Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-09-10
Memphis and Little Rock Railroad

Memphis and Little Rock Railroad
stGs<.
For several months, at Irregular intervals
Of about two weeks, Memphis has beer
\ excited by the presence of the city's stock
| in the Memphis and Little Rock railroad
on the market, either for hypothecatiou
or for SALE The offer of Mr.. Greenlaw
made last winter, to buy the stock, with
| the assurance that he would complete the
road by the lst Of January, 1870, aroused
bitter opposition, not only from the
press, but from all classes Of citizens I;
yet nobody doubted Mr.. Greenlaw's abil-
ity to complete the road in theltime
specified. Mr.. Greenlaw's we'll known
energy, and his success in every enter
prise in which he had ever been engaged,
gave assurance that, if entrusted 70 his
management, this great work would soon
be completed.
Among the prominent men Of Mem
phis who were unreserved in their oppo-
sition to that sale was Mr.. R. c. Brink
lev. Mr.. Greenlaw was defeated, and
has since engaged in other enterprises
that prevent him from again becoming
bidder for the stock; and Mr.. Brinkley,
finding the city in great straits for ready
cash, comes forward and makes an offer
at about the same rate offered by Mr..
Greenlaw eight months ago, assuring the
Finance Committee that if the stock is
sold to him be will finish the road IN six
months or forfeit the stock-that is, he
will give the city the privilege of buying
it back at the same price he now pro-
poses to give.
Let us examine this matter carefully.
As custodian Of the city's interest, Mr..
Brinkley has FILTERED away more than
four years since the close of the war,
without having increased the value of
the stock or given any evidence of his
ability to build the road. Backed by
large appropriations, and for long time
BY the confidence of all classes of citizens
interested in the enterprise, guided BY
his own Judgment, without dictation or
from any quarter, he has
thus far made a worse than failure.
This. recollect, be has done while en-
trusted with the city s interests, and now,
when BY mismanagement, the stock is
rendered almost valueless, he proposesto
buy Il and somplete the road in six
months. If this be true, then, instead OF
selling him the stock, the city should de-
mand an account of his stewardship,
and either insist upon bis finishing
her road in six months, or compel
him to give place to some one who
will be as faithful to the interests OF
those who tssst him as their servant as
to his own. If 10 six mooiks Mr.. Brink
lev can build the road if owned BY hinr
selfs-thereby doubling the value of the
stock-hoy is It thst be cannot push it
forward at a rate that will take ton
years to complete it while the stock ds
owned BY the city, Is it wall street
operation in which Mr.. Brinkley pro-
poses to bear" the stock Of the city by |
doing nothing, and then, when he can
buy it for a song, to turn bull BY
Suddenly completing the road2 Either
this, or Mr.. Brinkley has proved himself
totally incompetent to carry on this
great enterprise. In either case the
Board of Mayor and Aldermen should
'.look before they leap" for there is q |
nervous Impotence being manifested at
he delay TO open communications
With the great cotton growing region
Of Arkansas, that will soon manifest
itself in way not agreeable to ears Off
cial, il the oity's interest is sacrificed to
or designing wen. 1t the
stock must be sold, let there be no doubt |
Of the ability or willingness of the buyer
to build the road, and that speedily.