Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-12-09

its charter act is acknowledged toe clear for
criticism, and that to the remaining 1885,
; 600 under application of established legal
PRINCIPLES seems not less so. We all know
when a right or matter has been judicially
settled by the highest tribunal having juris-
diction Of the subject that It is removed
from the realm Of doubt or dispute. One
and another, as we often do, may think the
decision not well or wisely made, but our
individual opinions, no matter how earnest,
cannot affect its validity.
These 8S5 bonds have been issued TO
the company by the State Executive, an
officer competent In law to determine his
duty, the States obligation, and the COM
pany's right In the premises, and there the
company is advised the matter became res
ddjudicdtd, because the delivery of the
| bonds by the Executive was an act judicial,
and appellate jurisdiction Of it is unknown
| to our laws.
About one year since and after complying
| with all conditions of the above recited act
Of Dec. IL, 1867, by completion Of the road
to Lebanon, application was made TO the
Governor for the bonds appropriated under
| it, but this was refused upon what
legal grounds 1t is difficult to say, for if OBJ
jected that the Nashville and Cincinnati
road might never be build or unite on our
track it could be answered, this was of no
effect since the language of the act was
explicit that the one first constructing was
| ''entitled TO receive the State aid to the
same amount as If union of the two roads
had been made.r Nor could the application
have been justly refused on account of
any bonds previously received, if as here
insisted it was the company's adjudicdted
right to hold the same.
Il may be here stated that all the appro-
priations before mentioned were made be-
fore there was any stock subscription to
the company, either by individuals or coun-
ties, and as a fact were controlling induce
Dle7lts 10 such subscription. Under these con-
ditions surely the counties and others sub
scribing stock were secured in the rights of
contracting parties with the State, and if the
principle that s'contract rights and obliga-
tions are reciprocal" be universal of appii-
cation, as it is sound, can party, even with
the dignityof State, disregard the one and
preserve to itself the full benefits of the
other?
These suggestions / trust your honorable
body will be assured are not submitted in
any spirit of menace, but most respectfully
and solely for the purpose Of placing the
company's relations with the State in fair
and proper light.
Underthese conditions, il being the estab- |
lished policy of the State to sever interest |
with roads of this class, this being as fact |
the only such one for which provision to |
this end has not been made, and the COM !
pany being denied means, which it had be-
lieved were solemnly assured, and which |
most certainly were implicitly relied on for |
progress, has asked of your honorable body |
an enactment which will allow it, without !
the delay, vexation and expense Of law |
suit, to settle its State debt upon the exactly |
same terms and basis of proportional pay !
ment with certain other roads properly of |
its class, upon the express condition, how
ever, that it relnquishes all such right as it |
NAV have to receive from the State any fur
ther issue of bonds In aid of its construc-
ton.
Is not this proposition irresistibly strong
in its right? Surely impartiality in adj
ministration is essential to good govern
ment. The people along the line Of this
read have in their properties and taxes, borne
proportionally the cost of railroads which
have benefited other sections of the State,
and have also sustained proportionately the
States loss in their sales. Should not such |
other sections share alike with them in this
case? Else, will there not be undue and
even unjust concentration upon them of the
public losses in railroad sales? But, consid-
cred merely in the light of expediency and
with total disregard to fairness or any legal
rights of the company,is not the proposition
the best attainable for the State? Certain
" the States interest lies in the roads prog
ress, for by this property values are enhanc-
ed and the States revenues through taxa
ton increased. The further progress Of the
road must now, under the States indicated
purpose to afford no further aid, depend en-
tirely upon the friendly interest of the peo-
pie along its line. If harsher
terms of settlement be enforced
against them than others of
like condition, will not this discrimination
iishearten and disgust them from further
efforts in its behalf? If the State should
undertake to deprive the company of any
bonds already advanced to it, adoubtful
power, because of most questionable right,
must not the money for the purpose be Dor
rowed by the hypothecation of other bonds,
and in larger amount? And would not
this method bring greater chances Of loss
than gain?
Or, suppose, without reference to
claims of stockholders, whose means
Lldht 2Itdlll dlltu LltC lOdu OOlLobL uStAOAl1 |
The State should attempt to realize
more by forcing a sale at the highest bid.
As a short road it is of but little intrinsic .
value, and with all the population upon its
line dissatisfied and unfriendly, it might
become almost worthless. Under this con-
ition, it is doubtful if any capitalist would
bid in competition with the stockholders, if
Dy doing so, he is to encounter the ill-wil
IF all tax payers in the two counties through
which the road is located, and be regarded
1y them as prominent agent of their injury
md oppression in their rights as stockhold-
ers.
Viewed in any light, do not a
liberal justice and the States expediency
seem inseparably joined together?
In conclusion, though the company may
receive no further aid from the State, yet, if !
he measure asked is granted, its future is
BY no means desperate. Smith county has
already subscribed S300,000to the road, and !
he necessities of the entire Cumberland
plateau for railroad facilities assure a liberal |
and subscription from that section. Be
yond this, strong interest for its through |
has been aroused in powerful |
lines desiring its connection, from
some of which large aid has been proposed. |
But to be availed of any of these adj
7antages, the demand is absolute that the
shall be first disengaged from its
relations with the State. If
his can be accomplished without laU S1tit,
t wins confidence from all that it is vital
and to live. If, through the delays of suit,
first impressions must be that it is sinking
and to be lost-and it is greatly to be feared
i win emerge from the litigation doomed.
With the measure granted, the Directors of
he road, and certainly they are citizens of
worth, feel confident Of its steady progress
% completion; without it, all is uncertain.
The subject is respectfully submitted to
your wisdom and power, with trust that
what is best will be done.
GEO. NANCY, Pres't.