Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-03-23

FIASF DAY
Loulsvir1E, Ky, March "a. 1861.
faTsuant 70 TIE Announcement. rpeetIng ~
~ stoctnoiders q he Southern Pacific rail-
eay vas heid IN Toe ban Of the Masonic Tenn
PIE. Tue sttsnsaoce was verv fsiT ma ~.
proceedings highly interesting. Is showinr fhs
present condition OF the great entsrprise and
also ltH future prospects, ''i1
On motion o. Nr. Burkhardt. Jacob svviyert
Esq, Of trenkfcFt, was chosen chsirrsp. md
5e7sIs. y Alsnssenery snd Rigbtson and Col. ].
The president Of the ronnsnv NJ Y
Stevenson proceeded in an are. Candid sr5
interesting manner 10 report the present con-
oluon or TIE eomplny's affairs, and the rpsrlfs
OF his recent mission to FuroDe.
ne alluded to The prospects OF the eornosnv
Ohiy rev weeks ago Texas had seeded from
sue Union and seized upon the federal prop
~, ena stafeo mat the Pacific railroad bin
eeoia nave passed both houses OF CONGRESS
y very large majority but for that snfortp-
1-te event Il was an absolute certaintv. and
vas only defeated By the unwillipgness ~
congress 70 award large grants 10 benefit 4
Sleia thst had already declared itself free and
independent OF The United States. Yet stiIl.
tea there been mere time, bill could have
neen passed that would have given the roaa
sli the advantages aesirea west Of tbs TeTss
Hns. Now, the laBS has to be an done over,
ranged.
In the meantime, while the friends Of the
foaa were zsalously lsborine to secure the
passage Of the bill, conditional contract was
es Wi-a a French company, to positively
construct the road across Texas. with the n7iv-
hege of carrying il across 70 California. The
representative Of the coupsnv, which was en-
Eeged IN the construction Of a canal in Vir-
gaia, returned 10 France to secure the CO.
eperstion Of capitalists in the great uudsrtsk-
As his contract was entered into with a
tleH 70 ne favorable action Of Congress. but
y &c not dependent upon it. However, il was
slo1Eot that the presence of the president in
Europe might facilitate matters, and accord
thgiy ne went over. He found that Mr. Bellot
nsd been unable to properly explain an the
oetails OF the enteTpTiss, and was prepared 10
eonsummate the contract when the news Of the
election reached Paris The next steamer
brought intelligence Of the secession OF south
Caroiiua The dnslitiss were postponed until
tarther intelligence arrived. Tie next steam
eI's news was thst Georgia, Alabama, Bouisi-
ana tlerlda and Texas were ou the eve Of Sc
cession. The parties to the contract then
agreee 10 await events, and If there was a
partition and nc war, the contract was to be
carried out
Mr. Stevsnson alluded to the extremely
friendly attitude and feeling Of France toward
ne south. She thought that % policy Of
EnEland governed the North, and she looked
% the South for its trade and commerce, aad
her poliev would be decidedly liberal tsward
TIE new COnfedsraey.
he had bad interviews with The emperor
ene his ministers, and was certain that IL the
division was final one the contract would be
closed. Mr. Stevenson proceeded 10 expisin
sle relation Of finance and capitalists to the
European governments. The governments
controlled the investment Of capital in foreign
countries, and be cited the example Of France
II capitalists desire to embark 10 enterprises
% foreign countries thew had 70 lay the scheme
before tbe minister Of finance, who, after care
Illy examining Ut the bearings OF the project
either sanctioned OF condemned It. He had
heard the French misisters Of State and inancs
express themselves extremely favorable TO the
ccntrlct the parties to which were In msnv
ways connected with the persons comprising
ihs government Of France, and commanded a
powerful influence. The govern nuents Of Bel
giun, Spain and Portugal had also passed
fag0rahlE upon she project TIE vast capital
and the manufacturing interests Of Belgium
were al centralized into one great conpanT.
tie president Of which agreed that il the po-
Aticsl difficulties were arranged, the contract
would be carried out. and be had vast in
teTsst 10 IL. His factories we're to furnish the
iron and build the locomotives and other ma
ehinsry for the road. Mr. Stevenson had
brought home With him certified copy Of the
sanction of the French government that the
iEcredulous might be satisfied with the result
ol bis mission. Even the Duc de Morny, half
hr0ther to the emperor, was interested in the
rosi, having taken the place Of Portuguese
capitalist who withdrew.
The speaker bad not thought it prudent to
press the contract 10 a close, fearing a failure,
end left The affair as Be had had it for two
n and said the company could not eX-
q accomplish much until the political
bns are arranged.
pe could not understand why civil war
ha imnediateIy broken cut, and consid-
erea Inevitable, and was, therefore, cautious
a. 70 investing her capital until a settlement
was arrived at.
Mr.. Stevenson explained the condition Of
the road, and stated that while the bill before
Congress was pending. it was thought proper
tAat someihinE should b d7ur bF the company
to show i saFnestness, and Mr. Thompson sDd
DR.. FoWikes put fifty miles under contract, OF
which twenty miles are graded. and without
the stockholders advancing a dollar, and DR..
FoWllCss and Mr.. Stevenson have given their
personal responsibility TO The contractors.
That the company should be doing something
was absolutely necessary, but The company
had cone 10 point when the debts incurred
must be paid, or the road would be sold se-
cording to The laws Of Texas.
There are twenty miles graded, and IL the
stockholders would subscribe for new stock,
paving fifty cents cash and another INSTALL
msnf OF fifty cents on each share within six
months, the debts Of the company could be
discharged, and the remainder Of the fifty
miles finished and H1rked. This wouid create
q fsnd Of s500.00O, which, with the assist
anss gaarsnteed By the STATE OF Texas, would
carry the company successfully through.
TIE company must have the assistance OF
TIE stockholders OF II would fail. He did not
saythis cosrcivsly, but az one who was deeply
interested in ihs enterprise, which was IN dan
ger Of being lost altogether. He said that
when the fftF miles were fnished Il would
give ninety-three miles, including the Louis
lana line, and would prove as profitable as any
Of the southern roads The country which It
viii traverse IL well settled. and the read be-
fng 20 far frcm tue river would command the
trade Of the entire section. Il would. also give
the company a basis Of credit; with 100000
acres Of land already earned and decided TO The
company, and scarcely any debt, with the
earnings Of tie road, would BE- basis 20 pro
essd, even IL no foreign assistance is obtained-
r. the means for building the fifty miles is
supplied, nothing could be lost except the in
tcrest On tbe investment. The alternative is
10 psv NJ tue askc4for installmeut, or lose
he present Investment and the splendid pros
peets for the future. To meet maturing paper
and expenses Of surveys, damages, and the
grading, this mOuey is asked and required.
A stockholder inquired whether the com
UafIN LeA pau lAAs A4As -H-N--F~~--
Tor sccep'ing the presidency.
NJ. Stevenson replied that Mr.. Thompson
had been paid nothlng but 5000 for Dis
The stockboldsr stated his impseunious con-
dition, and asked Il, because be could not IN
vsst further, bis stock was to be saerihcedi
and ssid that be bad long since heard i whis-
,,sras fbst by and bv ali the small stoekhold-
srs would be swallowed up BY the larger
ones.
Or. FowIkss replied, and gave history of
bis ronnertfon With the road. He bad given
three years q bis time, and found hlmseif5 70
ga TIE compsnv clear Of litigation, Wlich was
dcpe onIv by the assumption q vast amount
,fifsbiIfliee bv himself and Cen kichardson-
H.ssf5 M Thompson bad not INTENDED 70 20
r,errobsllv to Texas, bat INTENDED sending DIS
brosber-in-lsw, Dir. Poster, thsh Ties-pIesl-
SaDt ~ fhe peansvlvznia railroad. Bnt DIR.
Fostsr fsIi dead ID the street, and from that
time Mr.. Thompson seemed doubtful aDa eil-
barrasssd, and Dr.. Fowlkes teoE pae fss pollsi-
bfiitv 10 request bin = resign, hAieA Nes @
-beerfuTv done The lew subscription "ss
,---.-.II.g .s Ear a. rraeticsbls, but some OF
49, rs-rer hay been used By tie e mpany ana
-o,i5 hi Be- refunded q fact be greatly re-
,-~sff,S He argued that The company an9nie
--i-b7rre a. contri buiors whose paper nae
feer nee5. when Mr.. Thompson nae Iesl - -
- fosked for he bess nan 10 ne eoul.ly -
nrrrr,r the ClafEefoL taf VIZ F-i.i - -.
CO s,scrra4 esbo had given PIE salleo.t s.a
ss,' = ~ accomplished much Cor ne grea'
F.uitss siiua1 to the Pacific rsilrosa air "a
~ ~ eertsatT Of its passage olt -
..1,s,,ss sssunls3 81 Texas, IN terms s'Hii
- 4. sl,oss AZ C.s. Stevenson
81. -,5ne.ys pamphlet report U tne ~ n
iaia Irvioisfu-e Of = conuistss w. -srsi
~ = fSe Freneh company . 6gile - =, 20 80
i1yelying sn exesDditure q ~ yoDyso, en- o,-
--sfs "a tbs perfest ABILITY Of the sane cen, y
ssnv 10 esrry out de Proposed eonliaS' y
buiid be road . A..
rentT niles already graded, = vas ~
er,a-y 70 be at work, and the ce3'r1sg =. ~
~ stand stiT without being crussea ~ ~. ~.
isC,eisiure 81 Texas, which had givenAs - ~
trsrt grants for services she ezpeseeSi. -
Il. rsrformed. and Il was thought SOW, - -
-, - gtockholders together and iay =
- Moor then. Tbsa be took the COZ fa,.,.
& 80 deeply evolved, but now = has = .s,,n-
snt .hs msrit to stand before me ~
Tfri,d 49, ~ aid. and ne reqgssl q coT,-
,---...,-, q zted AID the Fren t,'sS.-, 80,
vIanlesaie 'eoa soaifsei, a :, dlt VI; ys;
- cemlssssien Messsssa.. 4. se,g .gnis5did IIi