Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-06-11
Proposed seizare Of Lille Rses RaIIroad
AighIs.

AighIs.
From the Memphis Bulletin 9Th ultl
We copy the following pieces of proposed lesislaii0n.
from the Little Rock Democrat, Of May l9h- Ths
matter in which many Memphis citizens have
important interest," for the rosd its existence
Memphis capital The bill, Of which synopsis Is
gwen By the Dsmocra' Is row before the Arkansas
Legislature sitting 81 Little Rock:
Section ave proposes 70 create St. Francis and
White rsrosd company, and names w. o. SiOd-
dsrd, A. J. Mclean and ". A. MeCsun, as the cOfpO-
rAtoss. Who the-s men are no one seems 10 know.
The second section Of the bill requires the proposed
company TO put 4 road between the two rivers In
ming order by the 4th OF July i565. What possible
| good such road cOId or would do cannot inag-
/ ine The road from Memphis, or Hopeheid, 20 the
ST FrRncis 20 utterly destroyed as 70 require
II be rebuilt. No railroad eOnI1unieaton be held
with Memphis until that division Of the road pat in
running order. White river. as uavigEble stream Is
the FOR supplies, aud unless the road carried
through Memphis the building Of either Of the dTis
/ ions east Of White river woud be money throTn away
The third section conveys 70 the new eompsny the
debt due by the Memphis and Little Rock company
the rights of the State creditor Of that road with
| power 20 sue and fOreclose the mortgage.
The fourth section excspts this collection from any
laws requiring production Of records proof Of loss and
! suspension lava
Section five requires the new compsny 70 pay
into the State treasury S25 0OO Rndgiye mortgage
the road yet built and that snpPoses will be
built the balance of the debt that ths amount
be received bY the State shall DO the full par vaue Of
the loaned BY the State. careful reading Of
this section will show that It s selling the State debt
which is claimed be principal and interest ss 600
cash. and enough more In four annual instalmena 10
make up SlOOO00.
Section sixth gives the eOrporaioTs three days after
the passage Of the act, 70 4 notice Of acceptance
| The last section invests tbs company with all
the rights grants privileges etc. Of the Memphis and
| Little Rock company.
l. The company under no penalties no restrie
ons and give securities 1t il clothed with power
10 collect a hundred thousand dollars due the
State, by paying tHeny-eight thousand dollars in sd
II it ehOl pocket a il co lsets over that
well and good II prefers to on, 1t is invested With
sl the rights and grants OF the present road.
This Is decidedly good thing and big thing for the
new company If il possible II would be very
prof sabie If there such tribunal supreme
court Of the United States But, We aPpreheud. the
rights Of loyal citizens who stockholders Ia The
road OF counties and cities who have invested
public funds therein, and Of capitalists who have mort
cages It, viii hardly be Transferred in this summary
style TO Ss9ddsTd, McBssn and MoCsnn, or Snow and
Kstchum to men Of 6ubsance or men Of straw with
effort the part Of these who have vested
rights, to preserve them
The bill is humbug and the who got IL up must
have known that the prOvsions could not be carried
The object evidently is 20 bleed the Memphis aud
Little Rock rarosd company, sO4 force them 70 com
promise to get rid Of annoyance or long and ex
penEiYe suit.