Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-25
LAReEsT CITY CIRCULATION.
win the Liabilities Of the state be Reduced
or Increased

or Increasedt
A bill il pending before the Legisla-
ture 10 sell certain railroads in this State
which have failed 10 pay the interest on
the bonds loaned them, the sale being
urged on the ground OF reducing the liza
bilities of the State. While this bill Is
pending, another bill passed the Senate
Yesterday on its third reading loanin,g
the bonds Of the State TO various rail-
roads TO the amount Of g, 495,0OO, Inc
effort seems TO be to rush through the PHI
loaning the bonds while that providing
for the sale OF the roads that have not
mid their interest 9 hangs fire, " either IN
The hands OF the committee or before one
or the other house ofthe Legislature. III
the former should pass II will bring the
liabilities of the State well mp 10 $40, OOO,-
400. while there may be doubt as TO any
reduction being made by n sale OF the
roads Perhaps the following article
from the Chattanooga Republican (Rad-
ical) will throw some light upon the sub
iect.-NashriHe Union aud AMERICAN
"a bill has been introduced into the
Legislature to force a sale of the North
western, Clarksville, Edgefeld, Winches-
fer and MeMinnville railroads. We may
he mistaken, but our impression is that
il il CANNON. The State made advances
10 these roads and was empowered 10 APP
point receivers, and in certain contingen-
cies to sell the roads. At the last regn-
lar session Of the Legislature the State
entered into new agreement with most
ofthem, and in the Omnibus bill made
lavish appropriations to some OF these
and other railroads, utagreed that none
of the roads should be sold unless they
for two consecutive years failed 10
nav the State interest. II a road Tor Two
consecutive years after the making OF
the new agreement failed, then it might
he sold. None of them have since that
time failed for two consecutive years, and
thew can't vet be legally sold. II is very
questionable whether they can be sold
at ali legally. II there is any doubt
about II, the State ia not likely to make
mucb by the sale. 1t is hard to say
whether there has been most roguery or
dunder-headism in the Legislature about
railroads in Tennessee. The Edgeheld
road owed the State 81, 232, sO4, or sll7,-
sO4 more than the whole cost OF Its con-
struction, and it never paid dollar into
the State Treasury toward the interest on
lis loan. but the Legislature made an ar
raneement to give it 100000 to help 1t
buiid road in Kentucky, at the same
time STIMULATING that it should not be
sold unless it failed to pay its interest
for two consecutive years. The Clarks-
vile road owed the State 81 ,468, 25O and
has been made one Of the main arteries
of travel in the State, but for some
reason did not get an appropriation
under the Omnibus Bill, and may per-
haps be liable to be sold There may be
an arrangement by which under such
sale the Nashville aud Louisville railroad
company may buy it at great bargain.
Ouien sabef The Northwestern road
owing the State 1926 600 never had
been able to make even running
expenses, but $550,00O more was
loaned to it, and stipulation
made that it should not be sold unless 1t
failed to pay its interest OF two consecu.
tive wears. II can't be sold now, and II
il could. would only be bought by the
Nashville and Chattanooga or Western
and Atlantic roads at great bargain.
The Winchester road owed the state
Sl,l65,5O and never made expenses.
1t got $500 900 more last session OF the
Legislature under the stipulation that it
should rot be sold unless it failed to pay
interest for two consecutive years. 1t
cant be sold. The McMinnville road
rot from the State 81, 240, 900 or S475, 900
more than the cost of building it. 1t
never has paid running expenses, but as
Il did not ask more State aid under the
omnibus bill, it may be liable to sale.
Our Governor desires to save the State
from loss, but it is very questionable If
the roads can be legally sold. 1t may be
a question whether the State should sell
them if he could do SO. Have the roads
had fair chance? Have they been
properly managed Will their sale aid
in the development of the country