Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-06-04

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and three Councilmen, with instructions to
examine the condition of said Nashville and
| Northwestern Railroad, as well as to consider
of the resolution itself. The Committee, in
| the course of their examinations very early
discov I'd that by the State Statutes, the
amount asked 10y the Railroad exceeded
the amount the City could subscribe for Rail-
road purposes, and SO reported to the City
! Council. The report of the Committee was
| very unanimously sustained and the petition
dismissed. The Road, by its President, then
80 amended the petition as to bring it within
! The Statute and the whole subject was again
referred to the joint Committee for further
| examination. The Committee again began
the work of Investigation, which they prose-
cutcd with all the vigor. industry aud talent
| they possessed, with view OF ascertaining as
nearly "a possible the true condition and
availability of the assets of the Road, and
with the full desire on their part, that neither
The Road should be wrongfully prejudced
nor the people deceived in the premises, if
they could avoid it.
The investigation was lengthy and trOU-
blesome one, but after having elected all the
lights, which they conveniently could,
touching the subject referred to them, they
gave the result of their examination TO the
City Council in "a written report and accom-
panied the same by aresolution, ordering an
election to be held on the first Saturday in
June, that the people might decide, whether
or wished to increase their taxation for this
purpose. The resolution was adopted, and
the report ordered to be published for the in-
formation Of those who might desire to ex-
anime it, and who might not have other, or
better opportunities to investigate the sub
ject.
Accompanying the report of the Committee,
is published the estimate of Col. STEVENSON,
President of the road. dated 23rd February
last, by which he shows a large surplus of
means after the road shall have been built,
equipp and paid for, while by the report of
the Cowmittee, the Company would lack
about S930.000, dollars of having reliable
means enough to build and equip the road,
leaving out the proposed tax, now asked of
the people. 1t nay be we'll to remark here,
that the Committee thought it best to condense
their report as much as possible, and hence,
perhaps. were not as explicitly lengthy, in
giving their reasons for coming to some of
their conclusions aus they should have been.
This discrepancy, or difference between the
estimates are mainly owing to different views
~ (, -. - IL
availability of the Davidson county bonds,
and the second mortgage bonds of the road, to-
gcther with the fact that Col. S. embraces the
proposed city subscription, and the Committee
did not. Now let us examine into these diff
lerences and see whether the Committee were
justifable in excluding the items. And first
As TO THE DAVIDSON COUNTY BONDS
1t will be remembered that several years
ago. the people OF Davidson county voted the
issuance of 100000, dollars in bonds of the
county for the use and benefit of the Nash
Vile and Northwestern railroad. These
bonds were issued and handed over to the
officers of the road. On or about the 9th day
OF January 1853, the County Court of David
being mismanagtd. that its means were being
wasted, that the Company was insolvent aud
her bonds likely to be lost entirely to the
people, filed her bill of injunction, enjOining
the use of the balance of the bonds, and ask
ing that whatever amount had been used,
should be accounted for, as the charter had
been forfeited &c. The ground upon which a
forfeiture of the charter was claimed, was
this: BY the charter, the Company was re-
quired TO have one million OF bona tide stock
subscribed by the LIST day of January 1858,
and it is admitted by all parties that they
had not that amount then subscribed.
The answer, it is true, denied the charge
OF forfeiture of charter but the Committee
found the suit prosecuted by eminent lawyers
who seemed confident of success. besides they
examined judge WHIwoKrH 10 ascertain (as
ii had been told them) whether be knew of
any understanding that the County Court
would dismiss her suit, if the city subscribed
as now asked. He knew of no such under
standing. Under these circumstances the
Committee felt that they could not, in justice
to themselves aud the people, estimate the
unexpended portion OF these bouds, while
Col. STEVENSON did, and in late hand-bill
published by the Directors of the road. they
are still counted means of the Company,
without saying one word of the fact that they
were now in salt, probably aa inadvertant
omission. Previous TO the filing of the
bill 10y the county, the Company had
used la OF these bonds, amounting 10 Sl44,-
600, aud left remaining on band l56 !; OF these
loo were in the hands of the Treasurer, and
SO of them calling for $4,000, were in the
hands of W. +. COOPER, ENq,-and for what!
When the contract with BEcKER 4 RUsr was
rescinded, il became necessary 10 give the
notes, running from time 10 time,
10 about $4,000. BEckER &
RusT, although they must have been familiar
with the means of the Company, would not
take the simple notes OF the same, bat re-
Quired individual endorsements thereon, and
a number oi the Directors, embracing per-
haps the President, did endorse the notes. But
il seems that they bad no more confidence in
the solyeney of tue Company than BEckEK L
RUsr bad; for, although they had the collect
ng OF all the means Of she road and the dis-
bursting of the same, they ordered $4,000
sorth of these bonds taxed ougef the hands OF
Mr.. b. DoUaLAs, then Treasurer, aad handed
aver % Ar cooPER as collateral security % In
iemnify them against loss on account OF these