority on the evening of the 9TH instant which
minority report was adopted by a vote of Is to IL
every member of the Board being present. Now. no
man of common intelligence can read that report
without seeing that, though the term immediate ex-
tension is thrown aside the whole drift and force of
the argument is for non-extenson, and that extern
means of the Company. You are told in this report
that your Board of Directors las was adopted by
the Board) are impressed with the profoundest
conviction that it 1.-THE question of extension) has as
sumed an aspect which if not overcome by the wis.
dom and frmness OF the Stockholders of the Com
pany, must inct evils hurtfnl to the credit of every
enterprise in the Southwestern States" Now. as
have before said from this a stranger would infer
about to be perpetrated. Bat not so the extension
lists are not asking money from your treasury nor
are they such fools to destroy the credit or well.
being of this once great national enterprise. They
have never asked for one dollar which the Company
could honestly touch, intending TO stop the road at
Canton. And I submit, without fear of the verdict,
to candid public to say between u.s. which course of
conduct is most likely affect the credit of our road:
that is, on the side an honest and candid decla
ration OF purpose to execute moral and legal OBJ.
legations or, the other side, delay or avoidance
or refusal to execute either. What would our bond
holders say when they learn that the Company has
adopted line of conduct that must result (if perse
vered in) in a forfeiture of the Charter of the Com
pany in the State of Mississippi, where the greater
portion Of the road Is located ask. has good faith
ever weakened the credit of an individual, companv
ectng the credit Of every enterprise in the South
West this is maghlfyng our Importance too much
it is making mountain out Of a molehill-it might
do to brighten children, but not grown.up men-it is
but an extravagaut figure of rhetorc-V or ct prq-
tcTae niia
You are told in this same report that the extern
sionsts wish to involve you in an outlay of between
six or seven millions of dollars Now, let me be per
IN say At tba roFt ,,t
heard my views upon this subject, as can be proved
by every member of the Board of Directors-apd
they precisely what have before stated in this
letter; never made any proposition to do aught but
what this Company could do, aud in good faith was
bound to do have never stated either the expecta
ton, or wish, that the State of Louisiana or the CITY
of New Orleans, should be called upon for aid,
further than that which had been already given But
on the contrary, have always, both in public aud
private stated that the contributions of both had
been most liberal. What have asked. land beeye
that am the only person who has ever formally
asked anythug) has been free and frank decara.
ton of intention as as possible to make the
road aud the instrumentality Of your organization
to enable us of Mississippi to make it.
There is one other paragraph in this report which
will notice aud then leave it to the care of its friends
. lViti'h
dividends Is stated as means giving credit and value
to the stock. / understand this but as an appea to
those who have speeuated in the stocks and want to
convert them probably, opposed to the patriotic
and seltsacrfcing men, who originally took the
stock in aid of great national enterprise which If
not abandoned will pour untold wealth into the lap
OF your city making it not only the great CONNER.
eial emporium of the Southwest but possibly of the
world-in view of your position in reference to the
Railroad to the Pacific, and the turning of the trade
aud travel of the East Indies of China and NAV say
Of the world to your city.
Bntenough on this point know that the writer of
the report too well understands the difference between
dividends and coniscating them. to dwell
longer upon it. would suggest that it would at least
be as prudent, and more modest on the part of our
Board, to attend to affairs, and leave every
emit rprise in the South Western States to the man.
lgement of those to whomsoever their respective |
Companies have confded it-more especially the Mis-
'issippi Central, the Southern and Mobile and Ohio |
Railroad Companies, whose management and fnan-
res are con6ded to men fully competent to take care
IF themselves, and not trammeed in their opera
lions by either the good or bad management of our |
If the present Board of Directors had intended ever
% make the Road north of Canton why not tell us