Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-06-13

things, OF II a community has left 10 it the
right to dispose Of its property as it pleases,
10 the name Of all that is sacred and right,
permit it, at least, to Judge for itself 10
what manner il will contribute, and upon
what terms.
i Surely, no reasonable man could be
willing 10 accept subscription to any en-
teTprise he might have at heart, except
upon terms that would be reasonably sails
factory TO the community asked 70 sub
scribe. What is the county of Davidson
asked to subscribe, in this Instance liz it
money No. Is il bonds? No. Its the one
half of the stock owned by the County
| id the Louisville and Nashville Railroad.
| Whether OF the original stock, or of the
present stock is not stated clearly. Why
should this stock be singled out and asked
for, and such seeming dislike to take any
| thing else? What is this Louisville. and
! Nashville railroad stock7 fsit valuable or
not? Ii is stated that the county owns
S422, BIO Of this stock, and that il win pro-
badly yield SIS, go annually; and that
| the interest on the outstanding bonds Is
annually $l4,2S0, after paying which,
handsome balance will be LEFT, with which
TO retire tbe bonds, issued to that road, and
that balance, as a sinking fund, will be
increased az bonds are retired, until the
whole amount issued to thai road are taken
up, and then all received from that source
will fall into the hands of the county as a
sinking fund, with which to liquidate and
manage our other Indebtedness. Have we,
as community, the right 10 withhold this
stock, and all other property we have, from
this or from any other enterprise, until we
can agree upon terms of parting with it,
l think we have, and that any question
connected With this, or any other subscrip-
ton. ought to be fully understood by our
people before any action is taken in the
premises. 1t is insisted that the stock in
the Evansville, Henderson and Nashville
Railroad viii be equal in value to the stock
in the Louisville and Nashville railroad.
This, surely, is mere fancy, and cannot
seriously be entertained by any man who is
disinterested.
1t is expected, by present arrangement
with the Louisville and Nashville Railroad
Company, that our stock viii be increased
by at least thirty per cent. If that is done,
and the company pays dividends equal to
six per cent, the income of the county,
from that source, viii be about $50, 900 per
annum. If the stock is transferred, OF
course the dividends, both cash and stock,
upon the amount so transferred, will be lost
TO the county, unless reimbursed by the
Evansville, Henderson and Nashville rail-
road, which will require more prosperity,
on It's part, than the most sanguine disin-
terested man can reasonably hope for. And
all must know that, unless the receipts
from the Evansville, Henderson and Nash
Vile railroad shall commence at once,
(which will be impossible for several years,
in order to pay the interest on the $685.
600 of bonds issued to the Louisville and
Nashville railroad, the county will have to
pay tax on the people, at once, and con-
tinue the same up to the maturity of the
bonds, and then a sufficient tax to pay
off the bonds themselves.
1t seems to me that if this community
undertakes to extend further aid to the
| Evansville, Henderson and Nashville Rail-
road Company, we had better do so by is.
suing bonds to ii TO such an amount as we
feel able, and hold the Louisville and Nash
vile railroad stock as means by which,
10 the future, we shall be able TO pay them,
and by that means enhance their value ia
| the market, when offered for sale.
By that mode of subscription, we will
lose nothing bat the interest on the bonds
as it falls due, until the road is able to re-
| lieve the county, which will be but short
| time, if the friends of the road are correct
| in their conclusions as to Its results. And,
moreover, by that time, according to their
| statements, the county will have stock in
| the road equal TO its stock in the Louisville
and Nashville railroad; and if it is, it
will not only pay the interest, but 10 few
| wears, the bonds themselves. Suppose,
however, they shall be mistaken, as they
! have heretofore been in regard TO the
| Evansville, Henderson and Nashville rail-
road and it shall fail 10 enlist sufficient
capital to build it, AS it did in times past
and shall again become insolyent, and its
bondholders force its sale, will not the
stock be lost as before? 1t is argued and
insisted that the Edgefeld and Kentucky
railroad is now hopelessly insolvent, and
that by building the Evansville, Hender-
son and Nashville road, it will, perhaps,
be saved TO the present stockholders. Let
as examine this proposition, and see if an
other result is not more likely to follow,
by which, instead of being saved, the Edge
field and Kentucky railroad and its stock
holders will be swallowed whole.
| Suppose the Evansville, Henderson and
Nashville road to be built, and to be rea-
sonably prosperous, and the Edge6eld and
Kentucky road remain in its broken down
condition, and 10 be compelled to be
sold for whatever it would bring, is
il probable that the stockholders in the
Evansville, Henderson and Nashville
railroad will, in their magnanimity, come
forward and give any more for it than
they are compelled to do, in order to
possess themselves of the advantages of the
whole line from here to Henderson.
Such contamination might convert the
whole influence of the road 70 the building
up of city on the Ohio, and leave Nash
! Vile swinging on to the tail of a monster
that would have no further use for her and
her people than to laugh at their foolish
mess in expanding money for others, which
they would have spent for themselves il
left alone.
1t il insisted that Louisville does not
play fair with US. Suppose we admit this
for the sake of argument. There was a
time when we occupied towards Louisville
even better position than we do towards
the Kentucky end of the Evansville, Hen
derson and Nashville railroad. We had
charter that gave us control Of the road
from here 10 Bowling Green, and every
thing to that point was in our own hands
but, 10 an evil hour we gave it up and
trusted the magnanimity of Kentucky, and
thus lost the trade Of all that section O
! Kentucky contiguous TO Bowling Green
which is by far the best part from here &c
Louisville, and which, feel, might have
been made tributary TO Nashville, with
) the railroad under our control. Nov
we occupy the same position, in a
, less degre, between this and Hen
: derson and to some extent the sam'
! citizens Of Nashville who were instru
mental in yielding the advantages We held
in that case, are now insisting upon yield
, ing those we now have between this city
= and Henderson-not by consolidation with
| the Edgsfeld, Henderson and Nashville
= railroad, but without terms altogether. /
! this shall be done, feel sure we, rs a com
munity, will always regret the step, As tn
) chances are thai it viii result, in all tim
! 20 come, 20 our disadvantage.
: will ask our people, who have no inter
| eat in this matter except eur common pros
: perity, not to be too hasty in giving ava.
, advantages, now had, for those that ma.
/ never come, for surely we have made blum
: ders enourh in our railroad matters.