Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-05
A TAXPAYER IN SEARCH OF IN
FORMATION.

To the Editors Of the Union and American:
Taxpayer has troubled the public with
three communications through your valu.
able paper, upon the subject of the Ten
nessee and Pacific Railroad and its man.
agement. InasmuCh as the magistrates
of the county of Davidson meet next
Monday first Monday in February to de-
termine their final action, by instructing
the County Judge to select directory to
manage the road: for 1871, we deem it
proper to present few additional thoughts
in this connection, as well for their con-
sideration as that of the public. Since
our last article, the Legislature passed
Senator Halves resolution requiring the
President of this road to make a report,
by the 1st of February, showing the en-
tire condition of the road, cost of con-
suuctiOn, disposition of bonds, ETC., etc.
% to this time, the public have not
been blessed with such statement by the
Legislature or otherwise. Why this is so,
let others speculate to suit themselves.
In its stead, we have been permitted to
see q report of J. W. Paramore, Superin-
tendent, addressed to Gen. Nancy, up to
Dec. 81, 187O,) published in Lebanon
Herald, of Jan. 26, showing a balance
from the running of the road of &c.
1922.
Why it was not published in the Nash
vile papers may be pertinent inquiry,
and we must presume that each Msgis-
trate has or ought to have copy of this
account for his own inspection.
We have heretofore shown that this
road has received 81, 1856, 900 worth of
Tennessee State Bonds, and $4,000
of Wilson and Davidson county bonds,
with some $4,000 private stock; sub
scriptions making, in round numbers,
over one million eight hundred thousand
dollars, and that only twenty eight or
twenty nine miles have been built, cost
ing near $64, 900 per mile. The charter
of the road provides that the bonds must
bring par. The friends of the present
management claim that the bonds have
not been disposed of by the President
The Comptroller's report to the Legisla-
ture shows that he has received 957 of
these very Tennessee and Pacific bonds
in payment of interest due the State, and
that as collateral, these bonds have been
sold or disposed of by both the President
and the Peoples Bank, with whom they
were deposited, and now stand, of official
record, as liquidated vouchers, with the
proper officer in the archives of the State.
Gen. Nancy in his testimony before the
Legislative Committee published in May
last, says: 1858 bonds have been n.y.
pothecated for 1928, 546.8l, due July
IA, 1870, and for $4,000, due Msy 26,
1870, making in all 1878, 546.S1, and
that these amounts must be paid before
the bonds can be released" Also, "3O
bonds were placed as security for $3.50,
900 gold and 500, 900 has been paid on
it, Is bonds deposited as collateral for
notes given for locomotive, half of which
has been paid, and II bonds on fish
plate, nut and bolt contract, half of which
has been paid" Continuing, he says :
"AU dues on these contracts being
paid as then mature 1CiU release The
bonds hypOtbecdted' The question then
becomes of significance, have they been
paid If so, from what fund
Thus lob bonds are located "iI
Hook" and beyond his control and the
! Comptroller got seVenty-One more for the
road interest due the State and one wa:
paid to the Penitentiary, making
| LOSS. 0nly one hundred remain II
be accounted for. The last Interest
due the State on these bonds, 1st January
was some $50, 900 in round number
and ne are informed has not been
paid up to this date We very natural
ly asked, why2 If the road has an
means on hand, why not pay it2 L
the management yet has any bonds OF
hand or subject to their control, why no
pay some 30 of them to the Comptroller
in the same way that the June interes
was paid2 In the absence Of all the fact
we are driven to speculation to some ex
tent, and we can but wonder if the rOaC
has anything left upon which to base
reasonable hope of its being built here
after. The Legislature, notwithstanding
Gov. Senter's veto, have passed law re
outing the Attorney General to brin!
suit against various railroads and anon
them against the President of this road
in accordance with the recommendation
of the special Commissioners in their re
port last May in which they say:
''The committee would suggest that it
highly important that some Legislation
should be at once enacted that would prt
serve the large interest of the State fror
very great impending loss"
Under all these circumstances Ii
County Judge and Magistrates of tn
county are asked to continue the preser
management of the road. The peopI
look 10 these officials with confidence an
hope. Shall they be disappointed W
shall see. Tax PAYER.
The tenor Lefrauc has voice of I,
markable compass sort of mariner
compass, which guides his course ov
the high C's.
E What was the end of st. Stephen' I