The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-05-05

A True Copy:
FRANK A. GUYOL,
Presidents Secretary.
Office of the New Orleans, Jackson andl
Great Northern Railroad Co.
New Orleans, April II, 1870.
MY DEAR GENERAL:
The letters of the 18th and 18th inst, from
Mr.. Hewson, have received the attention
which the importance of the subject de-
served. The end proposed comedies with
my own views of the best interests of the
Road, and do not suppose that after a fuller
discussion of the various points, there will
| be any irreconcilable discrepancy I'm the
means we may desire to adopt TO attain
them but before entering upon these ques-
| tons, l wish to correct two fundamental err
| rOrs into which Mr.. Hewson has fallen.
LIST. With regard to the desire of the pres
ent, and all previous administration, to push
the Road to the Tennessee river. The same
motives which governed the originators of
| the Road to select Nashville as the objective
point, subsist to-day with even greater
strength Up to the time of the war, as
| every one knows, the work was pushed
steadily on without intermission. The
| grading was even continued during the first
/ year of the struggle, and the iron for the
first forty miles was bought and on hand.
Since the surrender each successive Board
has been seeking for ways and means, but
an insuperable obstacle has interviewed in the
| condition of his own State government, now
| for the first time re-establshed.
| The present administration considers that
| the extension of the line to the Tennessee is
vital to the prosperity of the Road, and with
out that the main stem from Canton down,
] can never receive business enough TO fill its
capacity or pay dividends on its cost of ex-
| tension.
2nd. / assert most positively on my own
word, that there are no politics in the man
| agement of this Road. No employee is asked
| his political opinions nor how he votes. As
Il. I
| their political opinions, a corrupt City Coun-
| ell. called Democratic, and n venal Legisla-
/ ture, called Republican, are equally objec-
| tionable: while / and every member of the
Board, with whom am on sufficiently init
| mate personal relations to justify my speak
ing of their views, are disposed to cooperate
with and assist the new administration,
hoping and expecting that it will be honest,
| neither asking nor caring whether II be Dem
| ocratic or Republican. Ii has been con-
\ tinual struggle on our part to take econ
/ troll of the Board out of the hands of politi-
cal parties, and we think We have succeeded
since the passage of the law by which the
| State and City stocks were deprived of the
right of voting for Directors.
| don't think it worth while to discuss the
questions of the escheat of the Road, for
| even if we concede the power to the Governor
| il IL one he will never exercise. From what
| know of him, he is a man of both ability
! and integrity, and to cOnfiscate the property
| of men, women and children, foreigners and
citizens, Northerners and SOutherners, be-
cause of the absolute inability of a corpora
! ton to complete a certain work at fixed
/ time-a clear case of UiS nlgjOr-would be "A
! piece of injustice unparalleled in the history
of Railroad jurisprudence, and absolutely
suicidal to the future development of Missis-
! sipp, when she needs all the foreign and
domestic capital she can draw within her
limits, to carry on her plans of internal i'm
| provement.
In regard to the extension of the Road
/ a. = .s.s
question at present, am very glad to have
Mr.. Hewson's views, though see difficulties
| in the execution of them, that Will probobly
cause him to modify his plans on further
/ consultation. | see nothing i'm the present
condition of the main stem of the Road TO
! Justify a contract TO contribute $200,000 per
annum from its net receipts. 1t would re-
quire an expansion of $5OO.OOO in its gross
receipts to do it, which can hardly occur till
! the extension is complete, without counting
| certain OUTLAWS for new iron and increased
| rolling stock, that must be increased on the
main stem within the next few years, to keep
| it up to its present state of efficiency and
safety, while, ut best, extending the time
over a term of seven years for the construc-
| ton, is to double the cost of the work.
Two plans have been discussed and partly
matured, viz:
| LIST. The creation of District Organization
| from Canton TO the Tennessee, to be leased
| i'm perpetuity to the Jackson Railroad Com
| pany, on which we would issue First Mort
gage Construction Bonds, for $4,000 per
mile. The part in Alabama TO be endorsed
| by that State, and that in Mississippi to be
endorsed by the Jackson Railroad Company.
These Bonds, we have reasoL to believe,
would be taken by our friends in Europe
| with whom the credit of this Road already
/ stands high, at such rate as would enable
us, with what local subscription we could OBJ
tain, to complete the Road in about three
| years.
2nd. The issuance under proper legislative
sanction) of two and a half millions of
| preference stock of the jackson Railroad
Company, on which the dividend of per
| cent. would be secured by mortgage of the
| Division between Canton and Aberdeen,
| leaving the Alabama part to be built with
| the State aid granted.
Both of these plans contain plate a perfect
accord between the administration of the
Road and the State authorities-and both
| equally require liberal legislation-all sup
/ posed or real past Ofenses of the Road
| whether Of omission or commission should
be condOned and forgiven. The debt due
the State liquidated and tue over due inter-
| est, or So much thereof as may be thought
| equitable RENTED, and on the sum agreed
upon the interest paid regularly so as to show
| a clear and satisfactory record to the parties
| who are to be induced to furnish the capital
| for the extension.
The construction of the extension must be
under the name of the Jackson r. r. Co, or
it would lose all the advantage of the hardly
earned credit that we have succeeded in es-
tablishing in America and Europe, where
the name of this road now stands high among
American securities.
As to the management of the Road, am
not aware that single member of the pres
| ent Directory cares much personally to re-
tain his place; a certain pride Is naturally
| felt by them i'm the successful rebuilding o
/ the Road and i'm the credit which has been
very literally accorded on the personal rep
reservations of some members of its admin
istration.
| Gov. Alcorn has now the nomination, by
/ the amended Charter. of three Directors,
and it Is but just that he should be consulted
in the selection of the six stockholders
elected from Mississippi. But for the sue
cessful completion of the work, the main
point is to select an honest and intelligent
Board, free from all political inhue noes, and
not liable to annual removals, (arising from
political changes), which are so destructive
| to the credit necessary to undertake large
works of the kind contem plated.
Ii Col. Hewson and Governor Alcorn CO.
incide with me in these views, which are
shared In by our Executive and Finance
i Committees, Isee no difficulty in arranging
| the details Of co-operation, provided we can
| organize an honest, intelligent, and homo
geneous Board, with whom i could work In
peace and harmony.
/ Remain, Yours Very Truly,
| (SignedD, G.. Il. BEAUREGARD.
GEN. c. NJ. WILCOX,
Care of Col. NJ. b. Hewson,