Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-04
HEBPEEIS APPEAL
moNDAY MORNING, JAN. 4, ISIS
ruE LIrFLE ROCK aAILRoAD.

$500
We have already shown tSa folly o.
such 8 trade for Little Rock Railroad
Bonds, as is contemplated between the
city and certain parties representing the
First National Bank. As the matter is
likely 10 come up in secret session to-
day, VS. desire respectfully to remind
members of the BOsrd OF Aldermen Of
their duty in the premises; AMI that is,
so far as we can gather it from the pub
lie, that other provision for the payment
OF the Indebtedness OF the city held by
thst bank be made, and that under no
circumstances shall they part With the
city's ownership in so valuable 3 fran
chise.
The people Of Memphis are becoming
ju4tIy alarmed st the, OF late, frequent
propositions Of purchase Of their railroad
stocks. They hsve jest witnessed the
defsat Of s scheme, it IS believed, by the
same parties, for the ownership Of their
stock in the Mississippi & Tennesses, and
intelligent ss they have become SIS to the
objects Of the ring Tin their search after
railroad monopoly they demand Of
their Representatives that this scheme
for the purchase OF tia Little Rock Rail
road for inst is just what is involved)
shall be promptly voted under the table,
on Tuesjsy night, IS too absurd for even
contemplation by business men. The
people Of Memphis know, as well IS the
members Of the ring, that the Little
Rock Railroad viii be, when finished,
the most important railroad running
into Memphis they know that with the
branches in every direction eontem-
plated from it, it will bring this city in
connection with S country the most pro-
ductive in the world, and that is now
sealed to this o any other remunerstive
market for want Of quick eonmunica-
ton, and some parts Of il for want Of
sny cOmmunics ton ct all they know
this and that when ACCOMPLISHED
Memphis viii receive an impetus
greater thsn she has yet received
from 81 the railroads now pouring wealth
Into her lap. They are therefore DESTROYS
that the city, as s corporate body, shall
continue 10 exercise q controlling iniu-
ence in it5 management, sud 70 thst end,
retain her stock 81 whatever expense or
COST They remember how, with the
property o. the city ple3ged for the pay
ment OF the interest on the bonds OF this
Little Rock Railroad, that corporation
was fOstered and encouraged, aver when
war wss raging, and every interest in
the country wss unsettled. What they
hsve paid 50 desr Tor, they are unwilling
to part with and especially at such g
sacrifice as involves their loss of ali con-
troi ia the affairs CT it, snd the less Of
their interest in 81 700, coo worth OF
bonds, money and debts shortly to be re-
allied in suea proportion As will put the
Company away up ana beyond the con
tingency Of failure. Under such circum-
stances as these it would amount to al
most e~riminalI.y, the people think, to part
with dearly purchases rights in n fran
chise the most important evsr pariiei- {
psted In by them. But they do not see
any pressing emergency fer such q
course and are therefore more hostile to {
it. II, IS was shown in our commercial
column, but part and q very small part
of the ciiy's Indebtedness is psid by the I
transfer Of these bonds, and at such q I
ruinOus rate, We continue to Hqui-
date what remains, the question /
occurs, what will the city have left when
she gets through. Il other words, n s
Memphis cJntinues to pay st the rate Of y
$3.50. 600 for every SIS eco she owes, where {
will the public squares, the engine :
houses, msTket-houses, and other prop. S
erty be in . short time? Why, in the
hands Of just such rings as that which is y
huGgering and thirsting for her rail- &
road bonds, and has been for some i
time psst. But we hope that q
common sense viii prevail In the City n
Council, and thst s unanimous vote 10 [
the negative will, tomorrow night, put q
3 finish upon these secret plottings for c
railroad stock If the city tha Inc 81
proposition OF the riog will be laid upon Z,
Inc table, sad the Bard thus plainly a
Vlndieate lie character for judgment and
Integrity.