Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-06-18
THAT PRECIOUS RAILROAD STOCK.
why IL was Taken. and She Erect Of
Holding IL.

words about the stock owned by the cit,
| in the Little Rock railroad, but to-day
will answer as well. We are not trying
to make public opinion, and would not
| if we could, force the City Council t.
sell those bonds against their own homes
convictions. This matter is now placed
10 the hands of the Finance COMMITTEES
the Mayor and Alderman Dyer. The
Committee will report to the Board next
Monday. As we take them to be sensi
BILE, Intelligent, honest gentlemen, seek
ing to do their duty, we will not assume
that they have formed opinions 10
advance that would disqualify them
from acting fairly. They will no doubt
do what they think best for the city,
even at the risk of some morning papers
growing fercely, under the fallacious
impression of grinding out first.
class thunder. Mere assertion has
ceased to win in this community, and
thinking people want some solid facts
along with the copious yerbiage daily set
before them. rprtrA
In regard to railroad stock owned by
cities in general, and this Arkansas
stock in particular, we will array some
facts which may not be palatable to
Ouixotic warriors, who have been fight
ing imaginary rings SO long that they al
most imagine they could face real ones,
but, nevertheless, are worthy of conside-
ration. A city which takes stock in
railroad generally does so to insure the
building of the road, and not for the pur'
pose of speculation or making dividends
Memphis, for instance, took stock in the
Memphis ard Charleston railroad, and
issued 100000 in city bonds, as the
Mayor mentions in his message. The
interest on these bonds amounts to $780,
600, which expense was avoided by long
since disposiDg of the stock. 1t has been
loss TO those who bought it. The city
of Cincinnati, which is nearly as large
place as Memphis, never owneda cent in
any railroad running into that city, and
perhaps never will. New York cannot
control single road running out Of that
great city, because commerce and travel
are governed by the laws of nature or
geography, which no municipal charters
can control any more than they can dam
up stream so high that it will not over
Cow. Memphis ia more interested in the
completion of the Little Rock road,
which would benefit every one, than
in the ownership of 100000 worth OF
stock in the unfinished line. Not long
ago citizen sold his stock in the road
for Eve (5) cents on the dollar, and was
glad to get it. The stock has advanced
some since that time, but it will never
advance much until the road is finished,
and the road will never be Enished on
earth until that stock passes into the
hands of somebody willing to push
forward the enterprise to compile
ton. The city viii never do this,
and like the dog in the nangsr, will not
let anybody else do it. The policy is all
wrong, and the sooner the city sells all
her railroad stocks, or gives them away.to
some enterprising persona, the better.
Arkansas owns that road, and will control
it in spite Of Memphis. II we have bet
ter cotton market than New Orleans,
then the planters will send their cotton
here and sell it. II we establish the
barge line and can sell groceries as cheap
as ST. Louis or Cincinnati, after deduct
ing the expenses Of buying in those cities,
then the merchants of Arkansas will stop
here and buy on Front street Bot If we
owned the entire road and every cross-tie,
we could not force travel or trade from
Arkansas, unless it was to the interest OF
those shrewd people.
The idea of municipal corporation
controlling a railroad is absurd. The
stock owned by Memphis has been o con
tinual source Of discord and contention
from first to last, and we hope it will be
sold by the Finance Committee before
Saturday night for what it is worth
ia the market Some people are
in favor Of lsvying a special tax to meei
the July interest, and we presume thai
they expect to suffer heavily when the
special tax gatherer goes around. Nc
doubt they will promptly meet all lega
demands. We might escape lightly, bu
still would oppose the special tax bust
ness. It is a bad precedent, aut
those who own any property are
taxed nearly to death already. On
writer admits, this morning, that thu
road cannot be completed while thiI
stock is held by the city. This is th'
strongest possible argument in favor o
selling. Those who buy, of course
intend to have the road built as soen a
possible, aud to realize handsome profit
on the enterprise. This is all RICH
enough, for no one has right to objec
to legitimate investment. II f-
Just as we expected. Since commend
ing this article, we hear that Marsha
Boswell, Of the Municipal Court, vii
sell, on Saturday next, the city's stoc
in the Little Rock railroad-S3O0, 00C