Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-03

mitaithlppl anu ichhcnfN' th"'N~N "@"N-
by the city, which will, Of course, BE- read
with interest by our people;
The Board Of Mayor and Aldermen
met, rs per adjournment, At three o'clock
A. quorum being present, Alderman
Swayne took the chair, and called the
Board 10 order.
The question was put by the Chair
whether the unfinished business OF the
preceding day should be taken mp, or
whether The Board should proceed TO the
consideration OF the question, which was
appointed BY a previous adjournment,
for the special order OF the day.
BY a vote, the Board decided 10 pro-
coed to the previous question.
Alderman McDavitt then produced,
and requested that the Secretary read
the petition signed by one hundred and
twenty-five citizens previously pub
lished), with the clause about the $780,
600 bonds stricken out
Alderman Passmore requested that the
signatures 10 the memorial be read,
which was accordingly done. The list
embraced the names OF the largest prop
erty holders and business men In the
city, all OF whom signed IL with the pro-
viso that there should be no discrimina-
ton against Memphis.
At the close of the reading Of the I'D.
dress, his Honor the Mayor requested
leave of absence, aud that Alderman
McDavitt be appointed Mayor in his
stead pro TEN.
On motion of Alderman Ruiin, the
leave was granted, aud Alderman
McDavitt appointed Mayor pro TEN.
Alderman McDavitt then offered the
following resolution
Resolred. That tie Mayor be author
| lied to sell the stock held by the city Of
Memphis in the Mississippi and Tennes-
see Railroad Company to the Southern
Railroad Association for ten (lOl cents
on the dollar of the said stock, for the
purpose of aiding in forming consoli-
dated line Of railroads, connecting the
Mississippi Central, Mississippi and Ten
nessee, and the Memphis and Paducah
railroad, by line running through the
city of Memphis; prorided, the said
consolidated companies shall go forward
and build the branch road from Memphis
to Troy station, thereby connecting Mem.
phis and Paducah; and the money re.
ceived for such stock may be subscribed
by the city of Memphis to the capital
stock of said Memphis and Paducah rail
road but the sale of the said Memphis
and Tennessee railroad stock shall moi
be binding or completed until said Mem
phis and Troy branch railroad shall have
been built and in running order through
its entire length.
Alderman Passmore then arose and
opposed the motion. He was surprised,
he said, to hear this thing brought up
again. The first time it was proposed il
was voted down by vote of nine to four.
The second time it was broughtu 1T was
voted down, although there were reasons
offered why the stock should be sold
the payment of the July interest, etc
Again it is brought up, and the other eve
ming Mr.. West came here and made Q
speech, magnificent for Fourth of July
but not at all conclusive as speech on
the subject. The fact is, it is all for self
ACKNOWLEDGMENT The speaker then went
on to speak of the names of the signers,
and said they were big property holders,
but the little ones-the masses-had not
been consulted. He proceeded to show
that the road which these gentlemen
wished to sell, which, as they say, is going
to the devil, and which is not able
| to pay its interest, is making far
more, by their own reports, than
is necessary for such purpose
With all due respect for those
gentlemen, we must say that those who
made speeches there, the other evening,
tried to pull the wool over our eyes.
They want to buy our stock simply as a
lever. They want to buy the city's inte-
rest for ten cents on the dollar, and, Of
course, will 90 to every other stakeholder
and try to buy their stock, saying, "fou
see the city thinks the stock is of nc
value" and by this means inducing
everybody to sell to them and obtaining
road for a song that cost millions
This is scheme simply for self-aggrand-
izement. 1t is speculation. by the ad'
mission of Col. Tate and Gen. West.
The speaker proceeded then to show that
BY the scheme as elaborated, the cotton
interest, the dray and transfer interest
would be Misunderstanding to the cry
that the action was necessary to pay the
January interest. This argument is
fallacous, for the reason that the
amount obtained would not be near
enough after paying our Indebted
ness to pay this interest. Besides
we have been told again and again that
this interest has been provided for As
to the road going into bankruptcy, there
was no idea Of such thing, neither at
the time the speeches were made, nor
now. The speaker frequently alluded to
the mistaken action of the Board in the
sale of the Memphis and Charleston rail-
road stock. How bitterly this hasty
action of the Board has been and now is
regretted. all know. The gentleman
closed with reference to the weight OF
the articles published in yesterday s
Appeal, aud begged the gentlemen to
consider them well, and act for the in
terest of the city of Msmphis.
| Alderman McDavitt followed, and de-
MED chat il had ever been asserted that
the January interest has been provided
for. He had said that $25, 900 of it was
ready. As to the value of the stock to be
sold, he regarded it az worth less than
! nothing; for how can the stock of road
hat has sunk three times the amount OF
money m - :. stock has been put into it, be be
s m;is ~ he he vor Al anything2 He alluded
to his services as a plS"nc msn ana . Je
clared that no man, even Inose WV
prated the most about their devotion 10
the public veal, had been truer to the
city of Memphis than be. although be was
but an adopted son of Tennessee de
had no personal feeling. but wanted the
Board to act intelligently on the subject;
We are now on the very pinnacle OF
either railroad success or RAILROAD rum.
We must now decide to 20 ahead or 90
down. ~,
Alderman McDavitt then referred TO