Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-06-01
Nashville and North-western Railroads
Statement by the DIRECTORS.
To tie Tao Payers Of tie
Gitu of NdshciLLe.

The undersigned directors of the Nash
vile and North Western Railroad Company
have deemed it proper, in view of the cleo
ton soon to be held under the order of the
corporate authorities, to make the following
brief statement of the past history, present
condition, and future prospects OF the COM
pany. Some of the undersigned have been
connected with the road since its organiza-
ton, others for little shorter period, and
only one or two have come into the board
since the reorganization under the presiden-
cy of Col. Stevenson. They have all a
common interest with the citizens and tax
payers of n ashville, have netherreceived nor
expected to receive any compensation for their
arduous and responsible duties as directors
and only actuated. so far as they know
themselves, by wish to promote the pros
perity of the city. Some, if not all of them,
have most of their property within the Cor
porate limits of Nashville, and will share the
burden of the proposed taxation equally, in
proportion to their means, with any other
tax payer. They can have no motive ex-
cept the common benefit of all. They hon
estly believe in the truth Of the statements
they are about to make, and hope to receive
from their fellow-citizens calm and Impair
tial hearing. They mag be mistaken in
their conclusions, but they propose to SUBJ
NIT nothing but facts upon which every
voter will be able to decide for himself If
it should appear that all has been hereto
fore done which could under the circum-
stances be expected, that the enterprise is
one essential to the prosperity of the city,
and that it can be successfully carried out
with the aid now sought, with scarcely any
loss to the tax payer; the undersigned may
well hope for a favorable verdict at the
coming election. II, On the contrary, the
road is of no advantage, or its completion
impractIcable, they would be the first to cast
anegative vote. In any event, after having
laid before the public all the information
which they themselves possess and given
their opinion calmly and impartially, they feel
that they will have done all that could be
expected at their hands, and will submit
cheerfully to the popular decision.
PAST HISTORY OF THE ROAD.
The first organization of the Nashville and
North Western Railroad Company was con-
trolled by the stockholders west of the Ten
nessee river, partly because the greater
portion of the individual subscription was
there made, and partly because the atten-
ton of our Cwn citizens was then taken up
IL Do; L. IL r
Immediate Importance. But, before any
steps were taken in the matter, an arrange
ment was effected by which it was agreed
that eight of the Directors, being majority,
should resign, and their places should be
filled by Directors east Of the Tennessee
River, and such as the County Court of
Davtdson County should appoint. Under
this arrangement, Jos. III. McEwen, then
chairman of the County Court and four of
the undersigned, viz Jno. B. johnson,
M. Burns, R. G. McNairy and W. f.
Cooper, were elected Directors, together
with persons residing in Dickson and
Humphreys Counties, so as to give the con-
troll to the Eastern end of the road. And
az CLS hioO iACSllH5 VI INC bllSSbOISj IuCIS-
after, an executive committee, composed of
the President of the road, and the Directors
from Nashville, was appointed to manage
the affairs of the Company. Since that
time, the city of Nashville has always had,
through its Directors, control of the road,
and, if any error has been committed in
the management, it was by persons having
a common interest with every other cti-
zen, which is the surest guaranty that the
error was not wilful. After careful
survey of the road by competent engineer,
and an estimate of the entire cost, and not
before, efforts were made to put the road
under contract, and in the Spring of the
year 1855, a contract was finally made with
Becker & Rust for the building and equip.
ping of the whole road This contract
after being agreed upon by the Directors, !,
was submitted to the Stockholders at a
general meeting called for the purpose, and
unanimousy approved. 1t was considered,
as indeed it was, very favorable contract
for the Company under all circumstances,
being based exclusively on the subscriptions
of stock then had, and the subscriptions
which the contractors themselves were re-
CURED to make. At the same time, it was
distinctly stipulated, that any money raised
by new subscriptions might be used in re-
deeming the stock and bonds agreed to be
paid the contractors, at the price at which
such stock and bonds were estimated in the
contract The UNDERSIGNED beIieve that if
the stockholders had promptly paid up the.
calls of stock as made, and no obstacles
had been thrown in the way of the Com
oany, the road could have been COM
oleted under this contract in the time slip.
llated upon its face. Unfortunately the
,alls were not promptly paid, and, on the
the suits instituted to enforce
payment were delayed by causes over which
he COMPANY had no control Hinder these