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


IN accordance with the adjournment, the
meeting convened At II O'Clock, this morning,
/ and upon the chairman taking bis seat, Gen.
4 R v. Richardson, on bshsf OF the committee,
submitted the following report, which, after
some discussion and explanation, was unsni-
mously adopted
After mature consideration, the COMMITTEES
I make the following report to the shareholders
! of the Southern Paei4c railroad company: II
must be borne in mind that the company, IN
the fall Of 1850, having freed itself Of al liti
CATION and Indebtedness, Immediately resumed
work, employing labor on company account,
I and continued 30 to do until the spring Of last
/ year, when il let cut by contract fifty miles OF
7 its line Of road to MessTs. DeGrs1 & Smith,
/ who were to do the work Of construction, and
receive one-third the price thereof in cash as
] the work progressed. they commenced work
/ in August last, and have been working ever
| since. They have graded about twenty miles
! Of their contract Il was thought all impor-
/ tant that the work should be progressing dur
| ing the last recess and session Of Congress,
/ inasmuch as the company was asking the pas
sage Of law Of the United States, whereby
I tkirtY-six millions Of dollars in Government
/ bonds were 10 be advanced to the company a.
I divisions Of fifty miles were completed, on
/ transportation services to be performed bE the
/ company fer the Government on the road ss
] constructed; and about fifteen millions Of acres
Of land, in alternate sections, along the line Of
( the road in the Territories and California were
also to be donated to the company BY the
I United States.
/ Il would have been impudsncs and folly in
| the compsny to ask for such benefits, when It
hal not the ability to progress with its work
Z TO reasonable extent, and as the company
/ really bad this ability, there did not seem any
/ good reason why 1t should not be a. work.
/ The contractors have been stwork for about
I seven months, and a large amount has fallen
/ due under tie terms Of the contract. Partial
I paFmsnts have been made, both in money and
paper, but there still remains considerable
/ sum due. which must be increased as they pro
I gresH. Land damages have accrued, ware
z houses ard machine shops have been built, for
an OF which payments must be made promptly
/ to make our enterprise all we desire. Duties
/ on iron, nails, and freight, amounting to about
/ 81, 600, have now 20 be paid to get our iron,
I now il New Orle1ns, up tee Red river this
I season. Salaries Of necessary officers and en-
/ gineers must Be paid. For all these things,
and for the purpose Of completing the Fifty
miles Of road now under contract, and supply
additional rolling system, It viii Be necessary
J TO raise q large amount in money, besides the
Texas loan, within the next six months
! Debts must be paid, or the law viii sell the
/ property Of The eompsny. Such result would
I Be disersdltsble, and might be total loss to
]
The contractors, officers 1ud engineers must
/ Be paid, or your organization is dissolved and
1 your work is stopped. II the work should be
suspended, Il damages your prospects for gov
] eminent aid, and destroys publie confidence in
i the ability Of the company to complete its
/ great work. The prospects are too good in
! the future FOR the company TO think OF suffer
1 ing these consequences. IN spite OF all Oh
stselss, much has been accomplished IN Con-
I - - Es.r,rra Tor fha hrraFf NJ fha rurr-
panv. The bin before Congress passed the
+ House bv a majority o. p votes, and IN the
] senate By q majority Of q votes. The bill
/ was amended 10 lhe Senate, and went back ts
the House fer amendment, concurrence. or non
I concurrence in the Senate amendments Il
Wspt back to the House a. late day Of ibe
session, when that body was acting upon the
deficiency, various apPropnation, force, aha
tariff bits, and the report o. the committee Of
thirtv-thrse on the psrlious condition OF The
Union. The whole time was occupied In the
4 consideration Of these necessary bills, and
fhsv we're not fully considered and passed IN
fFl he verv last dsys pf the secession. These
facts. with the secession OF Texas, the cap
ture Of government property The depreeiation
Of fhe government credit and ext sustieh oi
fhs treasury. made it impossible to take %
- consider Faliv ghe Pscifc railroad bill az
ter tie return 70 the House But for the con
Sitiop Of our country, the president Of tht
company could have elosed up the eontraei
with BsIIot dss MINERS Brothers Z Com
Dapv. for the construction of the road through
Texas to the Pacific ocean,
This association Of capitalists embraces
some OF the Leading hnsnciai men Of Europe
n inclades the sane persons who have under.
takeB 10 complete the James river and Kama
VIA canal sf the State OF Virginia. Ths leg.
isiature Of that state has lately, through 1
committee, investigated the peeuniary ability
of this csmpaDy. This committee, after ful
, investigation, have lately reported, from whiei
, report vour committee extract the folloWini
statements:
1rTbe house OF Bsliot dss Men ers Brother
/ 4 A Co, and their associates in Europs, consti
iute one Of the most powerful organizations Q
! The present day.
aThs testimony which has been sdducsd Be
p fore the committee, consists Of extensive cor
: reaponsencs, giving the names, position an
: Ia eome cases brief biographical sketch (
:. the several persons connected in interest Or
Influence with those who undertake the con
/. pietion Of the enterprise IN question It e
!. hiblls q eonbinsd power Of capital Of con