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

AMI the company asked for fbe least smeunt
OF money required to get along with.
He complimented DR.. FoWlkes and Gen.
Richardson for their labors, and said that
every possible effort to carry on the road bad
! been made, and that be himself bad given more
Of his time to this than to the two other roads
/ be presided over. The company needed active
work and he had given Il.
Gen. r. v. Richardson stated that the ofl-
GERS Of the road having deemed It their dAty'
/ bad called the meeting to explain the condition
and difficulties Of the company. He said We
might all quietly drift down the stream to
common tail and common doom. Tue ques-
I ton was one Of interest merely; not enc
/ involving moral, religious or political pFinei-
| ples i was the object Of the company %
/ Preserve and carry cut the great enterprise
eommittsd to their care, and they bad hsa inc
.boldRess 70 approach Congress- and po;entates,
/ and pr'vy-eouaciis. and ask for contracts ana
1 had been met with favor. He reeapitulated the
history Of tie Pacific railroad bill, which bad
only been defeated BY the mighty throes and
l sgonies Of a great nation disintegTsting. ne
/ said that, although It has failed, Il has gained
mneh-it hss won the attention and confidence
Of the naticu as a possible PROJECT, and its
Accomplishment was demanded by the varied
/ Interests Of the country.
Speaking Of the opposition the bill met with
! in Congress, be said the opposition 70 Il came
IRON those from whom Il was least expected
/ from the strict construction Democrats-and
that in the Senate. Mr.. Seward and the Repub-
Z iicsns had supported It in al its phases, and
/ that the present premier made the leading
speech in its favor, waving bis personal yiew1
to 90 Justice to the whole country BY establish
ing two routes, the central and ths southern,
and bad supported it as peace measure Ine
[ speaker said that he could not be suspected OF
Black -Republlcanism, FOR be was considered q
fre-eater at home, and had supported Breekin-
ridge, but SO FAR as that party was concerned,
as regards the railroad, Its advent to power
I was not to be regretted. Two OF the political
/ parties had made the construction OF Pacthc
railroad plank in their platforms, and the
thirds plsnks we're wide enough perhaps 70
cover the project.
We are now cast down, but must bend to the
storm, and when it is passed be again erect.
/ The f0undaticn for success vas isio, ana W
must peTseVere 10 the attainment OF our aim.
He said that bill could and would be pass
ed, giving aid 10 the road outside Of Texas, 20
long as she remains out Of the Union, and
| sveTred thst it would have been accomplished
IL Congress had sat two weeks longer.
He said that it was now question OF inter-
est, merelv-work has been done, which twas
/ the duty Of stockholders to pay for. Every
I principle Of justice and equity demanded It.
/ IL corporations cannot cemmand the meaHB, II
.
who cannot remove or recover the work be has
performed. The moral and legal obligation
I was clear, and the work must be paid for or
the property must be sacrificed. The question
/ is, will stockholders Increase their stock by
I subscribing one dollar per share, and enable
| the eompsny to cancel its Indebtedness and
complete the road? when Mr. Thompson be-
came president the stock books were rlosed.
I The French company desired 10 have voice
4 in the conduct Of the road, and agreed to take
] 81, ,200, 600 construction bonds, which within
/ certain period could be turned into stock. The
I amount Of stock, ihus, is not increased, but is
] a part Of the shares formed upon the recon-
| struction Of the company in 1858.
Mr. Young said thst be wished be could, as
/ at the last meeting, be the first to subscribe,
/ bu. be could not. It vas no sin to be poor,
| but it was mighty inconvenient. When be
came here last year. be expected TO cancel bis
[ Indebtedness With the company and withdraw.
I He bad then recently lost his fortune, but
/ thought that providence had directed him to
new fortune Though he was embarrassed
himself, be wished to assist in paying the
/ debts Of the company. They ought and must
/ be paid. He had Travelled through the West,
| to secure congressional support Tor The road,
and was to some degree successful His speech
/ was interIsr,led with anecdotes, and had
marked infuence upon the meeting.
On motion Of Mr.. Delafeld, the matter or
making the subscription was reierre to the
/ following COMMITTEES, which viii report to-Tnor-
/ row morning: Wm- Grady and Jacob Swigsrt,
I Kentucky; V. K. Stevenson and r. Y. Rich
I srdson, Tennessee; DR.. Newton and Mr.. Young,
l Oaio; and T. W. G. Fry, New York
I DR. Newton, one Of The original stockhold-
| srs, sdyertsd to the troublesome history OF the
road, and said that Il was now fixed fact,
and must be accomplished. The remarks be
I bad listened 10 bad bad an excellent effect,
! and il Mr.. Peabody bad such confidence IN the
/ president, what confidence ought the stock
/ boldsrs to feel toward him When the enter
prise is 50 near success, e should be urged for
ward. When the bill was pending in Congress
/ be knew capitalists Who stood ready 70 invest
to'sny extent, and be urged those who held
stock to retain it.
Mr.. Young mentioned that, in view Of the
! passage the bill through Congress, stock had
/ been sold at s25 The share.
DR.. Fowlks stated that, If the bill passed the
next session Of Congress, capitalist bad writ
1 ten to him that the stock would 20 up TO $50
premium, and finally to $500 premium.
Mr. Stevenson remarked In reply to cues
tion whether the company eoald not get assist
ance from Texas, that il could get 10 aid tin
1 the fifty miles were graded, and the company
was compelled to 60 on or lose the aPPropria-
( tlon.
Mr.. Osborne reAd the paeifcatory dispatches
a. just received, which bad a very favorable
| effect, and sdveTting to the stringent times,
asked if the payment Of the eompanyis liabil-
4 tiles could not be postponed.
Mr. Stevenson replied that the plan submit
ted, and a cash collection Of the Fifty cents per
share, would alone save The company from
I being sold out.
The meeting then adjourned ts the same
I place at II o'clock tomorrow.