Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1859-09-14
rms mos FOUNTAIN nAILnoAD.

state line At The Chalk Bluff is about one
hundred miles. Missouri winsxpsct Atkan-
sas and Mezphis to build this part Of the
roadside viii meet rs at that point. The e.
tinated cost Il eighteen thousand dollars per
mile, OF one million eight hundred thousand
dollars for the whole distance. Ths landhold-
ers along The line have agreed 70 grade the
road and receive pay FOR It In stock. Doctor
johnson says that "no man Is obliged to do as
much as be can do nor will il be expected
OF any one, bit each member should DO ome
thing to forward this great enterprise, viii b is
to shower 30 many blessings upon the whole
community.
The voting population Of this city is about
txentv-seren hundred, and L each voter viii
cone up promptly and take only one share Of
one hundred dollars Of The capital stock, which
nav Be paid in n~staliments running through .
YEAR or more, this Of itself viii swell the sub
serip.on list to two hundred and seventy thou-
sand dollars. Then at the proper time e viii
be the duty of that citizen 10 request, by bic
vote, our City C1uucil 70 subscribe i've hundred
thousand dollars to the capital stock Of this
company. It viii not operate as a very great
hardship upon any one who IL able TO live
in Memphis at al, to pay one hundred dollars
in fnstallments for the benefit which he, as an.
Individual, will derive from this road and ! IT,
lend 10 show that the Eve hundred thousand
dollars OF subscription BY the city will not bur
den any citizen OF Memphis as much as II viii
10 nav his one hundred dollars and viii not
at this time attempt to show the great sdvan-
tsres which each one " IN derive from the road,
be his business ever so small. Money viii mot
be required OF The city with which 10 pay her
subscription. She has a credit abroad which
no individual can ever acquire. Natural per
sons die, their estates pass through the hands
% administrator and executors into The
hands Of the heirs. Corporations never die.
Those who manage their affairs may pass from
the stage OF action, bat their successors come
in ard DO change whatever takes place in the
workings Of the corporate body; hence Il the
city Of Memphis to-day undertakes that, 10
1889. thirty years hence, sic viii pay 70 the
holder OF her Obligation one hundred dollars.
The capitalist who may see that paper knows
very well that II be purchases Il, he vii
not have to send that claim to the County
Court, or to any other Cour to be pro-
bated against estate Of any decedent
but be knows full well that The sane
Z corporation which issues the bond viii
still be alive thirty years hence TO pay It.
And again, The city in her corporate capacity
Is possessed Of a large revenue. She has he
right to levy a tax upon the persons and prop
ertv within her limits. The owners Of those
splendid buildings on Main street are solvent
men, and their names VIII command money on
short I aper any where, but il We viii reflect
Tor one moment, that they only receive about
ten per crn,. per aunum upon The value Of thsir
propeny from their tenants, and that frequent
" but partially secured, while the city has
the right and does demand Of those property
holders about one-hfth OF the whole amount Of
their rent received BY WaY OF taxes, we may
form a correct idea OF the ability Of the cOrPo-
ration to provide FOR the payment OF its liabil-
lies.
mention these things to show that TIE city
has a credit, AID always will have. Capital
ists know these things, md while they would
not give twenty dollars for a note having thir-
" wears to run. oa the wsalthiest man in
Memphis, yet they would be willing at the
same time to pay eighty-eight dollars Tor a
city note or bond for the same amount having
the same length OF time to run. Now, If the
city will take the i've hundred thousand dol
lars Of stock in this road, her bonds having
thirty years 10 run NAV be sold in Wall street
n oder 10 raise the money with which to pay
( her subscription. The "a broad company will
proceed At once to build the road, which, when
done. he the income from the road will b.
amply sufficient, as / have heretofore shown,
to meet this Indebtedness long before its matu-
rity, and in less than i've years bidders will
present themselves offering 10 pay of the
bonds and take the stock. ! am not reckon
ing without ny host, bat have a fresh case d.
reeily IN point. A few wears ago, when Mem
uhis was but a small town at the mouth Of
Wof river, and so weak and feeble that she
had to lean up against Nashville to take a
long brea' D., she vpRtuTsd to 90 In debt for
4 five hundred thousand dollars with which to
take stock in the Memphis AID Charleston
Railroad, and what was the result? Every
intelligent boy Of twelve years Of age knows
that this money enabled that 90 p'ny 70 build
heir road, and thai road has contributed as
much as anything else 70 MAKE Memphis wh7t
she Is to-day-ths mos. thriving city IN The
VI ssissippi Valley-snd where is The loss she
sustained.
It is a w~ell-known fact, that a few weeks
ago, a half-dozen Of our wealthiest citizens
Ogerton, Brinkley, Tate, Wieks, Forrest, and
a few others catered the market as bidders
for the city's stock in this road, anilaid down
i've hundred thousand dollars in cash, and
its equivalent, aad became the purchasers Of
the stock at par, aud thereby released the city
from the payment Of the debt which she had
incurred on account Of her subscription % that
road. What has been done viii be done again.
The city is well able to mike the subscription
to the Iron Mountain Road. She is now re-
leased from her indebtedness on account Of the
/ Charleston Road. and in less than I've years
from to-day, we will see The same capitalists.
or others, entering the market TO purchase the
| city's stock in this road. Individual bonds, it
l. SeI known, viii not sell. We may know
that the men are solvent, but capitalists won't
buy that kim Of long paper, for reasons Which
Ihsye given you above, and I venture the as
ssrtion that hose k nd Of bonds would sell on
Wall street. The very capitalists whose
names Ihaye taken The liberty to meation in
this connection, would issue their thirty years
sonds, and take every dollar Of the capital
stock in tbs road. II they would DO il as pri-
waite Ct liens, as a good Investment, then why,
/ may ask in the name # common sense, can't
The city 90 it, when she can make it a matter
OF profit in a Pseuniary point Of view, and Of
ihcalcula5Ie benefits to her citizens in eV cry
other point Of view.
IAN modest in ny demands, and ask Of indi-
-idusls and the city to take only about one
half Of the stock necessary TO build the road.
do not intend that the company shall slee?
on downy pillows Of ease, but expect them
to shin around with their mortgage bonds and
long faces, and get up the mouey from freiehts
or passage money, or anything else they may
chance to Izy their hands upon, with which to
build the other hslt. Reject upon these ,hings
until my next. J. II. UNrHANk
September 1871, 1859.