Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-01

| two ridges far worse than aDy in the line Of our
road; AMI stin another, reaching towards the Ala
J bama line, through a rolling conntry? The road
now in question is second 10 Zone of them in its i'm
portaoce 70 our tbrivingcty for it connects US with
/ the boundless west aud the Mississippi river. The
/ Company is but little in debt Outside of the
monthly estimates for the work BOW under contract
and which is more shan met By the collections made
in Weakley county upon its subscription, the Com
pany eve about twenty Eve lhousend dollars Of
tais sum- thousand dollars due for the Bishop
Miles properly in this city, and not payable for
several years. About twelve thousand dollars Ie-
maia unpaii on the recls0n Of the contract Of
| Becker & Rust for which some of the directors are
liable as endorsers, and fall due next fall and the
! spring thereafter. To meet these liabilities We
| haze the interest the Davidson county bonds for
this year and part Of last year, about So 600:
balsnce due from the city Of Hickman, agreed 70 be
psid 10 lieu of their bonds, and the real estate
bought for depot purposes in this city, now worth
from thirty to forty Thousand dollars and the land
conveyed to the company by Dr.. McGavook for
stock, now worth at lesst ten thousand dollars The
company is able to pay all its debts with ease. and
will then have means enough to buiid the greater
part ef the road from the Mississippi the Teanes-
see river. The object Of the company in asking aid
from the city Of Nashville TO put this end of the
road under contract, aud to carry it forward stimuli
taneously with the other end Can We do it !?
FUTURE PRosPEcr-cAN THE ROAD BE BUILTl
ana THIS brings us 10 tie most point CT
inquiry: Can tie road be 6alt nth the aid asked
Of the City, We answer unhesitltingly that in our
opinion, it cau and We hope to present the facts to
you in such light to satisfy you Of the correct
Ress Of this opinion. We do not mean to say that
the subscription asked will give us stock sub
scripion, sufficient Of ITSELF to build the road.
What We do mean is simply this that with the
means thus obtained, and the ether at
CONTROL and the means upon avhich epeTy TG'lroad
confidently relies, can promise you the completion
OF this great enterprise within the next three years
We propose to submit TO your calm consideration the
grounds Of this confidence
The estimated cost of grading, bridging and cross
fes OF The entire road from Nashville to Hickman
City has been ascert4ined by three distinct engi-
nesrs, all of wbam arrive at very nearly the same
result According to the sworn statement of Thos.
II. Milington, Chief Engineer, filed with the spp-
cation to the corporate authorities Of this city the
Total climate graduation, bridging and
ties Is ..-- lc4yJ6o
OF this there sheen work done worth, 2jO0
Leaving done previSs to the recent ettngs 93i5s5
10 meet this We have lremaining unapproPriated)
Weagley county stock SI50OO0
Weakey county, old 4I,OU0
llickmaa Ky stock 59OO0
Carroll county stock O6,4s2 |
Humphreys county old aud new stock, S45S
Dickson county 1900
Henry county stock 900
Davidson county bonds. $4,000
Davidson county stock. 1873
si i.ls nid for ST br3sss eOc6o
City subscriptions, (now a,leiJ say $4,000
ssas O58
If, then, there was nothing else 10 be taken into
consideration, with the proposed subscrip-
tion from the city would Enable TO ray for the |
grading and preparing the road for the iron. The
above statement contains, however, no estimate for
Chce expenses, engineering right Of way, and less
upon collections Of stock Suppose we make lib
eral allowance for these items follows
Office exnenses for three wears . 500 COO
Right Of - 50a0
Loss on, and expenses in collecting $1,000
And add to conr genees, "a liberal allowance
$4,000
Now, what have we to meet this additional ex-
pense? Along every line of rnil road contractors
will be found willing TO take work to be paid for
wholly, or in part, in the stick Of the Company
And even the regular contractors. those who make
that their business, willing TO identify their inter
es:s with the Company, by taxing portion of their
pay in stock. In the recent lettings contractors
agreed receive fifth Of the estimates in stock
and one-fflh, in second mortgage bonds. 1t is
very mcdera'e calculation to allow from five to ten
per cent Of stock. Again, the Legislature, at its
last session. expressly provided that any surplus of
State bonds over and above the amount necessary
iron and equip the road might be used in the grad
Est;ou. Now, considering the length Of this road
and the extent of State aid and the present cost Of
iron, somV saving in this way may be confidently
expected. Tie President of the Company is san
guine that he four or five hundred thousand
dollars but allowing for accidents ard cJnti gencies
the one-half Of the lowest of these amour can
scarcely be deemed unreasonable. Upon these two
items, therefore, we think the Company may hope 10
increase their means, at least thus far:
BY stock in contracts about II0th. 100000
By surplus State aid, 200 900
If not diss pponted in these very moderate cscula
tions it will he seen that the means are provided
for all contingencies.
But this is not ALL The Company will still have
their credit based up II these means, and the work
which can be accomplished by them, and il is
clothed with power, both by the Directors and stock
holders, to this credit to the extent of mil
lion of dollars, by the issuance Of second motsgsge
bonds Is this credit nothing, and these bonds
worthless? What railroad has been BURT in this
State nay in the United States, without resort TO
its credit in the shape Of bonds. We know that the
Chattanooga road used its credit and issued such
bords II the amount Of over a million Of dollsrF.
We know that the Memphis and Charleston, the
Mobile and 0hio the New Orleans snd Jackson, the
Louisville and Nashville and the East Tennessee and
Virginia railroads have been, each and all, COM
PEELED to rely upon their credit 10 million of
dollars beyond their stock subscriptions and State
aid Is the Nashville and Northwestern Railroad
the only road to be tied down ID its actual cash
capital in the consideration Of its means of ult;-
mate success? Upon no contingency which can be
imagined, viii it be necessary TO use all the bonds
above provided for, but if the whole re-
quiIed to be used, there is not particle of doubt
that it could be dcne, and the bonds opposed of
partly at par in the purchase Of ma: eral and pay
ment of work, and partly from prices rang ng from
seventy to eighty five or ninety cents in the dollar
With tie means thus obtained, the success of the
road may be pronounced absolutely certain
The above estimates leave out of view altogether
the increase of stock by individual subscription
or by subscriptions by counties along the line
particularly the counties Of Dickson and Carroll
from which aid is confidently expected We prefer
Il leave this Of additional means ont OF view
as both Of these counties named have already
been once tried. We shall Try them again and hope
for better success.
The undersigned have not thought it necessary
to 60 over he report of the committee of the City
Council aud compare it with the statements herein
made. Any person who will take the trouble to
compare the two, will find that far the actual
facts are concerned they do differ. 1t is only
in the coloriDg which the committee have given to
these facts, and the conclusions they deduce from
ther that any substantial difference will be found
to exist. We find fault with the committee for
doing what they supposed to be their duty. We
only wish to do our duty by submitting facts, and
sho wing them from cur point Of view to fellow
citizens. After this is done, We leave every man to
the deductions of bis own reason. we believe the
road can be built with the aid now asked but if our
feo W-citzens should differ with US in opinion, it
may save US, or successors as Directors some
years of labor at ''proGtless, slsvish and in