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


MxYoaALry OF NEw oR1EAss, |
City Hall, April Is, 1858.
G,I7emen--Tne Legislature Of Louisiana on th
1nst day Of the recent Session, passed an Act en-
fitIcd An Act TO authorize the Governors OF thu
Sfzfes Of Louisiana and Mississippi TO vote at al
meetings Of Stockholders Of the New Orleans, Jack
con and Great Northern Railroad Company, upou
the Shares Of Stock in said Company, held by SAID
States y which Act was approved BY the Governor
on the same day, March 18th, 1858.
This Act provides that the States Of Louisiana and
Mississippi shall be entitled TO vote at all meetings
OF Stockholders Of the New Orleans, jackson and
Great Northern Railroad Company, and at all cleo
lions for Directors, upon the number Of Shares OF
said Company respectively held by each; and the
Governor Of the State Of Mississippi and the Cover
nor Of the State of Louisiana shall cast the votes OF
their respective States in person or BY proxy as in
other cases
And it is further provided in said Act, thst at the
election 10 be held for the acceptance rejection of
the said Act, the Governor Of Louisiana aforesaid
shah cast the vote Of this State. and the Mayor OF
the City OF New Orleans In person or by proxy shall
cast the vote Of the said City.
The duty imposed upon me to vote on the question
of the acceptance or rejection by the Stockholders of
mach embarrassment aud which necessarily required
that shonld, before exercising the limited franchise
granted to the Mayor, inform myself fully as my
duty in view Of the best interests Of my constituents,
and Of desire to promote the welfare and prosperity
not only Of the Railroad Company, but also Of the
inhabitants snd taxpayers OF New Orleans and
without reference private considerations, the pecu
liar interests or ambitious views Of individuals. and
totally regardless Of the vain threats and nsnuations
which have been with so much freedom made for the
purpose OF influencing my conscientious course.
The results Of my deliberations, and examination
Of the entire subject, has been, you are already
aware, the casting Of the vote Of the City Of New
Orleans, at the election held on the 10th Instant
against the acceptance of the Act 10 question.
Inow propose--in order that the Common Council
and the public may be informed-to submit to you,
and through you to my constituents, my for
thus casting the vote Of the City OF New Orleans
and before proceeding 10 do 50, it is necessary to
state that Of the ayowed objects aimed at in the
passage Of the Act was that If the Act were accepted
by the Stockholders, then through the exercise of
the power given to the Governor OF Louisiana and
the denial Of the same rights TO the City Of New
Orleans Board Of Directors would, at the approach
ing election be elected, whose fixed and determined
policy would be 10 stop the further prosecution of
the road at Canton, making that town the terminus
Of the New Orleans, jackson and Great Northern
Railroad and that this determination presented to
my mind considerations Of policy, good faith, and
other questions in connection with the passage of the
law, which compelled me TO hesitate before commit
ting myself to anyco Of action.
BY the provisions Of the Charter OF the Company
made part Of the Act Of Incorporation, entitled an
''Act to incorporate the N. o., jackson & g. N. Rail-
road Company approved 22d April. 1863, IL is pre-
yided thai said Corporation Is established for the
purpose Of constructing, working and maintaining |
Railroad from New Orleans to jackson, in the State
ct Mississippi thence northward through the State
of Mississippi towards the point that shall be deemed
most favorable for continuing the communication to
Nashville in the State of Tennessee. The road to be
made on such scale as shall serve for the main
trunk Of continuous line Of communication between
New Orleans and the Northern and Western portions
Of the Coniedefacy.
The Act Of the Legislature Of Mississippi approved
March II, 1882 which is made part Of the Charter
Of the N. o., Jackson and G. N. Railroad Company,
BY the Act Of the Legislature Of Louisiana, (see Sec
IS, Act Of Legislature OF Louisiana, approved ed
April. 1858 imposes upon tie Company the duty Of
building Railroad through the State Of Missis-
sipp BY way Of the city Of jackson, to some point
on the line Of boundary separating the State Of Mis-
sissppi from the States OF Tennessee and Alabama
And provides further, that II the Railroad by this
Act authorized, shall not be completed in all its ex
tent, as contemplated within this State (MississippD
80 far as TO transport freight and passengers within
the space of ten years from the passage Of this Act
and lis acceptance by said Company, then this Act
shall be null and yoidp
The Act Of Incorporation, embracing all the con.
ditions above alluded to- was formally and .unani-
moualy accepted b. a meeting Of the Stockholders,
held on soth April, 1868.
B7an Act Of the Legislature Of Louisiana approved
March Is, 1854 the City Of New Orleans was author
lied TO subscribe to the Stock Of the N. o.. jackson
and g. N. Railroad Company, In bonds of one thou.
sand dollars each, having twenty years to run aud
bearing interest at the rate of six per cent per an
mum. Under which authority the City did 50 sub
scribe, and became stockholder to the amount of
$4,000 900 equal to eighty thousand shares. And
under further provision OF that Act, the City be-
came entitled TO the appointment of the three Dj.
rectors, by the Common Council, in the Board of
Directors OF said Company
BY the provisions Of an Act Of the Legislature of
Louisiana, approved April %, 1855 the Treasurer of
the State was required within ten DAYS after the mas
sage OF said Act to subscribe on behalf of the State
OF Louisiana, for sixtyour thousand shares Of the
Stock Of the N. o., Jackson and G. N. Railroad Com.
pany; which subscription was accordingly made. un.
der the conditions ofa prior law approved upon the
same day entitled. An Act TO provide for the man.
ner Of giving the aid Of the State to Railroad and
Plankroad Companies" Which last Act provides, |,
That the Bonds Of the State, to be issued in con.
fornity with this Act shall be issued from time %
time, for an amount equal to one.foarth of the
amount actually received BY aud paid to the Com.
pany, from is other Stockholders, individual corno-
rate, municipal and parochals And ii Is stated 10
be the true intent and meaning Of the Act chat the
subscription so made by the State Of oneth Of The
Capital Stock of any Railroad or Plankroad con
pany, shall only be paid in the proportion Of the ac
tual payments Of the other subscribers"
Under the provisions of these Acts the stata ~
Louisiana has paid sS57 900 in bonds 70 the Cam. |
pany, and Is a Stakeholder to that extent and No
further.
The State, like the city, has her interest in the
Road represented in the Board OF Directors by the
appointment OF three Directors by the Governor Of
the State, and these appointments Of Directors by
the State and City authorities in this manner. as
authorized by the provisions of these Acts Is in lieu
OF any right on the part Of the State and City to vote
upon their Stock, right which has not been AZ.