Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-05

agree 10 fnIsh aud equip wlthia two
yssrs oolonsl Mitchell would doubt
less have the honor aud eciaf OF a rail-
way builder. ID happens, unfortunately,
that his company. like our whole people,
are poor, and h 10 money that makes
the mare" and iron horse go" Col,
Mitchell has too much self-respect, aud
too high an order OF Intelligence. TO be.
come an obstruction 10 the compietion Of
a work whose importance he cannot
deny, aud which has neither Importance
nor value II Il should not be built imme-
diAtsly. The stockholders want the road
and will readily assent 70 Tate's terms,
which relieve them OF the necessity OF
paying money. and still give them a
railroad. II thus happens, even il Col.
Mitchell were as stupid AS the Appeal
imaeines. that his stolidity would avail
nothing in preventing the surrender Of
his charter TO Tate and his associate.
SAM. TATE As A srEcuLAroR.
When the city government sold its
stock in the Memphis and Charleston
railroad to Tate, Munford, Forrest a Co.,
the transaction was wise. The city
authorities hardly have capacity TO take
care Of single corporation. IL they
had continued to WELD half q million Of
stock, that became eight hundred
thousand, in the Memphis and Charleston
railroad, the whole sum would have been
stolen by some thieving ring; aud that
this end might be- achieved, the stock
would have been purpossly deprecated.
The withdrawal Of the city as q share
holder was most fortunate for the road,
which fell into the hands Of men deeply
interested in its wise management; and
the more wisely its affairs have been
administered, the mere Memphis has
been profted. If Tate, Munford and
Forrest made good trade, which
il happened they dil not, the city
was not the loser. There Is nothing
TO make us doubt that the sale of the
stock was wise and proper save that the
only Alderman who opposed 1t was Col.
VIM. NJ. Perkins, whose late work on
Spiritualism shows how incapable he
must be Of Legislative laundering. II the
city, instead Of individuals, had owned
the Memphis and Charleston railroad, 1t
would not have risen as il by magic, ID
1865, from It's ruins.
TATE AS A MoSEY-LESDER AND sHYLock
The ridiculous appeals to vulgar and
personal prejudices to which they have
resorted who discuss this matter, is in
dicative of want of Justice and reason.
Sam Tate supposed that Memphis wanted
the shortest railroad line from the North
to New Orleans Since Memphis has
been hedged in by railroads and is forced
to concede the connection of Northern
and Southern lines in order that lateral
roads may become innocuous; and since
trade and travel are rapidly diverted
Mr.. Tate, imagine, intending to make
money, proposed to build road for
Memphis which Memphis must have and
cannot build for herself. i'll could do such
work for this city for three hundred and
twenty-five thousand dollars, / would
deem myself, when paid, public bene.
factor. The county should aid the city
but Col. Tate does not ask too much for
his services and for the use of two mil
lions or more of credit and capital.
There is not money lender in Mem
phis, however he may rail out against
Tate, who would risk his capital in such
a work on like terms.
BRAZILIAN PEBBLES FOR ALDERMASIc
OPTICS.
In fine, Messrs Editors, am inclined
to believe that our Board of Aldermen
have looked through very greasy, dirty
prejudices when contemplating the facts
by Col Tate's proposition.
Tate intends to make money; he ought
to make it; he needs it because, as gro.
Ger, be credited too many people, who
NAV now abuse him; his talents and skill
are worth money; the capital he will use
is worth more; be will employ and feed
many poor working man, and add five
millions to the wealth Of this city and
county Are not Aldermen sublimely
stupid ? LOMBARD.