Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-11-02
Tup tyarsLAruRE.

ators and Representatives to advocate
the collection Of forfeited bonds, given
BY Southern men during the war for
loyalty--the money to be appropriated
to loyal men for losses The plan is to
supersede the indemnity bill before pre-
sented.
The bill to procure the removal Of
distractions in the Tennessee river was
rejected.
The session on the slst was chiefly
devoted TO the bill prohibiting officers of
railroads from leasing or consolidating
their roads with others without the con-
sent of the stockholders. This, Mr..
Ryder said, was to /" hit such cases as
that of tho Memphis and Ohio railroad,
leased without such consent, though the
object is more truly to throw the roads
into radical hands.
Mr. Bosom asked if the lease had not
been effected TO enable the road to pay
the State debt it was otherwise unable
to pay. Mr. r. replied the road had
failed to pay the interest due the State,
and that when Receiver was
appointed, the officers were appre-
hensive that the road would pass from
their hands to the control of the State
and the Radical party, to prevent which
they leased il without the consent of the
stockholders. 1t never entered into the
head Of the sapient legislator that the
stockholders would confirm the action
of their president, or that it was any
thing less than an outrage that men
should do what they will with their own
to escape the thieving Radical clutches.
Mr.. Bosom spoke in opposition to the
bill. The finances of the State we're in
a critical condition. That the agree
ment of the Louisville and Nashville
railroad (which was wealthy corpora
tom to pay all the interest due and to
become due the State, was largely to the
interest Of the State no one could fail to |
see. The case of the Mobile and Ohio
railroad was beyond reach, and that of
the Louisville, Memphis and GAINESVILLE
road would be most Immediately af-
fected. The interest due the State from
this road was $22O,272. This debt, also,
the Louisville aud Nashville road was
ready to assume. And Mr.. B. thought
the members should hesitate long before
taking such action as would prevent the
payment of this large sum to the State.
Certainly one would think so, and that
no Conservative newspaper could pos
sibly busy itself with the attempt to
work into the radical hands, and cheat
the State out of the money.
Mr.. Speaker Richards repeated Mr..
Ryder's statement as to the lease Of the
Memphis and Ohio road. He said Mem
phis had subscribed $l74,500 to that
road, Shelby county 100000, and pri-
vate citizens 100000 The whole ZEN
tire interest of Western Tennessee had
been sold out without the knowledge of
the owners of the property. He then
went into facts and figures as to the
management salaries of officers,
ETC., and said that, with good
the road might have been
placed on a paying basis. He ar
gued this from the fact that the Louis
vile and Nashville road ought to make
a good thing out of it, in the interest of
Louisville and Kentucky. The bill did
not prevent the leasing or consolidation,
but only provided that stockholders
should be permitted to manage their own
roads.
The bill passed after several unsuc-
cessful attempts at amendment Ayes,
81 noes, II. A motion to reconsider
was entered By Mr.. Bosom.
What may be the effect Of this action
remains to be seen.
1t has not been shown that the action
Of President Woodruff is damaging to
any home interest. And he has certainly
done the stockholders signal service in
taking the responsibility of
Wrestling his road from Radical control.
If the control of the Louisville road
the interests of Memphis or
Tennessee, which we have no good res-
son TO believe, we may at least congralu-
ate the stockholders that their interests
are safe from the hands Of the vandals.