Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-15

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Ewinw SpeRIx-Isnsnense Excitement.
The railroad war, which has been raging
through the papers FOR several weeks, cul-
minated yesterday in a vehement and
wordy debate by the two parties contend
ing for the Directory of the Nashville
& Chattanooga Railroad. Those who have
read the newspaper controversy between
the friends Of the present Board, with N.
Burns as President, and the friends Of the
party, viii readily comprehend
the points at issue. In order 10 give a full
knowledge Of the points involved, we give
the two tickets:
PRESENT BOARD.
NJ. Burns, President; Sam. Watkins,
VIM. i. Cooper, A. Nelson, J. M. Murrel,
J. b. Knowles, Arts Brown, Z. A. Keeble
Of Rutherford, Levi Wade Of Rutherford,
John A. Bangh Of Rutherferd, John T..
Slater Of Franklin, Ed. Cooper Of Bed
ford, Jeremiah Cleveland of Bedford, A..
N. Rutledge Of Coffee, and 7. H. Porter Of
New York.
THE PROPOSED BOARD.
Thomas H. Galloway Of Cleveland, Pres
ident. John NJ. Bass Of Davidson, VIM. X.
Elliston Of Davidson, G. NJ. Fogg Of Da-
wilson, Gov. Joseph +. Brown Of Georgia
Benjamin May Of Georgia; VIM. Hunter
Smith, Edward L. Jordan, David II. G.
Silence, Of Rutherford; Thomas G. White
side, A. L. Lands, Of Bedford; VIM. S.
Higgins Of Coffee, A. E. Patton Of Grundy,
+. W. Cole Of Georgia, and John +. An
derson Of Franklin and Marion.
The meeting was called to order by John
fTizzell, Esq, Of Winchester, and Judge
NJ. s. Hooke, Of Chattanooga, was elected
President, and ohm s. Butler, of Bedford,
as Secretary.
A resolution was introduced TO appoint
a committee OF three on proxies, which
elected discussion but was finally adopted,
and Chas W. Anderson, Of Rutherford, R.
G. Bransford, Of Davidson, P. A. Mitchell,
of Marion were appointed the committee
on proxies.
The report Of the committee appointed
to examine the report Of +. A. Gains, the
Secretary and Treasurer was read, after
which Mr.. Porter, by request of Burns
read his annual report. Mr.. Burns said
that he had endeayored to serve the com
pany honestly and faithfully; that in the
administration of the affairs Of the com
pany he had had many trials and difficult
ties to contend with, but with an eye single
to the interest Of the stockholders, he had
endeavored to do his whole duty, and was
before them for reelection.
By a resolution adopted at the last an
nual meeting, committee Of four was APP
pointed TO report on the relative cheapness
Of wood and coal as fuel for the road.
Two oftbe committee reported some time
since, and their report, which was in favor
of coal, was embodied among the reports
from the heads Of departments and pub
lished. The other two of the committee
presented written report in favor Of wood,
giving a detailed account of the trial trip
made to test the same, and copies of letters
from other railroad men who had made
the experimental tests. w S. Higgins,
Esq, said he had offered the written re-
port 10 Mr.. Burns, and that he declined to
receive it.
Mr. Burns said that at the time it was
offered 10 him, the other report was in the
hands Of the printer, and that it was too
late to publish it.
By the suggestion Of the Hon. Ed. Ew
ing these reports were set aside till the
Treasurers, Superintendent and Engi-
neers reports were read.
After the reading Of these reports, Mr..
Spurlock read portion of the report of the
dissenting two, when a resolution was Of
fered and adopted, to have said report pub
lished as part Of the proceedings of the
meeting
Ex-Gov. ice Brown, Of Georgia, intro
duced resolution TO appoint a committee
of FIVE to confer with Col Hamill, the
agent Of the United States government, in
reference 20 the adjustment Of the claims
which il holds against the road. Gov,
Brown remarked that he had no feeling in
this controversy. He had no friends 10
reward or enemies to punish. 1t was merely
a question of dollars and cents He had
bought his stock in 1859, and paid forty
cents in gold for il, and now it is worth
only twenty-five cents in greenbacks. He
had had some experience in dealing in
stocks, but he did not like that kind of a
rise from forty cents in gold to twenty five
cents in greenbacks. The great question
is, how shall We satisfy the government
claims against us2 Col. Hamill, the agent,
informs US that if we do not make satisfac-
tory arrangements he has the plenary pow
er 10 take charge Of the road in the name
of the United States. There will soon be due
SOS. 600 in interest and the original amount
81 500. 600. How are we to meet this debt
can We raise the amount necessary
The old Indebtedness Of the road, which
amounts TO one and a half millions
added to the debt of the govern
ment makes the aggregate of over
100000 now owing by the company.
suppose the government should seize the
road and the holders Of the old bonds were
to come upon us, the whole road would
not bring more than the amount of its in
lebtedness. and our stock would all be
lost. 1t would not, in that event, be worth
three cents on the dollar. This debt has
been contracted nearly two years, and bat
little has been paid. Mr.. Burns tells US
that the United States owes the company
over S., GOO, 600 for the use Oft the road-bed
during the war, and that he expects to
balance the Indebtedness in that way.
We need never expect any remunera-
ton frola the government for its use of the
road Were they to grant such demand,
similar ones would come from every rail-
road in the South. We do not think we
have the right to demand that the govern
ment should pay for the use of the road.
Tfthey ever pay anything, twill be a mat
ter of grace and not Of debt The govern
ment officer says that there is now SOS, 900
Of interest due. Here Mr.. Burns inter-
rupled Governor Brown and said there
was no interest due, and that he had car
ried the road on since the war, and could
still do so.
Gov. Brown asked Mr.. Burns where he
got the money to pay the interest on this
debt If he did not hypothecate two hun
hundred thousand dollars of the State
bonds belonging to the company to get the
one hundred thousand to pay the interest
and dividend which had been recently de
clared
Mr.. Burns replied that the foods has
cost the company $40, 900, and that only
a portion Of the money was borrowed; tha
he had used his own funds to pay off TIL
dividends.
Gov Brown then said he had not intend
ed to review Mr.. Burns report at that time
but as the question had been opened h
wasprepared to dissect il. What are the ne
incomes Of a railroad Mr.. Burns repor
does not account for the deterioration in tn
/ value Of the iron on the road. he make
no showing in his expense account OF tn
amount that should be set aside snDuaii