Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-10-10
Memorial from q Committee on Behalf
FfR4ef the st0ckh ders. = eiFl

At the time Of the suspension OF the work
about fifty miles on the western end ant
| about thirty miles Oh the eastern end OF tn.
road had been completed and was in sue
| cessful operation. That portion on th'
western end crossed the Mobile and Ohio
Road at Union City, and the Memphis ant
Ohio Road at Mckenzie, thus forming con
neetions with both these roads, and a large
amount of work had also been done alona
the most of the balance of the uniting line:
of the road During the war very large
portion of the bridges and trestles on the
western end were destroyed by Confederate
forces, under the command Of Gen. Forrest
and some ten or fifteen miles of the tracl
on the western end was torn up and the
iron carried away by United States forces
The government of the United States seized
and took possession OF, and for military pur-
poses completed, that portion of the road
leading from Nashville to Johnsonville, on
the Tennessee river, a distance Of
about seventy-nine miles. On the LIST Of
September, 1865, the road was turned over
to the President and directors of the Com,
pany. In 1866, work was resumed upon
the road by this company, and pressed with
such energy that, notwithstanding the
crippled condition of this company, the i'm
poverished condition Of the people along the
line, and the dilapidated condition of the
road owing to the lapse of time and the dis
asters of the war, in September, 1857, the
road, including the bridge across the Ten
nessee river, was SO nearly completed that
trains passed safely over its entire line. In
December, 1867, the company having failed
to meet the interest accruing upon the
bonds of the State which had been SO gen.
erously loaned to the company, VIM. p.
Innes as receiver under an appointment by
VIM. G. Brownlow, then Governor of the
State, took possession of the road, and con-
tinued to run it until some time in the
summer of 1868, when the EN-
ployes, smarting under the wrongs
which had been inflicted upon them under
the administration of the Receiver, and, in
consequence thereof driven to madness,
refused to run or to permit trains to run
over the road until wages then past due
them should be paid. Soon thereafter, Dr.
ID. b. Clifie was appointed Receiver, in
place of Mr.. Innes, by Gov. Brownlow who
took possession of and ran the road until
some time about the ist of September, 1868,
when he passed the same to the Nashville
and Chattanooga Railroad Company, who
took possession Of the road, and confined
to operate it under said lease until the LIST
of January, 1870. Some time in Deem
Der, 1869, the Nashville and Chattanooga
Railroad Company obtained second lease
to continue six years, unless sooner terni-
mated, for the terms of which your memo
rialists would respectfully refer to the act of
the General Assembly of that date, ratifying
no no cbrrill nd CIoft
Railroad Company has been Oper-
ating the Nashville and North
western Railroad under the second
lease since the 1st of January, 1870.
Sometime in the month of - last in pur-
suance OF an act passed at the last session
of the Legislature, bill was filed in the
Chancery Court at Nashville, against the
various delinquent railroad companies in
the State, among which is the Nashville
and Northwestern Railroad Company,
and such steps were had in that
cause that on the Sth of July last decree
was pronounced directing the commissioners
named in said act to sell said "Road, its
property and branches" and '.the States in
tereSt therein" unless the company should
within thirty days thereafter pay in the
hands of the State the sum Of S3,000,000.
Before the time had expired the commits
sioners advertised that unless the decree
was complied with, within the limited
time allowed, they would sell the
''roads, its property and branches"
to the highest bidder on the 10Th of
last. Within less than thirty
days from the date Of said decree the COM
pany, as it was required by the stringent
terms Of said act, sued out writ of error
and removed said cause into the Supreme
Court at Nashville, where it is still pending.
Before the day fixed by the commissioners
for the sale of the road, the company and
the county of Davidson, which owns three
shares of the capital stock of said
severally made application 10
Hon. A. o. p. Nicholson, one of the Judges
Of the Supreme Court of this State, for,
and obtained writs of supersedeas restrain
ing the commissioners from executing the
decree of the Chancery Court directing
sale of the road, its property and franchises
the road was not sold as adj
yertised. Immediately thereafter, the COM
missioners advertised that they would re-
ceive sealed bids for 1.-The States
interest in said road until
the It'll day of October, 1S71-al-
though your memorialsts believed the
Commissioners then had no power to
proSeed further under said decree, and that
i g ID did so their action would be void.
\ eVtfthelerS, in view of this threatened &C
lion upon the part of the Commissioners,
he company, as a precautionary step, has
applied to the Chief Justice for, and obtained
3 second superSedeas, restraining the Com
nissioners from taking further steps toward
he execution of said decree. Your memoir
alists will not now comment upon the act
IF the Legislature under which this suit has
been instituted, or upon the decree of the
court, further than to say that many of the
best lawyers in the State have expressed the
opinion that the act is unconstitutional, and
he stockholders being citizens of Tennes-
zee, living along the line of the road, have
ust cause to feel, and do feel, that under
he peculiar circumstances surrounding
heir road, that both the act of the Legisla- !
,ure and the decree Of the court if enforced |
will operate harshly and oppressively upon |
hem.
The history of our road has been truly |
most unfortunate for the State, stockholders !
and creditors, and whilst the stockholders |
and creditors have, perhaps, lost everything, |
he entire property Of the Company, in !
Guiding its franchises, cannot possibly be |
sold for anything like sum sufficient to |
indemnify the State on account Of her bonds |
which she has loaned to the Company. |
But we do most confidently and respectful |
y submit that the Company is not response |
Die for the disasters which have Overtaken |
ali parties concerned in the enterprise. |
And in this connection your memoTialsts |
will state that prior and up the date of the |
first lease, the Company being apprehensive !
hat unless the true owners of the road |
could be permitted to operate it, the inter |
ests of the State, stockholders, creditors, |
including the laborers, would all be swamp |
ED in one general rIin-through its direct |
DTS and officers interceded with the then /
Governor, and did everything in its power |
with the cooperation of some of the State |
Directors to prevent the road from passing /
from under the control of the company and /
10 have it again restored to the company |
after it had been placed in the hands of a
receiver; but the Governor was memorable, |
and every effort failed, Notwithstanding the |
through its directory pledged
themselves that every cent of the net earn
ngs ofthe road should be faithfully applied
20 the payment Of interest which had &C
.rued upon bonds of the State which had
been loaned to the company. Your Llemo-
-ialists entertain the opinion, based upon
what they believe to be reliable informa-
ion, and therefore assume the fact to be,
hat had the company been permitted to
a e, Al, . & !