Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-03-31
THE TENNESSEE AND PACIFIC
RAILROAD.
A Communication from Hon. }. 5.
Goiladay.


The proposition of the President of the
Tennessee and Pacific Railroad made yes
terday to the stockholders to receive his
report ''for information only" and not to
make themselves even contingently liable
by Endorsement, is to my mind most
extraordinary one, to say the least of it.
1t simply means this, in my judgment:
That we as stockholders remove ourselves
from all danger by repudiating his acts
to the extent simply of our personal re-
sponsibility, but at the same time,
wink at the questionable moral
of the proposition by sitting by and
see him take an advantage of gen.
erous friend, Qhe State, who loans US
her credit or bonds to build our road. In
other words, that we allow him to go into
a game of wits with the State, furnish
ing on our part no liability whatever for
his act, as by this he and we advertise the
Board as unworthy of credit-a bank
rupt, as shown by his report and thus
give him carte blanche for past apd
future acts, mere game of ''chuck-a-
luckn in which we stake nothing, but
avail ourselves of the chances of his
skill, without any equivalent to the State.
Was ever such a proposition made to a
body of honorable stockholders before2
Our sense of moral honor rebels at the
idea. Notwithstanding, he don't mark
his report endorsed, but only received
for information" he coolly asks your en-
dorsement by re electing him to the Pres
idency of the road, which is done accord
Ingly. Such endorsement concludes all
mere resolutions of non responsibility and
commits US if not legally, morally to
the fullest responsibility that can attach
to his act.
We then appear before the world as
willing beneficiaries of his act and auth
orize and instruct our agent to take every
possible advantage of the State, without
any individual or company liability for a
wrong done generous creditor.
Now, just there is the 'Ecat in the mt al
tub" spoken of by Esq. Meacham, one
of the Davidson County Commissioners,
that he wants to see, but MOTTO advertise
to the aOorld. Does he see it? If be
did not see it before, by the report of the
President, and the analysis of ours of
that report, surely he can see the
singer board, as indexed by the Presi-
dent and advertised through the Reporter
for the UNION to all whom it may con-
Germ.
Let Davidson county know that all this
happened and was patent before her
agents, the Railroad Commissioners, cast
the vote of her 100000 stock for the
President on yesterday, and in her dis
cretion conduct herself accordingly.
What, think you, the Governor and
Legislature, the guardians of the State
and people, will say to this little private
arrangement of ours2 Will they sit
tamely by and allow their constituents in
terest, to be thus forfeited and sacrificed
Have they no recourse or means of self
defense2 Let us see! This road now
owes $95, 500 overdue interest and the 1st
of June or July will owe az much more,
making in round numbers $4,000. The
running of the road will about pay the
expenses of it and few thousand dollars
toward the present due debt only. The
Company have no means to pay it and are
not likely to have, until they get posses
sion of the Smith county bonds, if they
ever do, which may be used in that way.
But suppose she does not pay it. By lGlO
no additional State aid can be rendered to
any road who does not pay its interest.
Also, if that interest is not paid, the
Governor in his discretion, if he shall
think it the interest of the State, can put
the road in the hands of a Receiver. Gov.
Senter will probably not do this.
But Gov. Brown, who we believe will
be inaugurated in September or October, il
metal of different kind, and, with these
facts before US and him, if he should not
feel willing TO take this step on his OWL
responsibility, all he has to do will be tC
suggest it in his message to the Legisls-
ture, who will be compelled in self defense
to adopt simple resolution requesting
the Governor to adopt this course. Ii
view of the fact that the last Legislature
have ordered suit to be instituted agains
thisroad after examination OfitS affairs,
resolutions for statement Of eThi6it 6g
the President to the hour of adjourn
ment. Every one who knows any thing
of legislation, will see its course blazeC
out with dead certainty. Be not deceived
gentlemen. The ostrich hides It's head in
the sand, forgetting, seemingly, that it!
whole body is exposed to public view
The people demand light and investiga.
ton, and it is being had, and as one Of
the witnesses in the Impeachment trial OF
Andrew johnson said to Gen. Thomas
"The eyes of all Delaware are upon you. )
| If it be said, ard know it will, and ha!
been, that l was a defeated aspir8nt fo
the position of Presidency, and hence my
criticism, only just simply add that whiIC
] allowed my name so used at one time
| after l found out the condition of thu
road, Twas no candidate and did not wan
it at all, and there are gentlemen in Nash
vile favorable to my election to whom
stated emphatically that if l was elected,
even without any effort on my part,
would resign after getting the road, etc.
| in hand, and make full statement to thu
public, giving my reasons first, which
were simply that l did not feel willing t.
| connect my name with a certain failure
which regarded the building of the rosC
is to be in its present financial condition
Beside alls this, | publicly proclaimed
| III luG SlOChuOluCIS LuCS tluS, Dh uui oOaJ
in my speech, bOIh before and after tht
reading of my analysis of the President
report, that 1 aOdS not q candidate TO
it, and did not desire it, and that tn
road needed me more than did it.
1t matters not what gentlemen ar
pleased to think or say of my motives
| l will have no controversy about that.
invite them to the consideration of m.
facts; and l ask the public just to put thi
article and the analysis published in tn
UNION AND AMERICAN of Thursday, ava.
for aUhile, and see how cause ant
effect can develop speculation into his
tory. l shall be rejoiced to find out l al
mistaken, and even congratulate the CON
pany and the President upon a differer
result. The road is an important one
and ought TO be built, and hope in tim
will be. l have no opposition to IL
road, and no personal ambition as again
any member or department of its BoarC
and with this article, propose to hay
nothing more to say on the subject, pull
licly or privately.
J. S. GoLLADAY.