The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-04-14


New Orleans, .Incirsou nnd Grenr
Norlhern wnllrpnlt N HH
We have been furniahcd a copy of a.
petition of this Company, by be- agent
Zen. Freeman, TO the Governor and Leg.
stature for settlement Of mutual c.aimr.
and the passage Of an act 10 enable TIE
company to complete this road from Cam
ton to Decatur. Ala. The petition o.
prepared and presented by Gen. Free
man, who has been the Attorney of tbo
road in Mississippi since the original SUR
vey was made. The points are these
1 The road owes the State, s84G. 900.
principal and interest, on account N "a
loan Of 5000 made to The road ~
1857.
The occurrence Of the late war; and
the consequent seizure and use Of the road
by the Confederate forces, and nibse-
quently the capture and destruction Of the
same by the Federal army, prevented the
road from paying this debt and also from
completing the construction Of the road
by the year 1872, now near at hand
The losses of the road by these seizures.
in the destruction of material, are est
mated at 50, 4O4, 474 OS, and the loss of
the annual income Of the road for four
years is estimated at 81, $50, 965-makinr
the sum total Of losses, without interest
on the same, about So, 500, 600 The
Company, since regaining control Of The
road, have rebuilt. equipped and placed
it in excellent condition, al heavy OUT
lay
The yearly earn ngs for the past two
years have been about 81 800 600 Der
annum. The average cost Of running the
road for two years has been $500, OOO.-
Allowing this as the average cost la fu-
turo, the net annual income hereafter
will be 81 900, 600 per annum. The whole
debt Of the road is 81. 7O222i. The am
nual interest to be paid ON this debt is
1887 $50, which will leave the sum of
S662, 700 per annum 10 be paid ON the
principal debt, or used in the coustruc-
ton of the road.
Three millions of the debt falls due boz
lSS7-sixteen years hence. The income
Of the road IL applied TO the payment of
the debt will pay the same in eight years,
and in the following eight years, before
the whole debt natures, the road win
have a surplus Of eight millions Of dob
lars. The Company has 2OG miles sf
finished road, and forty miles of graded
road, and can complete the same from
Canton 10 Kosciusko for about $40 900
dollars.
In consideration of the loss Of four
years time, and Eve millions Of dollars In
money by the events Of the war the Com
lany ask Of the Legislature an extension
# time TO complete the construction of
he road, and the privilege Of contracting
With other railroad companies Of suhi.
ient capital and means to construct tho
Dad at once TO Decatur, Ala.
1t also appears by this paper that the
Dad paid the interest promptly on the
can from the State up TO the time when
he road was seized by Gen. Lowell that
" reason Of said seizure they were de-
rived Of the use Of their road and franz
hises for four years and that the past
our years have been consumed in rebuild
ig their road, so that the Company claims
b have lost, in fact, eight years time. and
We millions Of dollars by reason Of The
'ar brought about by the act Of the State
Mississippi.
The interest accruing on the debt 10
nc State, during this period Is 10000
Ollars. They submit that this interest
ught to be related and as the State
My desires the interest on the debt for
,hool and internal improvement purpo-
Is, they offer to secure the debt by mort
age on the entire property Of the Com
any, and pay the interest annually; and
ais they are now able 10 do.
The writer Of this petition has present
] in a strong light the several railroad
mes that ought to be constructed in order
develope the resources and acc0mmo-
ate the commerce Of the State. His
iggestions are worthy n careful perusal.