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


spirits who control thoss works, to aid In the
construction OF The one here proposed, and
sFincing disposition to concentrate their en-
ergies upon this particular scheme, which
renders q certain Of Accomplishment L under
taken.'
Such Is the reputation OF This association
| that Virginia and the stockholders propose 70
sell to tbem for the sum Of one million four
hundred thousand dollars, The completed canal
Of her great "IFatsr iine,n which Is to con
( meet the eomnsrce Of the Ohio river and Mis-
sssippi valley with the Atlsutie ocean, al Nor
folk-over a disiaues OF 636 miles, and which
has cost M to this time, in construction, in
terest and administration. the sum Of S1o,-
So, ,533-the association agreeing to complete
the work.
Letters lately received BY your president and
general aad financial agent from this assoeia-
ton, show that the party still remain ready
and desirous 70 close the contract for the con-
structfon and equipmsnt Of our road as soon
as the troubles Of our country shall be 30 far
/ settled as 70 show that in no event viii civil
war attend their solution.
This contract can be closed as soon as the
country shall be freed from troubles, and the
dangers Of civil war shall be removed. In
Europe it Is necessary to procure the consent
and approval Of the home government to all
contracts which the people may undertake IN
foreign country. This was procured from the
French, Belgian, and Spanish governments,
which il an indorsement Of the enterprise
itself to the people Of fhose countries Your
csmmittee beg 20 suggest the following plan
for relief: Let each shareholder take Gddl-
tional stock, at the rate Of one dollar per
share, for the number beld BY bin, dividing
/ the amount into instsilments, payable one
ffth in cash, and the remainder IN two, four,
and six months from this date. This, with the
State loan, will psy all debts and complets the
present contract, making ssventy-fve miles
Of road free Of al debts except the Texas
loan With seventy-hve miles completed, ait
uatsd as it is, through dsnsely populated and
wealthy country, It viii be not only sslf-sus-
taining, but self-extending and self-coastruet-
ing.
Your committee report the following rsuOlu-
lions.
l. Resolred, That each shareholder shall
subscribe for and purchase Of the company as
many shares Of its unsold capital, at Eve dolss
lars the share, not 70 be subject 70 Sddi iona
calls, IS wi make sum Of money equal to
one dollar for each share now held BY bin, for
which, when paid, certificates shall issue.
2. That the company shall open sub
Ecription books In each State, and appoint
agents to see each shareholder and take up
subscriptions and receive the payment there
upon Of one-ffth In cash aud the remainder in
good commercial paper, In equal monthly in
Itallments Of two, four, and six months from
this date
3. That Msssra. W. W.EH. Burkbardt, Of
Louisville, Ky; Colvin Bradley, OF Cincin-
natl, Ohio; Charles MeLouran, cf s.. Louis,
1 Mo-; R. V. Richardson, OF Memphis, Tenn.
J. K. Jlinton, OF Grenada, Miss; and others,
as named and authorized by the president, and
general and financial agent, be appointed
agents to carry out these resolutions, to be
removed at tie pleasure Of the president, or
general and financial agent OF the company,
and that said agents shall pay over TO the
general and financial agent all funds by th an
received under these resolutions, as fast as the
same shall come into their hands.
4. That the safety Of the company demands
that all agents shall proceed, without delay,
to carry out these resolutions.
Mr.. Richardson, in submitting the report,
msde some remarks, reiterating the necessity
Of this action in forcible and convincing
terms.
On motion of Mr.. Young, Of Ohio, Mr..
( Burkhardt was directed 70 procure the print
| ing Of 1000 copies Of the proceedings and re-
port for distribution among the stockholders.
In response 70 inquiries, Gen. Richardson
stated that the Indebtedness and requirements
Of the company consisted OF $4,000 mstur-
! ing paper in New York, S42.0 600 for the iron
/ in New Orleans, 81, 600 dutiss thereon, S10,-
| 600 for its transportation and insurance up
the Red river to Swsnson's landing, the claims
/ OF the contractors and abont $4,000 due in
| Texas for right OF way, expenses OF surveys,
machinery, and judgments, and 8 surplus to
continue the works toward the completion Of
/ the fifty miles. The stock proposed to be sold
was a part Of the S70,000 600 from Texas,
/ and as soon as twenty-five miles were IN work
ing order could receive it, the bonds being in
the Texas Treasury. He aVsrred that IL the
position Of the Government was maintained
I n -. L
The policy Of the Administration was to re-
store the Union, and looks upon the road as
peace offering, and the North feels that it
| should be literally provided for. As Texas
bad seeded, it would be an evidence that the
North bad a sense Of Justice, and bill could
be passed in Congress, with a proviso to ex-
clude her reaping any Of the benefits Of a lib
srsl grant, so long as she is out Of the Union
| The South was looking toward Mexican seaui-
sitions, and wanted the road to enable her to
l appropriate the region she coveted, and had
already volunteered to give as much aid as the
old government; and Texas wants the road to
reach her frontier TO protect her from the In
{ diaus, and to reach the scene Of future acqui-
stions. The North would be extremely liberal,
as the growing feeling there was that large
public debt would be public blessing, linking
ths nation more firmly together, and rendering
the Union stronger.
tending to show the capacity Of the country
beyond The Fl Paso to furnish freight for the
road when laid. He said, commencing at the
! Organ mountains on the east bank OF the Rio
Grands, and extending west to the Colorado
river at Fort Yuma were a chain Of mining
locations and settlements, already occupied.
which could not fail to supply a Yery large
tunnags to The road. In the Organ mountains
! were the Santa Clara, Santa Isabella and
Stevenson mines Of lead and silver, the latter
now worked by a New York company, to-
getber with veins not vet opened. Near the
/ Membres river were the old Santa Rita, Del
( Cobrs and Hanover copper mines which
yielded ore Of copper from thirty to fifty rer
cent. fine, in connection with native copper,
the San Jose gold mines, gold plaeers and sil-
yer and lead mines Ninety thousand pounds
Of she copper Of this region had already been
sent in wagons over one thousand miles to
/ Port Lavacs on the coast Of Texas, and thence
| By vessel to New York, and another shipment
Of two hundred and twenty thousand pounds
| was now on the way.
Another group Of mines which would WELD
freight TO this read were the mines in the San
4 Ia Cruz mountains east Of Fort BuehARan, in
eluding The Patagonia mine, San Antonio mins,
! French mine, Compadre mine, and others
yielding lead and silver. Next west of these
were the Santa Rita mines, worked by Gin
cinnau company, including the Saieo mine,
ojsro, Gila, Crystal, Buena Vestura, Taiito,
and others, yielding srgentiferous galsns and
fahl ores Of silver and copper. These mines
/ could furnish one hundred tuRs Of freight per
week to this rosd. Next to these, the group
I around The HeintzelmaR nine, comprising
some fifteen or twenty mines, yielding silver,
copper and lead, which could also furnish a
very large amount Of freight to the road
Next west Of these were the Cshuabi mines,
1 near the BabaQuvera mount, Welding cnDper
and silver. And west Of this, the Aio copper
mine, Of which some OF the ore had alreadv
been sent to England for smelling. The region
Of country through which this road would pass,
was rich In copper, gold, silver, lead, and re-
Gently nickel had been found. This road would
develop very important and interesting sec
tion OF our country.