Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-11
THE CITY
ST. Eouis and Memphis Eevee Rail-
road, and Cairo and Fulton of Ar
kansas.
A recent number Of the St. Louis Re-

Sf. Louis and Memphis Eevee Rail
road, and Cairo and Fulton of Ar
kansas.
A recent number Of the St. Louis Re
publican says:
We are authorized to publish the fol
lowing letter from Mr. Marquand, an in
telligent enterprising and wealthy bank
er of Wall street, New York, relative tC
causes of delay in two works of much in
terest to this city:
DEAR SIR: In reply to your question
why the extension of the Iron Mountain
road from Morley to Memphis has been
dropped by Mr.. Aliens friends, have
to say that according to a programme
laid out in the spring, | worked dill
gently in procuring subscriptions for the
purpose, and obtained about three mil
lions of dollars, enough to warrant the
completion Of the whole l4S miles
to Memphis. We expected to sell the
balance of bonds at leisure. They were
all subscribed for at par, and a first
class road was to be built and equipped
Wewere ready to begin work about the
LIST of November, and expected to put on
large force-the terms were with Col
L
part, that the lands should go in at 81 %
per acre, except in a few cases, and that
the old contract should be cancelled.
Some of the contractors consented, but
it seems that they did not all agree TO do
it. You can judge of my surprise after
getting estimates of cost, procuring maps,
printing circulars, and interesting a
large number Of wealthy men in it, to be
informed, about December !, that another
party had probably bought it from a Mr.
Rowland, of your city, who had about
one-fourth Of the old contract, and stood
in the way. This old contract was made
in the day when paper was so plenty that
it was accounted Of little value. II called
for payment of nearly double what the
work would now cost and no sensible man
would take a good road and build il on
these terms. But for this obstruction
5000 men would now be at work, and the
road bed far advanced. / hear of the
new party seeking money. Whether
they can prevail on sensible men to pay
double prices for work, it remains to be
seen; time rolls on, and it is likely moth
ing Will be done this year. Another year
may find the public unwilling to buy new
bonds of any railroad. This is one Of
the many good projected enterprises
which have been delayed, and perhaps
ruined by persons of no means seeking a
foothold with a view Of selling out.
There has been a party, to my certain
knowledge, ready and willing to build the
Cairo and Fulton road in Arkansas for
year, but the grant of lands is in the
hands of men who have not spent a dol
lar, have embarrassed the company with
a debt of 100000; sold 5000 acres of
land, and made four contracts of various
kinds to build it. Then they modestly
ask 100000 bonus. If you could
get the Arkansas Legislature to
sponge out Mr.. Brayman's party.
| viii get you in forty-eight hours
the signatures Of men worth 81, 00O, 600.
or over, TO build the road 1t is easy
enough to write articles urging roads to
be built, and critical notices on those
who are industriously building them, but
it is very difficult TO remove the human
logs and snags which creep in the way.
1t arouses my indignation that Missouri
seems to set so slight value on the indie
fatigable and intelligent services of a
man like Mr.. Thomas Allen. who had
done more for your State than any man
] know, and yet is abused almost daily by
ignorant and selfish men in some Of your
papers. Truly yours,
H. G. MARoUASD.