Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-02
THE NASHVILLE AND NORTH
WESTERN RAILROAD.
A Plea i'm BchaIf of the Lease.

% the Editors Of the Union and American:
Ought the lease to be ratified by the
Legislature This is a grave question,
INVOLVING, largely, not only the interests
of the people of Nashville, and along the
line of the road, but also, the interest OF
the State, and her taxpayers from Carter
to Shelby. 1t is the latter phase OF
of this question, that the writer, who has |
been intimately connected with the COM
pany from its first organization to the |
present time, proposes to treat in this
article.
This company is now indebted to the |
State for bonds, and accrued interest in
the large sum of $4,215,000. The State
has a statutory mortgage on the road bed,
rolling stock etc, to secure this indebted
ness. Nevertheless, 50 insufficient is this
security to indemnify the State, that the
Internal Improvement Committee of the
House, few days ago, introduced bin
providing for release of the States lien
on the road, if the company will under
take to deliver to the State, within
three months from the passage of
the law, three millions of her six
per cent bonds; thus offering to lose ST.
2l5, 600 in order to secure the payment OF
the other $500, Goo, 900. Now, if the
States security for the sum loaned this
company is so manifestly insufficient,
would it not be folly in the Legislature TO
further weaken that security9 and wisdom
on their part TO strengthen ii, if possiblef
But how, it may be asked, can the Legis-
lature weaken the security2 / answer, by
suffering the road to stop running during
the long delay that may occur in filing q
bill and conducting the proceeding to fl
nal decree in the Chancery Court, to fore
close the States mortgage by a sale of the
road. Every lawyer has some idea OF
what that delay might be. In the mean
time the iron would rust out, the struct
ures would rot down, the cuts would fill
up and the grass and weeds would so grow
up and obscure the road bed that you
could scarcely find it. In this condition,
offer the road for sale and what would it
bringl What the rusted iron is worth
not One-half, perhaps, of the debt of the
State against the company.
But how, it may be inquired, can the
Legislature strengthen the States Sc
curity? answer, by keeping the road
running, until at can be sold. What
then2 Its business will be established
its road bed and rolling stock all in run
ming order, no rails cOrroded by rust, no
rotten structures, no INSTRUCTED cuts, no
rank weeds or briars standing upon its
track, but everything in good working
order. In this state OF things, parties will
/ be favorably impressed with the value of
the property. A purchaser will see that
he can operate the road from the day and
hour that he buys it. The State will get
the whole of her debt, and the tax payers
will be protected.
But how can the road be kept running ?
RQtify the lease. 1t provides for the
operation of the road Every dollar it
earns, after it pays running expenses, is
to be applied to the repair of road bed
and rolling stock, and to the purchase of
rolling stock, should this become neces-
sary, as it will.
Thus the present value of the State g
security will not only be preserved, but
constantly augmented. But it may be
objected and said, eff we ratify this lease,
the road cannot be sold until the lease ex-
pires." This is quite a mistake 1t is
expressly provided in the bill, that not
withstanding the ratification of the lease,
this road shall be subject TO the operation
and provisions of any general law the
Legislature may think fit TO pass in rela-
ton to the delinquent railroads of the
State AT least this is the substance of a
provision in the bill, if not its language.
If the State sells the road before the
lessees have been reimbursed all necessary
and proper expenditures on the road and
rolling stock, then the lessees are TO be
permitted to run it till they are REIN,
bursed This is another provision of the
bill.
The members of the Legislature are
embarrassed 10 determine what is best
to be done with our defaulting roads
until they can be sold advise that they
be kept running, by all means if
possible, especially If il can be done,
as in this case, by ratifying the lease with
out costing the State dollar. Suppose,
however, the Legislature refuses 10 ap-
prove the lease, what then! VIII not
the road continue TO be rum | answer
that in my opinion il will not. Why ?
Because neither its President nor any othei
railroad man in America can take the road
in its present condition and in the condi.
ton Of lis rolling stock, at this season OF
the year, without money or credit, and
operate it through the approaching winter
upon its earnings merely. Ii cannot be
done, and | venture to predict that its
President will not be guilty of the folly OF
undertaking it; he is a man of too much
sense to attempt it. Ii any member of
the Legislature thinks he will or can do it,
LEI him inform himself upon the subject
let him inquire the D1OduS OOerdadt OF
the performance of such wonderful mira
cles in the way of railway operation, in
this wonder producing age of our admit
tedly fast world.
This is a practical question, and the
Legislature should deal with il as such
The people are largely interested in it. II
should be patiently and thoroughly inves-
tigated and wisely decided IL neither a
Receiver OF the company can run the
road, will you let it stop! How much
will It pay the State, or what use will it
be to the people on its line while it il
standing still! Who will be injured by
the ratification of the lease and the oper-
atoms of the road under it until it can be
soldl No person. Who will be bene-
fitted by iii The State and the people
the whole people, and especially those
living on the line of the road and at its
ternini Then why let it stop rather
than ratify the lease? Win members an
swer this question to their cOnsciences
and their constituents? If they do, they
will likewise answer
JONI A. GARDNER