Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-10

The Spectators and gamblers in rail-
road stocks in New York city having
about wound up the Erie and other roads,
by over issues OF stock for the support
and assistance Of pet "corners," are
about TO get up a Tennessee corner D
whose agents viii be employed to get
hold OF our principal lines OF railroad as a
fresh excitement for the stock exchange
of that city. The special correspondent
Of the Louisville COurier-JouTaGl, writ
ing from New York on the 9TH inst,
gives the following piece Of information
squirting In thst direction:
There is considerable movement to
stimulate border State stocks, and the
statement is published thai 8 bill has
passed its second reading in the Tennes-
see Legislature, entitled "a bill to liqui-
date the State debt contracted in aid Of
railroad companies IN that State. II
authorizes the different companies for
whose aid the State issued bonds, to re-
pay any amount Of the principal OF the
same in the bonds Of the State, and to
issue and sell for thst purpose al equal
amount Of their own first mortgage bonds.
It also giOes to each road the privilege of
EDtcDttllUltlAl DElt ulfstF TOLlc IVF Tie
purpose Of more efficiently carrying out
the purposes Of the BIZ. The debt OF
Tennessee, created in aid Of railroads,
amounts TO about twenty-5even million
dollars. Should the roads of the State
vail themselves of his bill TO the ex-
tent that it is now believed they will do,
the bonded debt will be reduced to a
comparatively small amount.
To the italicized portion Of the above
extract We invite the particular attention
of our readers. Il reads like an extract
from the communications recently given
the public by the parties who desired to
consolidate in their hands ali the roads
in the vicinity Of Memphis. We do not
say that it emanated from them, but We
do say that it leans over to their side so
much IS to seem q part Of their project.
AsfrOm the first we have sought to warn
the public against the centraliz alton Of
railroad control and management in the
hands of any company, and have OPP
posed the consolidation Of the Mississip-
pi and Tennessee with the Mississippi
River Railroad, so now we object to the
passage Of any bill giving or making
ready fer s gigantic monopoly like that
Of the Central or Erie corporations, Of
New York, whose gambling and opera
ting Presidents and Directors have WELL
nigh ruined them and drawn upon them
sn amount Of litigation from which it is
doubtful that they recover, without pass
ing Out of the hands Of the innocent
stockholders. We do not care to see the
Railroads Of our State, just at a time
when, if ever, they are to be remunera-
tive to their owners, pass beyond the con-
troll Of their stockholders, and become
b means OF self-aggrandiZement and
glorificstlon for a few. Opposition Is the :
life Of trade. BY the existence of
competing lines, the railroads of
the State are made mors valu-
able 70 the people. Tariffs aFs re-
dueed, and combinations are made tend ]
ing to the benefit OF the State, It's growth
and prosperity, where's, II consolidated .
In the hands Of any a corporation, the j
people would be at the mercy Of the capi- (
talssis, would De compelled to pay Just I
such prices IS they would demand,
and, as Is shown in the case Of the
Erie Company, such a corporation
would be able TO poison the legis-
.lative, and ven Judicial branches Of
the State government In favor Of any /,
plan or purpose they might set on foot. :
The day that existing lines OF Railroad :
IN Tennessee, under any pre~tense-either !
Of bettering their condition or Of refund I
to the State her expenditure in their {
behslf-psssss into the hands and under :
control Of any one association
such trust may Do accepted with
The best intentions in the world, win
the commencement Of an era
more injurious to her interests than any
lhEensh which she has passed. Sac viii :
have put haTseIl under the ccnsroi or
Ren, Who feeling thelr power, VIII not
slow to use It Tor their own purposes
loweveT much those purposes may con-
aict with the tfns Interests Of the stats. 8
fhey viii Tad It necessary, some Of
hem, TO Een hTskfor ons ONCE ard then s
on anofheE, until themselves or their :
'~reatures, shall monopolze the State.
,ther Etstes have fslt the fofcs Of
q We say. VS. speak Of their expsri
nee and We tell what muat
g The experience Of Tennessee
{ heE railroads shall be consolidated ana
laced ID the hands u any corporation
Ne warn the Legislature, we warn he
'eople Of Tennessee. but especially those
{ Wsst Tennessee against these console
.ationizts Wellt cur soles ID warning
hat 80 sure - ucnepoly seIzes our rail-
We psas under . rod whose indie Il
ions VIII be heavier than those Of the "a
~task7nastefs. and from which q
here VIII he 50 esezpe. g
Ia