Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-11
The Subscription Unanimously Approved
lENERAL FoRREsr's sPEEcH.

dents of two short roads. He had COM
bined these two, having BOUGHT the iron
and franchises of one for 100000 stock in
the new company, and had TO pay a float
ing debt Of $4,000.
He then secured the States / ndorsf-
ment of his bonds to the amOun $500, 600,
which he sold at 50 cents, and with this
and county subscriptions he was now I'M
ming forty miles of finished road.
He has 800 hands at work, and with
county subscriptions and Sit, 600 per mile
from The State of Alabama, the compa-
ny's bonds Endorsed by the STATED, be
would nave a surplus, of Sl65, 900, after
crossing Alabama, except for the cost Of
Warrior river bridge, which is now being
built in the great part in Louisville. This
bridge will be finished in September.
The whole road in Alabama will be COM
pleted by the first of January next.
Columbus, Miss, invests Sl00 600, and
Lowndes county $3.50, OGsG'The coupons
thus far matured were met, and in this
last month interest has been paid in adj
vance for six months. He had hired 240
men in North Carolina; had six miles
graded and four miles iron laid at Column
bus in the direction of Selma, and thetwo
ends of the road would soon meet at
Eutaw, and be finished to Selma by the
first of January. Aberdeen has taken
$I00, 600 stock and Monroe county $3.50, 900.
/ OhQLOud las kdAFAl gObspNgs anu ChAlhnouN
county $50, 600. OnIysi il miles of the road
are in the county which pays $685. 900 in
eight annual instalments.
GLORIOUS PoNToToC.
Poutotoc county is somewhat opposed
to the road. It is thought there that
Memphis should first do something. Gen.
Forrest has answered that Memphis had
been roughly governed, and would come
up at the proper time, when we had a
little breathing time. Three-fourths of
the people had voted in Pontotoc for a
5000, 900 subscription. Il is comparatively
a poor county. AND has access to Mobile
and Cairo. The town and county are
worth only 81, OOO, 600, and had subscribed
/. 1900. Marshall county only proposed
to give $3.50, 900. He saw that the county
would not vote for it. 1t is waiting for
Memphis. The northern part of the oun
ty didn't wan the road at all. In public
and private subscriptions the company
has 81, 100, 900, very little land, and cannot
secure lands further than five miles
from the road. The charter is TO be
amended so that the company may own
land anywhere. There are $50 hands at
work at Columbus, Miss, and no con-
tractors. The company takes its own
contracts, and own mules and does its
own dirt moving at 10 cents per cubic
yard, in Mississippi; in Alabama, under
/ COlNIhELDlDs 4 Ib1N5 IL Ia IL W. AH0
money enough it would not cost more
than p cents. He must have money.
$4,000, 900 we've required to complete and
equip the whole road. We have 81, l00,-
OG0. and 50, 000, 900 are wanted; $4,000 900
can be raised by a first mortgage. We
can sell our first mortgage bonds at $50
30 cents. Bonds issued in Alabama, in
dorsed by the State, sell at 95 cents. He
is now compelled to appeal to Memphis.
He must make the best showing when he
goes to issue these first mortgage bonds on
the road. Capitalists must see clearly how
he is to meet accruing interest, on these
bonds secured by this mortgage. He
looks to Memphis and Shelby county to
meet this ezigency.
If Memphis will come up he can go
ahead. He will never issue the $4,000, 900
OF bonds, knowing the coupons will be
protested. Other cities and corporations
are looking to this road. st. LOAA, Louis
vile and Chicago are all striking at this
road to get control of it and thus access to
Savannah and Brunswick. The distance
saved between here and Holly Springs is
twenty-seVen miles, and to OkolOna now
100 miles, the distance is reduced to 10
miles, and it is $50 miles nearer to Selma
thar by the present railroad route. We
now go over three roads to Selma. st.
| Louis and Louisville would reach Pensa-
cola and Mobile, and also Columbus, Ga,
Brunswick and Florida over this road.
The Iron Mountain road offers to aid it,
and the Illinois Central road wants to
come TO Holly Springs and would indorse
the company's bonds to buiid the Dad to
Okolona. The towns.and counties between
Alabama and Mississippi are in earnest.
The people of Pickens county, Ala, took
$50, 900 of their own county bonds and
work for the bonds as contractors The
counties are out of debt. The city of Co.
lumbps, and Lowudes county, have mon
ey on hand, Green and Monroe counties
are in the same condition. All the coUn-
ties penetrated by the road are very rich.
There are 60, 900 cotton bales shipped an
nually from OkolOna, $4,000 from Chicka-
saw, IS, 900 from Columbus, 5000 from
Aberdeen and from every station in that
paradise of cottopsgrowers an immense
quantity of cottQnfSlll be moved North
Or South over this raaa. Selma n
Memphis will get not less tan 100000
bales. Counties in Alabama, 90 and 20
miles from Columbus, Miss, nus come
to this road at that point and Chickasaw,
and adjacent interior counties of Missis-
sippi must seek a market over this road.
The people of all Eastern Mississippi
have been harshly dealt with by the
Mobile and Ohio road, and will not
soon forget its outrageous ezaetAoas.
Of twelve directors in the Selma
Road, eight live soutR of Holly Springs
and are in favOrO of making this onnec
ton with the Illinois Central Company.
Selma gave $40, 000in cash, the first money
General Forrest received, and is still i'm
pG sing taxes every day lar railroads. Gel-
ma is anxious to get to the Mississippi
river. in order to reach st. Louis, Chicago
and Louisville,
General Forrest. complaining of illness,
commended Judge Byrd to the intelli-
gence and confidence of this people. The
question is, said General Forrest, whether
the road must stop at 0kolona or Holly
Springs, or st Memphis, and this matter
we must ~nowdecide. He left here to build
this road, penniless, and felt that the peo-
pie thought here that he would fail. He
had not slept, nor eaten nor drank, that
this scheme did not occupy his thoughts.
The Selma line crosses three great roads.
Il will open coal mines at Tuscaloosa.
Stsnton's road crosses il Coming down
through the coal aad iron fields, and tho
Elyton and Aberdeen road will soon be
fnisheA General Forrest said that he
intendsd to devote his life to railway
building, and this to Selma il the best ne
could take hold of. The Chamber OF Com
MERGE must come to the rescue, and slim
ulate the interior country. From here to
Holly Springs the people will double their
subscriptions when Memphis acts. He is
surveying two lines, one through Holly
Springs, the other a direct air line from
Hontoto0 TO Memphis. Ths aiE line ss-
cures SIS, 900 in money subscriptions, and
subscribers on the air line will double
their subscriptions when assured here
that the road will be built. Everything
depends Cd the action of the people Of
Memphis, The road will be built; will
MefnpEls aE0 Shelby coHlty sAtacribe
SS00, 200 in hopds2 These bonds are
not worth more than forty-tive oents
and there must be a special tax to pay
interest. He would hold these bonds and
use the Interest TO pay interest On the
other nrst mortgage bonds. He would
issue the company's bonds and use ours
to make them saleable by assuring the
payment of interest. Memphis bonds
shall not be sold at less than so cents,
This anal be tbe Amltation IN Tie en-
tract between this road and this city and
county. He will sell nothing at less than
SO cents; 1t is bankruptcy to do 80. He
has spent 100000 In the past twelve
months, and is paying u now SIS, 900 per
mouth. Tit profits on the Alabama line
are gfestef tt}Sl On guy unfinished road
IN Alabama. The Commissioners Of Ala
bama says that Forests ad pays more
han any In the State. 2 country. the
population and the fields ,e matchiess.
Forrest wants help here-such as was
gigep III Alabama. There he net no on
positiong hare thsFs Is. Net hang hack.
and sven property holders. What was
Memphis thirty years ago, when he came
here a barefoot boy. Thirty wears hence
800, goo people win constitute the popula-
ton Of this bity.
This DEBT viii then be nothing. The
Charleston road. and Mobile and Ohio
both gave him the cold shoulder. Little
branch roads were proposed to be built.
one from Grand Junction and Middleton.
and another to divert his road to Macon.
Mississippi, Heset apt TO build g straight
road from the Alabama river to the Mis-
ssssippi. He would have the people here
TO own it and not foreign companies or
capitalists, and il should and shall be our