New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-01-21
VOLUME XII.
Nefu OrleaIs 1aiIp Gttstent.
SATURDAY MORNING, JANUARY q, 1860.
MISSISSIPPI AND THE N. o.. JACKSON
AND q. " IL. II. COMPANY.

~0sAA
There are none of our readers but have heard
something Of the bill now before the Legislature
Of Mississippi, which proposes to grant brief ex-
tension Of time to the company for the completion
Of the road, on condition that they accept certain
provisions of an amendatory charter, Included
in the bill; and the alternative prescribed by the
penal clause OF said bill Isl that if the stockholders
Of the company do not accept, at their meeting in
April next as a, part Of their charter, the onerous
amendments created by this act, they shall be de-
priyed Of all the powers, privileges, rights and
property belonging TO them in the State Of Mississp
pi, which shall become forfeited and belong to that
State from and after the expiration Of the time al
lowed by the original charter for the completion
Of the road and within Which period it is an
unquestionable impossibility to accomplish the
work.
When completed to the contemplated northern
terminus for which il is chartered, the road will
be four hundred and ten miles long. Two hundred
and six miles, from New Orleans TO Canton or
about one half Of the whole, has been finished and
partially equipped during the past eight years, and
in the two years yet left of the prescribed time of
ten years, the Mississippi bill would attempt to
compel the company to do nearly as much as with
great difficulty and outlay has been done in eight.
Thus the condition which would be enforced is an
impossbility, besides being unjustiable in law
equity--not in equity, for apparent reasons to
which we have REFERRED: and not in law, for the
stockholders have no powerte amend or alter their
charter In any respect as that can only be done
by the State Of Louisiana, and then only after six
months public notice previous TO the meeting of
the Legislature provided by the original charter.
The provision of the bill in question would deprive
n Irr
of their siIfragan franchise in the election Of
| directors, by taking away their right to vote on
| stock held by Commonwealth and Corporation
Neither IL to have any vote for its stock, though
| the charter reads that !" at all elections by the
stockholders and all their meetings, each share
| shall be entitled to one vote
| An attempt at such legislation would, under any
| circumstances, be calculated to call forth earnest
| those interested whose rights are menaced, but
feeling Of surprise is, perhaps, the sentiment ex-
| cited when it is considered how small proportion
of the burdens and how large share of the bene-
fits Of The enterprise fall upon and accrue to the
people of the State in the Legislature of which SO
| arbitrary an enactment is now pending. OF the
four hundred and ten miles of road covered by tile
| charter of the company's menaced rights, three
| of Mississippi and only eighty-seven are in the
State Of Louisiana aud in aid Of the work the State
and people Of Louisiana have contributed 50 s230o2,
| while the State and people of Mississippi but
| sT0o,tl2.
| But though the Louisiana stockholders, corpor-
| ate and individual would be justified in feeling
| and expressing indignant remonstrance in strong
| terms at the attempted act Of legislation, they
have not done so for much confidence is felt by all
| in the sense of honor and justice known to be en-
tertaned by the people Of Mississippi at large and
| the majority Of their empowered representatives.
| All have faith that the wrong will not be done,
4 and the feeling Of oar stockholders generally is
mirrored in the tone Of the firm but respectful ex-
postuatons set forth in the memorial of President
4 Calhoun to the Legislature of Mississippi, long
l ago as November last, in which he protested
4 against the passage of the inegutable bill pro.
posed. In the same pacific mood has been the ac
ton of the City Council of New Orleans and the
| Legislature OF Louisiana, which have adopted the
subioined preambles and resolutions.
| The following is the action of the City Council
adopted at its last meeting:
herta An entitled An tet extend the time 70! ht
ss ah q N III aT as Sea aa II IL
LEGISLATURE Of Missi5sPP and Where's @ aid ast should be
furious interests ard seriously impair ihe cted and
The construction Of which This Council has
lrintsd million three hundred thousand dollars
or Than half Of The whole capital stock paid in
tglcn The President and Directors Of said u have
before Inc Legislature Of Mississippi memorial in which they
pray the honorable Legislature not 10 said bill but
additional time for the construction of said aii
road without The ptHRiy of forfeiture Of t franchises of i
company portion Of lie rond compeed be thretne
Rs1lr.i That this Council earnestly une With The Pesiden
Directors the Scw Orleans Iarkon and Grcai Northern
Ralfoad Company, in ibe petition fote the HONORABLE
Legislature Of Mississippi and respectfully request hem TO
| tile pfAser of The petitioners.
Regirea That The Mayor requested forthwith
the Mississippi copy Of This preamble reson
and respectfully ask him lay the before the gis
latnre.
Here follow the preamble and resolutions of thu
General Assembly Of Louisiana:
Whereas The New Orleans, Jackson Great Noher,
Railroad Eornunny ed of