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

cent. shall be set apart and passed to tbs
credit Of the sinking fund, and held sacred
TO the purpose aforesaid, together with any
other sum which may, by order of the
Board, pass into the sinking fund. To in
crease and make available the funds Sub
scribed as a sinking fund, and any ether
funds the company may from time 70 time
have on hand, said company may establish
Offices or create agencies to use and employ
the same. BY loaning and re-loaning the
same. Provided koEecer, tibet the profit de-
clared on the stock of the city of Louis
willie and the respective counties, shall only
be held subject to the order of the Board
by consent of the General Council of the
city and the respective County Courts"
The latter part of the third section of
the act is omitted from the quotation or re-
| cital Of the law in the order of the County
Court. 1t is palpabIe that any disposition
Of the fund was to be subject to the control
and order of the respective County Courts,
and, Of necessity, of the Board of Commits
sioners Of the county Of Davidson.
Ii yonr Honorable Board will refer to
section 1l65 of the Code, you will find the
only authority for the County Court to sell
or dispose Of stock 10 railroad company
"Sec. 100. The County Court of any
county having stock in any railroad, may
sell the same by consent of the people of
the county, signifed in the manner pre-
scribed for authorizing comfy snbscfip-
lions"
Section 1l4S authorizes subscriptions by
the people. By law Of the last session of
the Legislature this section was SO changed
% m fbariua l.. L. -
jOrity of the votes cast at an election for
subscription. So the County of Davidson
can sell the stock she holds in any road by
vote of the people, majority of the votes
cast being sufficient.
think your Honorable Board will read
lily see that the third section of the act of
the 10Th Of December, 1865, docs not give
authority to make any transfer of stock to
divest your board Of the control of the
property Of your county. The power to
control it, is expressly reserved to the
general control of the city of Louisville,
and to the county court of Davidson coun-
ty, and by law you are in the stead and
place OF the county court and endowed
with all its functions and powers. | had
thought this third section had been repeal
ed, for feel persuaded the Louisville and
Nashville Railroad company have not Gre
ated and preserved such sinking fund as is
provided for to redeem the bonds of the
State of Tennessee. As it is law of the
State of Tennessee, the State could easily
ascertain whether the railroad company
had such sinking fund as would meet pay
off and redeem the bonds of the State is
sued to the road. 1t might be we'll to as
IrNh . Ia
pealed. Whether it has or not, it is clear
the Board of Commissioners of Davidson
county alone, has control of it. The Board
of Commissioners cannot sell or dispose of
it except by vote of the people of David
son county.
IL would be extraordinary legislation,
indeed, to vest in a county court the pow
er to pass to a corporation in another State
the property and means of Davidson coun-
ty, so that their property should be forever
placed beyond the control of the people of
Davidson county. There is no law for
such proceeding. The actioa of the court
is null and void The Board of Commits
sioners of Davidson county and the people
of Davidson county have control OF, and
can dispose of the stock in the Louisville
aud Nashville Railroad held by the county.
Davidson county needs no foreign guar
dams.
| therefore propose to your Honorable
Board of Commissioners of Davidson
county, that you submit the question to
the vote of the people of Davidson county,
as provided in Section 1l65 aud Section
las, as amended by the act of the Legis-
lature last session, whether the county will
sell to the Evansville, Henderson aud
Nashville railroad company 100000, or
100000 of stock of the Louisville and
Nashville railroad company for an equal
amount of the stock of the Evansville,
Henderson and Nashville railroad COM
pany, the proceeds of the Louisville and
Nashville railroad stock to be used in
extending the railroad to the coal mines
north of Hopkinsville.
1 will be gratifed if your Honorable
Board will submit this question in such
legal form as you deem proper, at the
earliest day you think advisable, to the vote
of the people of Davidson county, and for
either of the amounts named in the propO-
sition. believe the people of the city
of Nashville and Davidson county, desire
to extend aid to the Evansville, Hender-
son & Nashville railroad in the form and
manner proposed. | submit herewith to
your Honorable Board petition signed by
a large number of the citizens of Nashville
and Davidson county, expressing a desire
that the subscription be made. You will
find among the petitioners many of the
largest property holders and taxpayers Of
the county.
As no disposition of the stock held by
the County'in the Louisville and Nashville
railroad can be made except by the consent
of the people of the county, | respectfully
request your Honorable Board to submit
the question to the vote of the people.
| have. the honor to be, very respectfully,
Your obedient servant,
J. T. BOYLE,
President e. II. & N, Railroad.