Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-06-01

bers 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 all their interroga-
tories, and were freely and fully advised
by the President and Directors of all the
facts within their knowledge.
The committee, after the most thorough
examination, was satisfied that the President
and Directors of the company were, in good
faith, acting. to the best of their skill and
ability, for the furtherance of the interests of
the road and of the stockholders; and so re-
ported to the County Court in writing, and
the report, after due consideration aud debate,
was received and approved. Shortly after this
investigation, in Dec. 1856, Col. V. K. Ste
venson was elected President of the company
in place of Col. Jno. A. Gardner, resigned,
and Immediately with his usual energy, pro-
ceeded to the discharge the duties of his
Office. After thorough examination of the
progress of the work, and the condition of
the company, Col. Stevenson became satisfied
that, with the experience already acquired by
him in the building of the Nashville & Chatta.
nooga railroad, he could build the Nashville IL
Northwestern railroad at cheaper rate than
was provided for in the contract with Becker d
Rust, and he consequently advised RECESSION
of that contract. The delay of the stockhod-
ers in paying calls as before explained, and the
slow sale of county bonds, had produced in
the contractors state of mind favorable to
a RECESSION. Under these circumstances re-
cision of the contract was agreed upon, sub
ject to the ratification of the stockholders at
general meeting to be called for the purpose,
and the same was subsequently ratified ac-
cordingy. By the RECESSION, tie contractors
were paid only for the work actually done at
cash prices. The President, Immediately af
ter this RECESSION, set to work, with his we'll
known energy and ability, to obtain new sub
scriptions to build the road on more eco
nomical plan, and has succeeded in raising
about 100000 in Hickman, KY, and by
county subscription in Weakley county. He
also obtained permission from the Legislature
to re locate a part of the road, which had
been located by way of Huntingdon, so as to
90 by Paris, and to connect with the Mem
phis, GAINESVILLE & Louisville railroad, should
this course be deemed advisable or necessa-
ry. 1t is probable the road could be built by
relocating in the method proposed, and by
III tba
ny Just mentioned for thirty-fve or forty
miles, without the subscription now sought
from the city of Nashville. But the location
by Huntingdon is so manifestly for the inter-
ests of Nashville, because it gives us the
shortest connection with Memphis, Mobile
and New Orleans, and taps the Memphis d
Louisville road in the very centre of the coun-
try which ought to be tributary to us, that
double the subscription had better be given
than adopt the other route. By means of
the Weakley county subscription, the road
from Hickman, Ky, to Dresden, Tenn,
distance of thrty-six miles, has been let to
contract and is now nearly ready for the
iron.
PRESENT CONDITION OF THE COM
PANY.
In forming an opinion upon the propriety
of voting for the proposed city subscription,
it is material to consider the present condi-
ton Of the road. The distance from Nash
vile to the city of Hickman. on the Missis-
sippi river, is I75 miles, by the way of Hun
tingdon. OF this distance, fourteen miles
from Hickman city to Union city, where tie
is graded and bridged and nearly all the
cross-ties delivered ready for the iron; TWEEN
ty-two miles from Union city to Dresden
nearly graded, with force at work which
will complete it in a month or six weeks;
our miles east from Dresden under contract,
o be finished by the first of August; several
niles west from Huntington worked upon,
md about three miles graded; and twenty
our miles nearest Nashville, about three
ourths graded, and most of the heavy work
lone, Sl24,00o having been spent on this
art of the road. BY far the heaviest work
N the whole line is on the first section of
hirty miles nearest Nashville. After get
ing up the ridge between the waters of
be Cumberland and Tennessee, the route is
comparatively level, and the descent to the
liter river easy ana gradual. The whole
ne Of road in West Tennessee is compare
vely light work. There remains little
yer one hundred miles of road to build to
each the Mississippi. Can that be an insu.
cradle task to a city which now has fin
he'd railroad of $50 miles, crossing the
mountains and the Tennessee
yer, and another, nearly completed, of $50
tiles, crossing at least two ridges far worse
Ian any in the line of our road I; and still
mother reaching towards the Alabama line,
trough rolling country. The road now in
lestion is second to none Of them in It's i'm
ortance TO our thriving city, for it connects
with the boundless West and the Missis-
ppi river. The Company is but little in
.bt. Outside of the monthly estimates for the
4, 4.