Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-08-18

IN fact without any OF the requisites neces
sary to operate the road.
The old rolling stock being at Rutledge
! Augusta, and other points in the South,
! competent machinist was sent South to ex
anime its condition. He returned, ant
reported it in very dilapidateC
! condition, altogether inadequate for tn,
wants Of the road, as might be expected
from its being used four years with little o.
no facilities of keeping it in repair, anC
such Of it as was left after the ravages o
war totally inadequate for the wants Of the
road.
Under these circumstances there was bu
one alternative left--to obtain a supply Of
rolling stock from the United States, having
no money to purchase it elsewhere, and Oul
credit doubtful, and moreover there being g
great scarcity of rolling stock at the manu-
factories Of the North, the United State:
having purchased all the rolling stock they
could get, in order to move troops and mu'
nitious Of wal. Application was made tc
the President of the United States to obtain
rolling stock and other supplies to operate
the road with, on a credit OF until such time
as a settlement could be had, for the use o.
your road, which from its position, was
mainly instrumental in aiding the United
States to put down the rebellion.
President JOHNSON, with that far-seeing
sagacitv and craftsmanship for which he is
noted, caused the Secretary Of War to sell
such rolling stock as the various roads South
would need to meet their requirements, he
being convinced thatgood policy required it,
as by opening these great avenues of COM
merce, and encouraging the industry Of that
portion of the country which was devastated
by the ravages of war, it would cOnduce
much more to establish peace and kindly
feeling towards the Government, and enable
the inhabitants to contribute their portion to
the support Of the Government, and obliga-
tions 10 the State and individuals, than by
withholding from them the means Of de-
veloring the natural resources Of thecOuntry.
The honorable Secretary Of State issued
an order bearing date of August Sth, 1865,
requiring commanders of departments to
transfer TO their respective companies the
several Railroads held by Military orders,
and to sell them such rolling stock, and
other materials as they thought they would
need, on a credit of two years, payable
in monthly instalments with interests at I
Ito per cent per annum, or giving the
Company the option Of taking the property
at two years by giving individual security;
this latter clause your Company declined,
but made the purchase without individual
clause The United States appointed five
commissioners to value the property, and the
companies who purchashed the property
were bound to aco0pt it at its appraised
value by the commissioner.
The Government further STIMULATING that
companies taking rolling stock and other
materials on the above conditions were to
transport troops and Government supplies
and mails at a price fixed by roads north OF
the Ohio river for such services in 1862, and
the amount Of such service TO be entered on
their bonds as a credit. The small compen-
sation thus offered for such service the Com
panv deemed a great hardship as the price
of labor, and all material used in conducting
a road, has enhanced so much since in 1862,
that the price given in many instances
scarcely paws for handling the goods to be
transported, but as necessity knows no law,
we complied with one part of the obligation,
trusting that the Government would do US
Justice hereafter.
The honorable Secretary Of War; in his
order Of the Sth Of August, 1865, to Com
manders of departments to turn over the
roads to the companies, required accounts
y
United States during such occupancy, which
report was furnished Us by MAJOR General
Gro. II. THOMAS from the books of the
General Superintendent Office of the
United States Military Railroads. The &C
count so furnished was given from the 18th
of August, 1868, to September 18th, 1850,
emitting that portion Of the year from
March, 1862, to August Is, 1868.
The accounts thus furnished by the
United States, in accordance with the order
Of August Sth, 1860, to the credit of your
Company is S3,l3f,004 %.
The amount of the Company purchase
from the United States, including rolling
stock, buildings, etc, is Sl,63O,S55 OIL,
which in a fair settlement would leave the
United States largely in your Company s
debt and l have no doubt but that the
United States will see the justice of making
settlements with such railroads as were
used for the benefit Of the whole nation, and
as we pay all demands made on us by the
Government, Il is but justice that we should
be paid for our property. For amounts
credited ON our bond to the United States
for earnings since the transfer, will you re-
ftrto the report OF the Secretary and Treasu-
Ter of your Company.
On your directors taking possession Of the
road they found the interest ON the bonded
debt of The Company due January /, 1866,
Si52,72l 90, with floating debt due by the
old organization for pay rolls, wood and
other liabilities incurred previous 30 the old
Company leaving Nashville, S25A0S5 40.
This vast sum had to be provided for out
of the earnings Of your road also with sums
required 10 purchase material 20 operate
your road. Since the time after taking pos
session, the Directory received from proceeds
of sale Of cotton and other assets returned
us from the South, the sum Of SPA, S57 o.
This sum Is in full OF all the available assets
received from the old organization with the
exception of some Southern Bank notes
which are now on hand. At the session Of
the Legislature Of Tennessee, held in 1865, a
bill was passed granting privileges 70 rail
roads o. fund their interest due on bonds
loaned them by the State. Your company
thought IL advisable not 10 fund theirs, but
20 make all efforts % have the earnings Of
the road pay the interest on your bonds with
the assistance Of the means realized from
the old organization, and for that purpose
funds have been deposited in the Manhattan
Bank of New York 10 pay interest on the
past due coupons up % January lst, 1866
and an additional sum in the National Bank
Of the Republic 20 pay interest from Janua-
~ 10 July, 1866, and all paying coupons as
presented.
For details OF the operations Of your road
] respectfully refer YOU TO the report Of Col.
/ NN- p. lNNEs, General Superintendent, and
/ Col. j. ii. GRANT Resident Engineer. VIII
also refer 90 F. A. GAINES Esq, for report
Of the financial condition Of vour Company.
Before closing, ! deem it simple Justice 20
the officers employed on the road 20 award
them praise for ihe fidelity and skill they
used 20 farther the interests Of the Company,
and especially am under obligations for
| the success ] have met with in the manage
ment OF your affairs 10 General Superiniend-
ent WM. p. INNES, Assistant Superintend-
] ent b. YATES, General Ticket Agent. +.
IL EWING, General Freight Agent, J. c.
HAoAN, Master Mechanic, and 10 an the