Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-02-07

n
But there is another principle of law
administered in Courts Of equity, by pros
ceedings QuiG ttanet, which, in the opin>
ion Of the committee, authorizes the fill
ing of bill to receive the property and
have it sold to pay the debt.
II this were not so the condition Of the
State would be embarrassing indeed.
She would not only be compelled to pay
the semisannual interest as it fell due,
and the bOrds of maturity, without any
hope Of reimbursement, but would be
bound to run and keep up the road at her
own cost and expense, which would
make her debt, before she could DO any
thing to relieve herself, probably
amount to two thirds of all the
taxable property in the State. Such
results are fearful to contemplate.
But the law is we'll settled, that
when creditor has such mortgage, and
the debt increasing, and the security, by
its ever constantly diminishing in value,
so as soon to be worthless, that Courts of
Chancery will interpose, and upon prlncl~
plea of gui0 tiaet, it being to the interest
of both parties, as it must be in these
railroad cases, to sell the property and
pay the debt in whole or in part ac-
cOrding to the nature Of the security.
Upon this view, therefore, of the law,
the committee are of the opinion that the
State is entitled, when a proper case
arises, to have the roads sold to indem~
nifty her against her liability for such
companies.
The opinion of the committee however,
is that the right may not accrue until
Receivers are appointed and have rea.
sonable time to manage" the road and
pay the interest, lift can be done, and if
not then paid, the State then, can sues
cessfully go into a Court Of Chancery for
relief
The committee hereto append states
ment of the condition of some of the
principal railroad companies, by which
it will be seen that eight companies have
received largely over what the roads cost
This appears from the latest reports from
the Comptrollers Office and may or may
not be strictly correct
The committee again and in conclusion,
would say that whatever sales may be
made, to that extent relieves the people
aud reduces the amount of the pubic
debt which is indeed a mortgage upon the
lands within the limits of the State, and
therefore hope the bill reported by them
will become law The cOmmitte have
probably travelled out of the strict line OF
duty imposed on them, in discussing so
fully the financial condition of the State,
but they find an excuse for it in the mag
nitude and importance of the questions
involved, and the deep interest their con-
stituents have in the proper solution OF
the problems discussed The committee
may not be unanimous in their opinions
touching all the matters discussed, but
are so in the results arrived at
All Of which is respectfully submitted.
WILLIAM ii. WIsENER, Sr.
February e. 1869.
According to the ComptrOller's report
made to the Legislature. the following Is
the condition of the roads named
The State has lent or advanced to the
East Tennessee and Virginia Rail
road ..'....'-sZ,g49ni
The road cost, as per same authority Z4eo 55i
The State has advanced more than cost
Of road 4S5,Z4'
The Winchester and Alabama road has
received from the ,6lS,G65
The road has 100000
State has advanced more than road
bos,C"r
received from the State ~ .364. 551
The road has cost. l,l15UUO
-
Excess over IS9,55l
The Knoxville and Kentucky road has
received from the State. 5s w
And has cost liooVoV
Excess over cost....................... i.238992
The McMinuyille and Manchester road
received from the State...-.....'..... SeSg, az
The road cost. .....,-., o-j.UU0
Excess over cost ......................... 16in4
The Mississippi and Tennessee has re- ..,..,
ceIyed --.'.......'' '..-''''''"' sfgvuu
HE road cost -oo,-o
Excess over cost ................... ...r 10000
The Mississippi Central has received ;, i3;,5i9
The road OBSERVATION-DISCLOSURES. I,-'ot"U
Excess over cost ........................ 55.3I5
the Nashville aud Decatur road has -,,, 90,
Received - , lai
The road cost. ...,.a''..''.'-'. i.lo'VU
Exec over cost .............-- l,'D',lhi
The following is what the State has
advanced per mile to the roads named,
taken out from tho UomptrOller's re-
ports, but may not be strictly accurate
bu,D PER VILE.
To the Knoxville and Kentucky ......-.....' i.2i1
To the Memphis and Chareston.............. l962D
70 the Nashville and Decatur, ............- 49,
To the Nashville and ChattanOOga.......-.l 2.o0O
To the East Tennessee and GeCTsIa.......' lou
To the EdgeGeld and X en- lucky ...-...-.... Z2i10
To the McMinnville and Manchester,-....' S7,Io3
LIE he ''p'ii' via, 22sI6
r., he Ncmphis and Ohio..................l 1888
To the Mobile and Ohio........-........."l 4.Zil
TO the Mississippi and TennesSee,........... 42.OS0
To the Mississippi and Tennessee ...-,..... Ills
To the Nashville aud Northwestern .,'...'. H{,h5o
To the Winchester and Alabama .:.:::::::: y. ~