Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-04-27
Southern Pacif,c RafIroad.

Southern Pacific Railroad.
Gen. r. V. Richardson and Josiah Marshall.
Esq, one of the late committee of Marshall
Texas, have reached this city, with intelli-
gence of the position of affairs there which
give buoyancy of spirits to the friends of that
work. President Fowlkes will be here on Mon
day or Tuesday, and propose to hold a meet
ing of the stockholders to lay before them a
full account of his proceedings, and to ask
their confirmation and aid in regard to the
future.
We have also Marshall papers containing
important documents bearing on this subject
and the proceedings of a meeting of citizens
called TO approve of the arrangements made for
a compromise, and consider the proper mode
of uniting all interests in the prosecution of
the work, now in condition to go on fairly
and successfully.
This meeting was held on the 18th, and
was composed OF persons who have been op-
posed to each other, in the controversies
hitherto distracting the two companies. Those
adverse interest now come together to applaud
the compromise made between the litigants.
and unite their voices and their means in
pressing forward this Southern Pacific route,
as that demonstrated to be superior to all
Others. and deserving the aid and encourage
ment of the people of Texcs of an naqsse, and
freed from debt, and with a property worth
two millions of dollars" in a condition to
go before Congress with every prospect of
getting aid from the Federal Government.
The meeting was addressed at great length
and with much enthusiasm by Judge Jen-
nings, Mr.. Marrah, Messrs. Richardson, Mar
shall. Barton and Scott, and with the happiest
effect
From Messrs. Marshall and Richardson and
from the Marshall papers we are enabled to
make up the following review of the case as
it stands and the steps by which it has been
placed in such advantageous position.
We have already stated that the State snit
against the company for a forfeiture of its
charter was dismissed in the District Court by
Judge Frazer on general and special demur-
rer. This does not necessarily terminate the
suit. There is right of appeal to the Su-
preme Court. and the attorney of the State
gave notice of his attention to appeal, but he
has not taken it, and it is believed that none
will be taken, unless specially directed by the
Governor. 1t is the common opinion in
Texas that the law, as laid down by Judge
Frazer, must ultimately rule, but 1T is desira-
bic to get rid of the obstruction of the pen
dencv of n suit and for that reason the public
meeting we have mentioned passed a resolu-
ton requesting the Governor to dismiss the
suit. The demonstrations of public wish
to that effect are complete and convincing.
We do not deem it necessary TO republish
Judge Frazer's opinion in full. 1t is legal
paper of much ability. in which the points
made by the State for a forfeiture of the
charter were considered. one by one, and
each pronounced Insufficient in law TO work
a forfeiture. 1t is question of time whether
the same result shall be finally arrived at by
the Judgment of the Supreme Court, or by
the withdrawal of the slit. The latter is
more speedy, and there are good grounds for
expecting that it will be done.
The terms of compromise between the two
companies, as We learn, are as follows
The old company are to pay in cash all
judgments existing against them. This has
been DONE They are to pay in four months
$4,000 of judgments obtained against the
new company at the last term of the District
Court. They are to pay $50 900 in cash in
thirty DAYS, and $4,000 more whiting ninety
DAYS after the final disposition of the State
suit, the remainder Of the debt within one
and two years from the date of the same
event. The old company Immediately enter
upon the privilege of working upon and re-
pairing the road, and using the locomotives,
cars and road at pleasure, for purposes of
construction and repairs. Whenever they
furnish to the new company such commercial
paper as shall be approved by Messrs. Payne
& Harrison. of New Orleans, for the two in
stallments of $50, 900 each. they are entitled
TO final transfer of the road, stock, fixtures,
franchises, books, &c, and the new company
ceases to exist. The old company is. in that
event, to execute a lien upon The road for the
deferred nstallments.
The whole amount of Indebtedness in
Guiding the work and labor done by the new
company since the purchase, which this ar
rangement agrees TO pay, is about S360,0OO,
against which there is to be- credit for all
debts against the new company, which they
may have to pay hereafter A list or schedule
OF the debts assumed is made out, and attach
ed to the articles of agreement.
We are assured that the best feelings exist
in Texas between those who were recently at
dagger's point in their quarrels over disputed
claims. The past has been forgotten in a
union Of effort to eXtricate this great road
from the embarrassmcnts which threatened to
destroy it. Nearly all the members of the
new company are cooperating faithfully, and
some zealously with DIR. Fowlkes in removing
all obstacles TO the enterprise, and facilita-
ting its rapid advancement.
We hear that an Indebtedness OF about
SI30,000 will be merged in the stock of the
company, releasing it from the obligations to
pay that sum in money.
Other grounds for satisfaction are furnished |
in the information that new and economical
policy has been introduced into the admins
tration OF the company. The stock issues |
have been cut down totheir par value. The sala |
ries of the official corps have been reduced to |
Il sum little greater than thar formerly paid |
to the President alone. !
When the President arrives we shall have |
n detailed statement OF these proceedings, |
and programme for the future. which we |
feel assured will give satisfaction to the sup |
porters of this great work. and place ii in a |
condition to secure the public confidence, |
which is all that II needs to enable IL to be |
carried on to an early and complete success.
". D. PieGytRs, 23L