Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-08-11
The Southern Pacific Railroad.

The Marshall Flag repeats the expression
of its desire for an amicable adjustment of the
difficulties between the parties TO the Pacific
Railroad controversy. The basis of the pro-
position which ii favors, and we infer that it
speaks. if not 10y authority, yet with an
understanding the views of the purchasers
ind r the deed of trust, is. that all parties
shall he fairly recognized to the extent of
their bona fde interests, and an election be
made of a new directory, 10y the stockholders
thus legally determined. As enunciatcd in
these terms, the proposition is perfectly fair,
and we hope it will be put into such a shape
that it may be consummated at the meeting of
the stockholders to be held at Louisville on
the oath of August.
Nor do we see much objection to the princi-
pie OF the suggestion which is added as proper
TO rule the adjustment under the Name OF
scaling system-that is. for every dollar paid
in lay any person full amount shall be allow
ed in the stock of the company. The principle
cannot, of cOuEse, be made to over-ule the
faithful fulfillment OF contracts made for
valuable considerations, or set aside contracts.
With this limitation, the system of scaling or
of reducing all interests in the road to actual
and equivalent values is reasonable one;
and there ought to be no splitting among
persons having a Joint interest in the same
public work, by reason of any attempt to
break faith on one part, or To bolster up
eXOrbitaut or unjust demands upon the other.
The rule of equity should be made the rule Tor
decision; and with the feeling, which appears to
have lately grown so strong, in favor of con
ciliation, there is no good reason why these
affairs should not be So arranged as to set the
work up on strong basis, aud put II under
energetic administration.
Such an adjustment is maniftstly necessary
to give the enterprise any Roadway. These
squabbles arrested it when il had reached
point whence its advance must have been
sure and rapid. Until they are settled it is
paralyzed, Its credit is gone, the work, if any.
goes on so languidly that it may expire at any
time, leaving the property to waste; rival Gu
terprises are taking the opportunity 10 push
forward aud absorb the State loans, aud ENJOY
similar State grants, thus damaging the iu-
ture merit of the work. and one of the grand
est al public works is thus menaced with de-
structou from discussions among those who
assumed tn b. its friends aud who are quarrel
lug about the control OF IA prosperous future
which their folly Is throwing away.
But external influences have Just arisen
which ought 10 impress upon every friend of
the enterprise, aud every friend of any South
ern line OF communication acruss the CONT
ne6t the Importance of Immediate union, and
energetic action. 1t cannot be disguised that
the discovery of the Fraser river gold depos-
ties, Oh the northwest coast will create very
strong argument in the North Tor adirect road
across the continent To the diggings, aud Will
present motives additional TO those of mere
| sectional domination, 10 ovcrpower the general
considerations which gave such super .Ur1ty 10
| Tie Southern routes. These interests Will
| gain strength from the consideration of inter
| nal distraction, which exists among ourselves
| -paralysing the Southern enterprise, when
| its vitality strongest, and IL had the
| greatest need for acting. The grand British
enterprise OF carrying railroad FROM
| VancOuver's across the continent, through the
| British Possessions. wall now receive new i'm
petus, and be pushed with all the energy and
| capital of that sagacious Government
| These surely ought TO have warning Il
feet on the minds OF tue people OF the South
aud specially GU those OF the parties within
the rallread Company who ars quarreling 18th
| each uthsr while the enterprise lauguishes
and it's adversGries are gaining immense I'D
! vantages.
~, l.ope all sides will ponder over these
things carefully, aud DC prepared to make
very iair concession Ia bring about a eonsoli
| dalton Of intsrests, bt ahieh this magnificent
WORK may stand in its own fair proportions
before the public, aud command that cont
dence essential 10 saiccess, 10 v hich its greai
advantages entitle it.-N. o. Pieaysost.