Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-03
II CITY COUNCIL.
Adjourned Meeting Ofthe Board
Of Aldermen.
The Proposed Sale o. the Bonds
Of the s~IiSsisslppE and Ten
nessee Railroad Held
by the Cits.
The Matter Referred to a Com
mittee OF Five.

i INn a. JILL NN9LAN 49, AA4AA - - 49,
| took the Chair, and called the BoarG &
order.
The question was put by the Chat
/ whether the unfinished business OF th'
| preceding day should be taken Up, o
whether the Board should proceed 10 tn.
| consideration Of the question, which wa
appointed by = previous adjournment
for the special order of the day.
Ry a vote the Board decided to proceed
to the previous question.
Alderman MeDaVitt then produced
and requested that the Secretary resC
the petition signed by one hundred an
twenty-five eitigsUs, previously pnU
iished,) with the clause ABOUT the 1890,
geo bonds stricken out.
Alderman PassmOre requested that th'
signatures to the memorial be read
Rhich vss accordingly done. The lis
embraced the names OF the largest prop
erty holders ana business men in the
| city, all OF whom sigued il with the pre-
yi7O that there should be DO discrimina.
lion against Memphis.
Al the close Of the reading OF the ed
dress, his Honor the Mayer requested
leave Of absence, and hat Alderman
McDAvitt be appointed Mayor in his
stead pro tenn.
On motion Of Alderman RufiO, the
leave was granted, end Alderman Me
Dsvitt appointed Mayor pro tenn.
Alderman McDzvitt then offered the
following resolution:
RssOlged That the Mayor he author.
iz-d to sell the stock held By he city o
Memphis in the Mississippi and Tsnnes.
zee Railroad Company TO the Southern
Railroad Association for ten 10 cent;
| on the dollar Of the said stock, for the
purpose of aiding iu forming q c0Esoli-
i8ted line Of railroads, connecting the
Mississippi Central, Mississippi and Ten
uessee, and the Memphis and Padueat
Railroad, by < line running through ths
city Of Msmphis; provided, the ssic
consolidated companies shall 90 forward
and build The branch road from
Memphis to Troy station, thereby con.
Meeting Memphis and Paducsh; aud the
money received for such stock may b.
subscribed by the city Of Memphis TO the
cspitsl stock Of ssid Memphis and Padn-
cab Railrosc; but the sale Of the ssiC
Memphis snd Tennessee Railroad stock
shall not be binding or completed unit
said Memphis and Troy branch railroad
snail have peel built and in running or
der through its entire length.
Alderman P6ssmore then arose and
opposed the motion. Hs Wss surprised.
ne said, to hesr Of this thing brought "
again. The first time it vss proposed II
Ess voted down by 8 vote of nine TO four
The second time il was brought up l. wa:
veted down, although there were reasons
offered why the stock should be sOld-the
payment Of the July interest, etc. Again
il IS brought up, and the other e~venicg
Mr.. West came here and made 3 speech
to US, magnificent for fourth Of July, bI'
not at sll conclusive IS 3 speech on TIE
subject. The fact is, il is al for self az.
grandisemeDt. The speaker then ven
on TO speak OF the names Of the siguers,
and said they were big property holders,
but the littis Ones-the masse5-had moi
been consulted. He~pFOceeded show ths'
the road which these gentlemen wished
10 sell, which ss they say Is going &C
he devil, snd which is not able TO pay
its interest, Is making far more, Dy thell
own reports, than is necessary for suca
purpose. With all due respect for tnGs'
gentlemen, we must say that those wbC
msGe speeches there the other evening
frjed to pull the wool over our eyes. They
wsnt To- buy cur-stOek simply as = lever
They want 20 buy the city, interest forteI
cents on the dollar and Of course will 60 e
every ONaNEE 49, - ~ -
their stock-saying, HYOu see the city
thinks the stock is OF no vslae,' and by
this means inducing everybody to ssii
TO them, and obtaining . road fOr = song
thst cost millions. This is 3 scheme
simply for ACKNOWLEDGMENT, Is is 9
specalstiOn, by the admission OF Col.
tate and Gen. West. The speaker pro
eseded then to sGOB that by the scheme
As elaborated, the cotton Interest the
draw and transfer interest, would be
Misunderstanding to the cry that the
soften was necessary to pay the January
interest, This arguments failacious for
the reason tina tie amount obtained not
would not be uesr enough AFTER paying our
Indebtedness to pay this interest. Besides,
We have been told again snd Sgaln Lhat
this interest hes been provided for. As
10 the road going into bankruptcy
there was no idea Of such q thing
neither ct the time the speeches were
made. nor now. The speaker fire.
0uently alluded to the mistaken sc
ton II the Board in the sale of the
Memphis and Charleston railroad stock.
How bitterly this hasty action Of the
Board has been and now is regretted, ali
know. The gentleman clOseL With 8
reference to the weight Of the articles
published IN yesterdays APPEAL, and
hegEsa the gentlemen To consider them
~en, aad sst ser the interest Of the city
of Memphis.
Alderman MeDavitt foiioVeS, and de-
MED that it had wei been asserted that
The January interest had been provided
for. He had said that S25, 600 Of it was
ready. IS to the value OF the stock 10 be
sold, he regarded It as worth less than
pothiug-for how can the stock Of s road
that has sunk three times the amount o!
none as stock has bsen put into It, be
said 10 be worth anytbiCg He alluded
10 his services IS s public man and O.
clsred that no man, sven those WHIT
Drstsd the most about their ~deSOtsOn "
The public veal, had been truer to tht
city of Memphis than he, although ut
was but 80 adopted son o. Tennessee
He had no personal feeling but wanteT
the Board 10 act inteiiiEently On ths sub
ieet. We are now on the very pinnaei4
Of either railroad success or railroad ruin,
We must now decide to go ahead, or 60
down.
Alderman McDavitt then referred e
the experience OF Louisville IN railroad
connections, and begged the Board ID
take pattern by Il. he urged railroad
connections westward. Hs would not
give one cent for New York or ess sern
connections, but desired a road a;
straight 70 Chicago as It could be built.
He alluded to Gen. Ell. p. Gaines proph-
eey In regard to Memphis IS q greai
railroad center, and hoped that il might
be fulfilled. In regard 70 selling tbs
Charleston Railroad Stock the city never
did a wiser or better act than when it gOt
rid Of II. BE could go and buy It bach
now ct fifty ent o. the dollar, bul
/ would not have IL. He showed the fal'
lacy OF thinking thas : city could cOntFo.
q railroad. Cities may abet and aid
! roads. but never control them. At the
| conclusion Of his remarks Alderman
| Johnson, OF ths Second ward, took tbs
matter up, and went ever pretty much
the same ground Sc Alderman HcDavitt
He urged, however, that proper guarsu'
tees be given for the performance Of al
the pledges made by them.
Alderman Rufin followed, opposing
the selling of the bonds. He read tbs
l portion Of the memorial referring to the
| demand Of the parties wishing to pur
I cssse, and laid particular stress upon The
wnrding, 1.-THE words demand" anC
" shaH,h especially, and ssid that It WA
az least cool. He urged il the city
had any money TO spare, Rsy
$500. 600 or $500, 900, let us give the $500
GOO to the Memphis aBd Selma RsilrOsd
or $500. GOO ( o the Little Rock Road. HI
alluded 10 glowing terms TO the Rdvhn
4