Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-05-11

the Chamber Of Commerce laft evenint
10 hear what Gen Forrest and Judge
Bvrd had to say about the Memphis anc
selma railroad. Gen. Forrest said h'
had entered into combination with thu
Marion Greensboro and Cahawba, an1
the Newburn railroads. By changing
the direction of the road to Columbus
Miss. it was agreed to sell for $1,000 O'
in stock by paying the $4,000 floating
debt of the Cahawba railroad. Nearl,
twenty miles of the road was alread,
built. Bonds to the amount Of $500, OO'
in il we're sold in New York for ninety
Eve cents on the dollar. With thin
amount and the assistance given by thu
citizens Of Alabama forty miles o
the road has been built. Lownde'
county, Mississippi, had subscribed
sl5O,OOO; Columbus, 100000. The town
of Okolona subscribed $4,000; Chcka
saw county, $4,000 The citizens sale
Memphis ought to do something do
informed them that Memphis would, a
the proper time, lend her assistance
Pontotoc voted 100000. Several coun
ties refused to lend aid because Mem
phis, as yet, had done nothing UP te
the present time 81, 5000 has been sub
scribed in stock and money. Any
amount of land could be obtained, but
according to the charter they could moi
take land over FIVE miles from the line o.
the road. The road is being built in
Mississippi for nineteen cents per yard
in Alabama it costs rnirty-one cents
More money is wanting to finish the one
hundred and seventy-one miles of road
in Alabama. 1t will require 81, 25O,OOC
to finish it as frst-class railroad. He
had 81 100, 900 in stock on hand, leaving
over 100000 to raise. The Board au'
thorized him to issue bonds for that
amountwhen necessary Memphis must
raise some money; the time has come at
last. Bonds or credit must be forthcom-
ing. On the lower portion of the road one
halfthe money has been raised. If$l ,OOO,-
900 in stock could be raised on the road
from Okolona to Memphis, ne could issue
bonds to the amount of $3,OO0,OOO at
once. Judge Byrd said the road is now
known as the Selma, Marion and Mem
phis railroad, but if the combination is
made with Memphis, it will be the Mem
phis and Selma railroad. General For
rest cannot use Alabama and Mississippi
capital to bring the road to Memphis,
Memphis must move in the matter. Sell
ma has subscribed over half million to
railroads. In twenty years the debt can
be easily paid. If Memphis will give
General Forrest aid at this end of the
line, the road will be finished. If you
permit trade TO go to New York via Sa-
yannah and Charleston, and it becomes
fixed, you know the difficulty of making
a change of trade route. The road
goes through rich country. Selma con-
meets with the Gulf at Pensacola. One
between Selma and Montgomery nearly
completed, and many other branch roads.
Memphis is the nearest connection, and
Selma needs it, for here, on the great
Mississippi river, there is capital
and enterprise. There are roads in pro
gress from Selma to Charleston and
Brunswick. Another road is in progress
to Elyton, through the coal and iron re
zion. Selma is destined to be a great
tributary point for coal, iron and cotton
At the conclusion Of these remarks Mr.
Stratton offered the following resolu
tons, which were unanimously adopted
Whereas. The time for action by the
people of Memphis and Shelby county
in regard to giving aid in building the
Memphis end of the Memphis and Selms
railroad has arrived; therefore, be it
Resolved, By the Memphis Chamber
of Commerce and citizens now assembled
that the city and county should extend
all reasonable aid in carrying forward
the enterprise which is of such vita
importance to our prosperity.
Resolved, That q committee Of five o.
appointed by the chairman Of this met
ing TO lay before the city authorities thu
subject and advantages to arise by tn
building of said road and solicit sub
scription of $250,000 in twenty yea
bonds bearing six per cent interest II
payment therefor.
Resolved, That committee Of five b.
also apaoipted to solicit from the Count.
Court a subseFiptinn of $25O,O0O in ai'
of the said road which subscription
should be paid in county bonds at twentl
years, bearing six per cent interest.
I In accordance with these resolves, tn
following completes we're appointed
For eity--A. T, Lacey. ]. 7, stratton, J
j. Busby, w. s. Pickett, James Elder
For county = Ex-Governor Isham q
Harris, j. C. Nealey, E. MeDayitt, c. B
I Church. and VIM. Chase. The meeting