Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-09-22
urwpHIS AND LITTLE KUN
RAILROAD STOCK.

upwpurs AND LITTLE kOCA
RAILROAD STOCK.
Msmnbis-the rising city OF the MIS-
siss;p ri, the Father of Waters--waS tor .
while under cloud Of adversely oe'
darkness no longer obscures the eo'oen
beams of a bright future. The hk.@'' "
prosperity can be seen coming, and
already her business men and property
holders are beginning to anticipate o
realization Of wealth. The city has been
most unmercilully ridden and set upon
BY q set of sharpers and old fogies,
both standing directly on the track
and in the way of her progress.
But her citizens have had their eyes
opened to their interest, which is
necessarily bound up and depends
upon the future prosperity of the
city. Propositions have been made
by two rival companies to purchase the
city's stock in the Memphis and Little
Rock railroad, which is of vital consid-
GRAFTON to our people. The first is pre-
scented by Colonel Kellar, who repre-
sents, as agent, one OF the com
panies, and is by far the best and
most liberal proposition. These parties
offer one hundred thousand dollars
for the stock of five hundred and seventy
shares. They propose to pay $4,000
cash, $50, 900 in thirty days, $4,000 in
sixty days and $4,000 in ninety days.
Now, these parties further agree, which
is the great beauty of the proposition to
place this stock in the hands Of trustee
selected by the city, to be forfeited and
reconveyed to the city If all the payments
are not made promptly and the road not
completed within six months. This trus-
tee is selected that the interest OF the
city will be protected in any event.
We hope the Board of Mayor and
Aldermen will not hesitate for
moment in accepting Colonel Kellar's
proposition, for the reason that it is far
better than the one made by Mr.. 1. M.
Mabop, the same presented few days
since through Mr.. X. c. briukiey. Inc
hid made by the latter is 10 pay $780,
600 in cash for the stock of the city IN
this road; to place in the treasury OF the
road s572, 900 in cash, and will guarantee
the compilation Of the road in January
next. We propose to examine this prop
osi,iop a little, and show mp its rotten
meas Tn the first place, the ofer OF
sloo 600 for the stock is the same as
proposed BY Colonel Kellar. Then, as
to placing s572,OOo in the hands
of the Treasurer of the road, we can
convey the fallacy Of the idea in no more
appropriate words than to say that 1t is
mere bosh. What. we will ask, does
II amount to, so far as the interest or
secarisy of the city is concerned II
Messrs. Brinkley, Mahon and others do
nut this amount in the hands OF the
railroad Treasurer. Cannot they, after
placing it there, go and take it out at
will? These parties had as well talk about
the Peabody donation to Gen. Lees COL
iege, or the repudiated bonds OF Missis'
eippi-which have nothing on earth
90 do with the completion OF the
Memphis and Little Rock railroad
a. make such statements to intel
ligent men. In the contemplation
Of this proposition, the Treasurer OF the
road would not be the agent Of our city,
but, on the contrary, would be the hired
man Of Brinkley, Nahon and others, who
uould own the stock and control abso-
luteIy every employe on the road. Now,
as to the last proposal Of these gentlemen,
who promise TO build the road by the last
of January next, we want TO know what
guarantee will be given that the thing
will be done as promised and must ask
TO be excused from accepting only the
word of Messrs. Brinkley 4 Mahon that
the road shall be completed in January
The interest of the city demands thai
better security be offered than the naked
wcrd of men who are not distinguished
for Samsonian efforts or the compliance
in the past with contracts made. w
have already the word of the President o
that road that il would be completed b,
the FIRST day of October. But will b
comply2 The answer is he cannot
We have no security that these gentlenel
will carry out the last proposition, e1
cept q meaningless guarantee, which
not worth q three-penee.
The progress Of the times demsn
Young and energetic men, not old fossils
for these latter have ever weighed liz
an incubus upon the rising growth an
prosperity Of the city. The people c
Memphis ask that the present mar
ayers Of the Memphis and Little Roc
railroad be gotten rid OF. We say thro'
the old trumpery overheard. IL has bee
tried and found inadequate to the eou
pletion Of road so important to our il
terest Let men who can build the roa
csr,ainIx ana speedilv have the city