Clarksville weekly chronicle. [volume] (Clarksville, Tenn.) 1865-1867, 1867-04-26

Il Louisville railroad, TO the Louisville a
! Nashville railroad company. Orators, botl
for and against the proposition, delectated this
worshipful body, and an audience aft though
few from "morn till dewy eve." Being
one of the latter, and also one who can be-
come surfeited with too much of a good
thing, we occasionally went out to relieve
our mind from the sweet t,nsion of the rack
of eloquence. During these intervals we
doubtless missed much that twere well to
digest If not to record, and therefore, trust
we shall be pardoned If the following sum-
mary of the arguments, pro and con the sale
of the road, omits any material point.
The arguments for the sale were that it
would require, at least, half a million to put
the road in good ORDER and this amount
could not be borrowed; that the present
debt of the road was, in round numbers, So,
900, 900, part of which obtaining over I
per cent interest, accrued about 81 900
annually; that to meet this interest," the
road in its present condition not being able
to make its receipts more than $500, 900 per
annum, and 10 per cent of such receipts,
being stated by an eminent railroad authori-
ty as the average deduction for running ex-
penses would have only $l0s,0oc; thus,
leaving an annual increase of debt of some
500, 900; that this growing debt would make
the stock worthless, and sooner or later
necessitate the sale of the road, upon terms
much less favorable than now offered; that
as to expecting any further aid from the
State that poor old Radical ridden insttu-
ton, was nearly bankrupt itself and besides,
that the last munif cent contribution of $500,
900 had left us more in debt than before
We do not remember that any of the advo.
Gates for the SALE suggested in reply to the ap-
prehe,sion of their opponents, that Lou
isville would have power to injure Clarks-
vile, by the control of this route, that she
already had it in her power to do this, by the
possession to the State Line of the Memphis
Branch, which runs through q section that
largely contributes to our trade. 1t was
further contended that the chief capital Of
the road for negotiating a sale, was its i'm
portance as connection, and this Importance
being greater to the Louisville & Nashville
railroad than to any one else, therefore, a
better trade could not be reasonably expect
ed in any other quarter; and that it was
also in the power of this road to crush our
own, by its ability to make a Southern con-
nection through the Northwestern road, that
route being only II miles further than this,
and the people of Nashville being willing to
grant the right of way through their city
for such connection.
The opponents of the Bale argued, that by
the expenditure of $500, 900 upon the road,
its receipts, in the opinion of the best judges,
would be increased to $500, 1000 year; that
its present debt was only 100000 upon
which the interest was $4,000; that 80
per cent. upon the earnings for expenditures
for running was fair estimate, and this
would leave out of fhe $500, 900 nett earn
ings, sinking fund of $3.50 600, after pay
ing the $4,000 interest every year; that
this applied to the payment of the debt an
nually would decrease the interest in cores.
ponding ratio, and thus the sinking fund
would continually increase beyond the $50,
900 with every succeeding year; that with
out the expenditure of the 100000,
the gross earnings of the road would not, in
its present condition, he less than 100000
which, with so per cent. discount for run
ming expenses would leave sinking fund of
60 600 after paying the Sl20, 900 interest
The importance Of our connection To the
Louisville h Nashville railroad was urged as
a guarantee Of its continuance so long as we
ran our road, and that the certain and speedy
completion of the Henderson & Edgefeld
road would render us Independent of them
at no very distant day; that this fact, to-
gether with our necessity TO the Louisville
aud Nashville railroad, would extort from it
better terms of sale than the present, if
sale should come TO be necessary; that above
all, the surrender of our road to Louisville,
would put it in her power to damage the to-
bacco interest of Clarksville immensely and
that finally, whether these statements were
we'll founded or otherwise, there was no i'm
mediate necessity for the sale, and therefore
a sound discretion dictated its deferment,
until the necessity arose. These were the
main points offered by the opposing
speakers.
We have not space to give them in their
full elaboration or to mention many other
considerations used to enforce them. We
say, however, that through all the discussion
there was a copiousness of assertion, in pain
full contrast with the paucity of established
facts AMI figures.
The conflicting statements Of the per
centage Of a roads earnings to meet its
expenses, were supported by isolated authori-
ties, or in their absence, by mere declaration,
The actual debt of the road was not salts
factorily shown--no certain statistics were
adduoed to sustain or disprove the opinion
asserted and disputed, that the larger the
receipts of road, the less in proportion
were its expenses. Inasmuch as the pro
position of sale end terms, have been studi-
ously kept from the public we sumbit that