Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-09


svindled; but he would tell what he whit
WORTH did in that matter, and would le
the court see whether he had swindled anv
body or not. He had said to magistrates
when this thing came up, s'Don't sell Won
receipts, they viii be valuable but in
spite of all could do, there we're men 90.
ing around the county who bought up the
receipts all the way from 25 to so cents
apiece.
The Judge then referred to some mat
tiers connected with the management OF
that railroad, and said that Mr.. Guthrie,
who was then President of the road, though
good man, was one of the most stubborn
men he ever saw, and then ost ''unwieldy. .
The Davidson County Court appointed
him (Judge Whitworth) and some one else
with him, as commissioners to 90 to Lou
isVille and make an offer, which offer was
made In writing, that if the Louisville and
Nashville Railroad would give us about
$4,000, the commissioners should give
up the County of Davidson's stock in the
roadS He made the offer, and thank God.
Mr.. Guthrie rejected it. That rejection
was worth nearly $500, coo to this county.
The Judge further remarked that if the
Louisville road had done wrong in any,
thing he was no apologist for that road
No one had fought this thing more earn.
estly than he had The speaker in 1864.
had said to Mr.. Guthrie that if he could
not get satisfactory settlement, there
would be law suit. In 1867 there were
over three millions of dollars standing on
the stock account of profit and loss.
The Kentucky people, in the mair, were
very well satisfied with that, and especially
the Louisville people. There were in
1867 three or four millions of dollars that
belonged to the stockholders Of the road.
But Louisville stockholders were not will.
ing to divide that among all the stock
holders
And why were they not willing? Because
these three or four millions were very con-
venient to build branch roads with: and it
didn't cost anything if they built branch
roads out Of your money, that was all. Judge
Whiteworth told them that this stock had
to be divided, or there would be lawsuit.
This was the only question upon which he
ever saw James Gutherie beaten. Every
county s,ong the line fought this thing for
a whole year, and when they combined
and got little assistance from Louisville.
they we're able, If they desired, to turn the
out all the members of the Board that were
against them except three. The next
morning they met to consult and reorgan-
ize the Board. They did not meet to
turn Mr. Guthrie out, and he was unani-
mously re- elected President. Judge Whit
worth asked him how it was about this
stock dividend. Mr.. Guthrie said he
would give 25 per cent. The Judge told
him he would take nothing short Of what
would be equivalent to so per cent. Mr..
Guthrie offered as a compromise, to give
40 per cent ilst, and afterwards to give
what would be equivalent now to twenty
per cent. This was better than Judge
Whitworth had expected, and he accept
ed it.
The Judge further remarked that he had
held over the Louisville and Nashville
railroad the idea that its directors had no
right to take the stockholders money to
build branch roads, He then referred again
to his connection with the law in reference
to the tax payers of Davidson county, and
said that that law was made for The benefit
of the tax payers of Davidson county alone.
His construction of the law was that, I'M
der its provisions, the tax payers of David
son county holding receipts paid to hqu-
date the interest and sinking fund levied
for that road which had not been taken up
by the read, would be entitled b receive
Of the stock and cash on hand arising
frem the taxes levied for the sinking fund
Just what would make them equal to aman
who surrendered his receipts to the road
and got stock for them.
To illustrate, if a man had paid 800,
and got q receipt, and had surrendered
that receipt for the 800 before the road
had taken up what it was bound to take up,
he would have got, by this time, 800 in
stock for the 800 receipt; and now would
have received about $50 in money and al
SO $50 in additional stock. So that, by
this time, he would have received nomi-
nally, in stock and in money, about $500.
There were now outstanding somewhere,
as shown by the county tax books, from
$50 600 to $50, 900 worth of these receipts.
The Judge wanted every man in Davidson
county, holding these receipts, to be
placed on an equality with those who sur
rendered their receipts when the Louis
vile and Nashville Railroad Company was
taking up such receipts, and that was the
object of this law about which so much
had bean said
NoTE.-We have received from Judge
Whitworth the following, which he wishes
read in connection with the papers pub
lished above and signed by W. Ranney,
Secretary.
To the Editors Of the Union and American:
The statements which were presented
to-day to the County Court signed by ".
Ranney, Secretary of the affairs of this
county with the louisville & Nashville
Railroad Company, have no doubt are
correct in all that they shew, but they only
show what has been done between the
railroad company and the county. They
show what has been received by the county
and the taxpayers of the county, but they
do not show what has been done with the
funds received by The county, they having
been discussed and accounted for here.
All the funds which have been received
have been disbursed in the payment of
coupons due on the bonds of the county
issued to that road, and in the purchase Of
the bonds, whenever there was a surplus
left after paying all due coupons, except
the sum of nine thousand, five hundred
and ninety-four dollars, which has been
received since the first of the present
month. This statement is made that no
one may misunderstood the statements as
to what balance is on hand and undis-
bursed for the county.
JAMES WHITwoRTH, Chairman
Striking Fund Com, D. @.
February 8, 1871.
The court then decided, by vote, to go
into the election of Commissioners, and
several nominations were made, but be-
fore any election was had, aud even before
any ballot was taken, the court adjourned