Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-10-31
S5.OOO.OOo

100000
In regard to these items, it is to be OBJ
served that the amount is TO be raised in a
period of from three to five years, and during
a time when our industry will be actively
reviving, and when a large increased popu-
lation will contribute. Taking the items in
their order:
/. This is to suppose that there will be
but two hundred and fifty persons in the
State so much interested in its prosperity
as to subscribe $1,000 each to an impor-
tant work, with all the chances, such as
they have been exhibited, of eventual profit.
2. Should the counties on the route, which
have taken as examples, subscribe in the
aggregate, their bonds by voluntary act, for
$1,000 900, in aid of the road, it would be
but five per cent. upon the gross value of
their lands, while the lands would be at
least doubled in value The interest on the
subscription would be one-third Of one per
cent per annum on that value and the tax
would be extinguished in few years. Only
part of the bonds would be drawing interest
while the work was progressing. Davidson
county and Nashville will undoubtedly do
their part, since the fraction of additional
taxation could not weigh a feather in the
eral region is to be opened, now inaccessible
and likely to be irretrievably lost in the
competition of Cincinnati and Louisville.
8. State aid is pledged to a part of the
work to the extent of $4,000 per mile, and
to the whole at $4,000. As the latter
amount has been greatly exceeded in regard
to many existing roads, it is highly probable
that it will be exceeded in regard to this
Considering the political and material i'm
Portance of the road, $4,000 per mile will
probably be accorded through the entire ex-
tent.
4. 1t is a safe assumption that road
such as this, which is to expend $5,000,000
upon construction and equipment, can find
no difficulty in obtaining as it goes along,
one-third ofthat amount upon the security
which it will furnish, from the capitalists Of
the North and of Europe, in the shape Of
money, labor machinery and iron, and ne
gotiations are about to be opened with that
view.
In the above estimates have not taken
into view the probability that heavy indi-
viduai subscriptions in land may be had,
which would be a large source of revenue
and the further probability that by virtue of
the general character of the road, as a link
in the great Pacific connection, some aid may
be obtained from Congress in the way of
donation of public land, to be selected be-
yond our limits
Nor have | considered that as the work
advances, and its importance demonstrated,
large private subscriptions will be realized,
and aid will come if needed from the roads
interested in this as feeder in the direction
of Lynchburg, Richmond and Baltimore.
Should the connection be completed to
Memphis on the shortest line material aid
may be relied upon from that enterprising |
emporium.
close this paper with few remarks up
on the subject Of city and county aid to rail- |
roads.
The construction of the Mobile and Ohio |
road was secured by the passage of an ordi-
nance by the Council, which, after stating |
that the matter had been submitted to vote, |
and adopted by over two-thirds of the voters,
goes en- to enact "That in addition to the |
present tax, there shall annually be levied |
and assessed special and separate tax of
twenty-five cents and at that rate, on every
hundred dollars of value in real estate with
in the corporate limits of said city, to be
called Railroad Tax, until the amount of
three hundred thousand dollars shall have
been assessed and collected"
CSC. ,. Be Il further ordained, That it
shall be the duty of the city tax collector,
and he is hereby empowered to collect the
said tax in the some manner as other taxes
are assessed and collected, under the laws
now in force He shall from time to time
pay the moneys collected under this law and
The ordinance above mentioned, to the Mo
bile and Ohio Railroad Company, after de-
Quoting two per cent. for fees of collection.
He shall enter in a well bound book the
names Of all persons who shall pay assess
nents as herein provided, with the amount
IF their payments, and shall annually return
/ copy of said book to the said Company; and
shall furnish to each person or persons sepa-
rate receipt for said railroad tax"
The counties on the route Of the New Or
cans and Great Northern Road all cheerful
v, and by the largest maiorities voted aid
o the road; and upon the New Orleans and
)pelousas the following were the amounts
hat the counties assessed upon themselves: