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

tion there made, and partly because the stten-
ton of cur own citizens was then taken up with
Railroads which were deemed of more imm edists
importance. But before any steps we're taken in
the matter, an arrangement was effected bv which
it was agreed that eight of the Directors being a
majority, should resign, and :helr places should be
filled by Directors cast of the Tennessee river and
saek tie County Court of DaUfdson county, Should
appoint Under this ARA cement, joe. Il. NJ Given,
then chairman of the Comfy Court and four of he
undersigned, viz: Jno. Johnson NJ Burns r. C.
MoNaiIy and W. +. Cooper, were elected Directors.
together with persons residing in Dickson and
Humphreys countless SO as to give the control TO the
Eastern end Of the road. And at the first meeting
of the Directors thereafter, an executive committee
composed Of the President of the road, and the D-
reetors from Nashville, was 3pointed 10 manage the
affairs Of the Company. Since that time the city
of Nashville has always had through its Direct orF
control of the road, aRd if any error has been com
mittsd in The management, il vas by persons hay>
ing common interest with every other citizen
which is the surest guaranty that the error was not
| Wilful. After careful survey of the ROAD by
competent engineer and estimate of the entire
cost and not before, efforts were made TO mt the
road under contract, ard in the Spring of the year
1855, contract was finally made with Becker &
| Rust for the building and equipping of the whole
road This contract aft at being agreed upon BY the
Directors, was submitted TO the stockholders at
general meeting called for the purpose and unaui-
mously approved. 1t was considered as in Iced it
Wes very favorable contract for the Comp my un-
der all circumstances, being based exclusively on
| the subscriptions of stock then had and the sub
scrptons which the contractors themselves we're re-
qUired to make. At the same time il ives distinctly
stipulated, that any money raised by new subserip-
tons might be used in redesning the stock and
bonds agreed to DC paid the contractors at the prce
at which such stock and bonds we're estimated in
the contract.
The undersigned believe that if the stockholders
had promptly paid up the calls Of stock as made,
and obstacles had been thrown in the wsy of the
Company the ro4d could have been complet ed under
this contract in the time stipulated upon its face
/ Unfortunately the calls were not promptly paid
and, the contrary, the suits instituted to enforce
! payment we're delayed by causes over which the
| Company bad no control Under these circumsian-
The work did not progress fast as the contract
contemplated and the ctice expenses absorbed more
! of the cash means than had been expected But
that everything done by the Directors which
could be expected at their hands rests fortunately
| upon evidence much more conclusive tEan their
| own assertions. At the June Term 1856 of the
County Court of Davidson County, a &C mmittee was
appointed By said Court to investigate the condition
! of the road, composed of Edwin II. Ewing, John
Trimble, and Herbert Towns, whose names are
sufficient guarantee that the duty aitl fully and
| impair tally performed This Committee was author
lied and directed ''to examine whether the county
bonds have been in sll things properly disposed of
10 reference TO the Interests of the cOuny whether
the Company had been administ,red according to
its charter and the laws Of the Stat; to investigate
the financial condition Of the Company, and to re-
port TO the Court the facts, and The opinion of the
committee TO what action if any, ought to be ia
ken in the premises. The committee entered upon
the discharge Of its duties, in the course of which,
the members visited the office of the Company were
allowed free access TO, and inspection of its books
papers, and proceedings, were furnished with list
of the stockholders with written answers to al their
inierrcgat )ries, and freely ami fully advised
by the President and Directors Of all the facts with
in their knowledge.
The committee, after the most thorough examna-
ton, satisfied that The President and Directors
Of the company were, in coed faith, acting TO the
best of their skill and ability. for the fu.therasoe
Of the interests Of the road and of the stockholders;
and reported to the County Court in writing, and
the report after due consideration aud debate, was
received aot approved Shortly after this investi-
CATION, in December, 1856, CO. V. f. Stephenson
was elected President of the company ia place Of
Col John A. Gardner, resigned, and Immediately
with his usual energy, proceeded TO the scharge Of
the duties Of his Office. After thorough exauIina-
ton Of the progress of the work, and the condition
| of the company, Col Stephenson becsme satisfied
that with the experience already acquired by him
in the building Of the Nashville and CHAT Inooga
railroad he could build the Nashville and North
western railroad at a cheaper rate than was pro,
vded for in the contract with Becker * Rust and
he consequently advised RECESSION of the contract.
The delay of the stockholders in paying calls as be
fore explained, and the slow sales of county bonds
had produced in the contractors d state Of mind IA
vorsble to RECESSION. Under these circumstances
eiion Of the contract sgr ed up. n beet to
the ratification of the stockholders at 8 general
meeting TO be called fer the purpose and the same
was subsequently ratified accordingly BY the re
csion, the contractors were paid only for the work
actually done at cash prices The President immC-
diaely after this RECESSION, set TO work, with his well
known energy and ability, to oblain new subscrip-
tions to build the road on more economical plan,
/ and hos suceedad in oh c00l in uioJ
man, Ky.,ssnd by county subscription in Weakley
county. He also obtained permission from the lie
gislature 10 relocate part of the road, which had
been located by way Of Huntington to go by
Paris, and t. connect with the Memphis GAINESVILLE
and Louisville railroad, should this course be deem
ed advisable or necessary. 1t is probable the road
could be butby re-loeat ng in the method proposed,
and by uniting in a common track with the compa-
ny just mentioned for thirty five or forty miles,
without the subscription sought from the city
of Nashville. But the location by Huntington is
msnteatly for the interest of Nashville because
it gives the shortest connection with Memphis,
Mobile aud New Orleans, and taps the Memphis End
Louisville road the very centre of the country
which ought to be tributary to US that double the
subscription had better be given than sdopt the
other route BY means of the Weakly county sub
scriptiOn, the road from Hickman, Ky to Dresden,
Tenn, distance of thirty six miles has been let to
contract and is now nearly ready for the iron.
PRESENT CONDITION OF THE COMPANY.
In forming an opinion upon the proprieiy of vot-
ing for the proposed city subscription is material
TO consider the present coalition Of the road. The
distance from Nashville to the city of Hickman, en-
the Mississippi river, is l75 miles, by the way of
! Huntingdon O! this distance, fourteen miles from
Hickman City Union City, where the road crosses
the Mobile and Ohio Railroad, is graded and bridged
and nearly all the crOssties delivered ready for II Q
iron; twenty two miles from Union City to Dresden
nearly graded with force at work which will
compl'ts il in month or six weeks; four miles east
from Dresden ander contract TO be finished by the
first Of August; several miles west from Hunting
don worked upon, and about three miles graded;
aud twenty-four miles nearest Nashville, about
three-fourths graded, and most Of the heavy work
DONE l24 600 having been spent on this part of the
road. By far the heaviest work the whole line is
on the hrst section of thirty miles nearest Nash
vile After getting upon the ridge between the
of the Cumberland and Teuns ssee, the route
is comparatively level and the descent the latter
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