Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-01-05
GENERAL FORREST.
The Railroad WsT In the COuRty Court -.
The 6-Bst Stumbling Bl0Ok--hG-
Combs Ring and the Eissls-
siDpi River Railway.
eWsrHor Harris, e. ToPp, ". J. Sykes
and Uthsrs---Thslr SpseBhes.

Yesterday morning, in the County
Court the sutisct Of railroads was the
theme Of eloquent discussion. To psve
the way for General Forests proposition,
some Ut the magistrates, suspected OF
hostility 70 Forests plans, had much to
say Of the S30O coo IN county bonds issued
90 the Mississippi River Memphis and
Psducah) railway. II is supposed that
these bonds hsve gone where the wood
blue twineth.n
That the County Court may have before
Il fscts on which 70 base its action in ref
ersrcs TO these bonds, now held by Nc
C1mbs or others 20 whom he may have
transferred them, We publish the contract
executed bv McC0mbs and others, and
by the representative Of the Mississippi
River Railway Company. It Is 8 Gu
riCus paper. Justice Walker pro
poses 10 stop The payment Of in
lerest on these bonds, and an order
will probably be served on the County
Taz-C0llecuOr, requiring him to pay into
the general treasury OF the county all
sums svied aud collected Tor the purpose
OF paving the Interest coupons. Such &C
ufou on the part Of the court viii surely
lead 20 the development Of every fact af-
factIug the fortunes and management OF
rlaG. which has invested General For
rests plans with difficulties which few
mount Talk % Magistrate
Of aiding the Selma rosd, and
hs suuns, Ia the passing breeze, odors
of fraud and misrep pr5seuL LatlOu that Els5
uB from he body sud spirit Of this extra
ordinary contract with ACC5mb5. Read
10. and see bow the genius Of indefinite
ness presided when iJ was begOtten, con-
csIved and delivered:
THE INCOMES CONTRACT.
This agreement made and concluded
this 9th dsy Of December, A. D. eighteen
hundred and siXgy-Ons, between the
Southern Railroad Association, q cOrpO-
ration chartered by the state Of Tennes-
see. of the first part, and the Mississippi
River Railroad Company, corporation
chartered bv Ehe States Of Tennessee ana
Kentucky. .-Of the second part, witness
eth: Whereas, the said party of the second
part is, by its cnar or, authorized and en-
lowered and endowed with all the rights
and powers necessary to the construction
-1f g railroad from the city of Memphis
lu shelby county, Tennessee, to be run
through said County OF Shelby, Upton,
T.suderla|e. DYER and ODiOn, % the State
line OF The state Of Kentucky, In the dl-
recti0u Of Cairo, In the State OF Illinois,
and from The point of Intersection with
said state line OF the state Of Kentucky
thence through the counties in said State
OF Kentucky lying on and bounded by
rhe Mississippi river % tn7 OblOn river
opposite the city or town Ct Cairo, In said
state OF Illinois, 60 as 10 make SAID rail-
road 9 connecting and continuous line
from the city of Memphis aforesaid
fur0ugb the States Of Tennessee and Ken
rucEv with the railroad in said State Of
Illinois. with full power to construct
branches from the main line 20 any point
or points that may seem % be conducive
10 the country and to said railroad, and
Whereas, the party Of the second part
has not vet constructed the said railroad, I
and " hHrsss the said party OF the second Z
mart has contracted with 5EulpaW & Co.
tHsr the Ia-tsr shall complete thE grading, I
bridging. lrHsl LEw0rk, furnishing cross |
gfes. elc-. SIS BV said contract VIII more I
fgTIv appear. OF about thirty-sIL miles %. I
their road IRON Memphis 10 COvingtOn, /
sud
whereas. the said party Of the second /
part IS dezirous Of providing Tor the con
strucgion Of another portion Of their road |
from C0vingtOu 10 Troy station, IN the 1
STATE aforesaid, but has not At present the !
means 10 construct the same ana to meet /
their contract with Saulpsw & Co., atOre-
Where's. the said railroad is, by the in /
tl-veuti1n Of another railroad, connected \
with tie Mississippi Central railroad, Of 4
which the party OF Cd Il-st part Is lessee, /
of the frsJ part may also become lessee
OF the railroad OF The party Of the second
part:
Nov &c is hereby aRrsei, and the party
of the fret part afJrssll1r In cOnslQera
zion OF The agreement OF the party OF the
second part, hereinafter mentioned and
on condition that they are kept and per
formed, does hereby undertake 70 furnish
and procure one or more persons, selected
bv the party Of the hrsJ part, who shall
provide the money as it shall be needed
10 pay fer the grading and construction
of the tbi-tv-siE miles Of the said rail-
rad now under contract with Saulpaw &
Co and also for ironing and completing
the same for rsilroGG purposes, and for
c1uuaetIng the same at Memphis with the
railroad from thence 20 Grenada, in the 1
5 .s1e Of sllssissippi, and the said party l
OF the first part does also, In cousidera-
zion and on eJuditi0n a. Aforesaid, hereby
guarantee that the person or persons pro
cured and Furnished by them shall pro-
vide sHd advance this money as Aforesaid
Iusn toned. and further ilag the party OF
the arsg part shall procure person or
TssrEOuE 10 construct in like or equally i
good manner, The remainder Of said rail-
Ttad from C0vington, IN the state Of Ten
nsssee, 20 Troy station, In The State atJrs-
said. and then connect the same with the
Paduesh and Gulf railroad.
Aud further, the said party Of the first
mar. Ia consideration and on condition 1
- Aforesaid, does hereby undertake 10
gu hsgrl tla or procure some person or per-
sons 10 81 asecibe, one million Of dollars
20 ths capital stock Of the said Mississippi 4
River Railway Company, and 20 pay. or
cause % be paid, a. instsilmsut OF ave
per cent, thereon
10 consideration whereof, and as
conditions upon which Tie foregoing
engagements are 20 be binding The
said party Of the second part does
sssign and transfer Immediately 20 the
party Of the first part. or % their order,
All the county bonds hsrsb0tors taken, OF
that may be hereafter taken, for subscup-
tiOus % the capital stock Of the Mlssls-
sippi River Railway Company by the /
counties Of Shelby, Upton, Lauderdals, /
Over and DbiOn, and also ali OJher SUD j
-.s-IDtiOus 20 SAID stock, and further, as 1
the same shall be needed, % refund the /
money advanced with interest on the 4
egTe. The par y OF the second part does /
agres that = lrzt sud second mortgage /
shall be made Of their entire railroad 70
secure bonds 20 be issued under the nrst
for one mlllOh ana hall
of dollars. and ander ths sec
Dad mortgage for one mlllen eoAst7 4
and place the said bonds tu the
hands Of tEe said party Of the nrst part 4
70 be sold with the other bonds and sub
gc-iptious aforesaid, the net prO9esds 4
thereof 70 be applied 70 the repayment
of the money al dyanCed as Aforesaid, for I
the construction Of the road, either by 4
saul paw & Co., or by others. And the
said party Of the second part does further
agree g. q condition Aforesaid and IN
dsrtakes that the party Of the hrst part
shall, ss soon ~ possible, be given con-
trolling power and interest 10 the dirGc-
tion II the said the Mississippi River
Railroad Company, and that until such
power be given, and uutl q majority Of
81 ljrsctOrs shall consist OF persons named
by the party Of The first part, no usW con
tract shall be entered into. there shall be
no increase Of the present Liabilities Of
the party Of the second part, the WOrE
upon the line from Memphis 20 COvinE-
ton shall not be haste ed, and there shall
be no increase OF the capital Of said COM
pany OF the second part, without the con-
sent Of the party Of the first part, and ln
order 20 provide means for the completion
and equipment OF the road, and 10 repay I
The cost Of construction. And it ia fur-
ther agreed, that when the said railroad
shall be completed from Memphis 20 Troy
aforssafd and oOnuecl with the Paducah
I'D Gulf railroad, and also with the rail-
-oe3 rom Memphis 20 Grenada, such con-
1s~Tfo,,. being contemp plated in this agree
meut. the 1arty Of the nrs5 part may
Iss,'s ~ esr55e -7r such term Of years and |
mon rueb condIt ms as may then be
agreed upon by the srtles hefeSo, ana
that the said railroad shas. hos De oo
missed 20 any other lessee or less- 49,
out giving 70 the party Of the frsI '~il
the preference 10 take ID upon as faTOra-
bic terms as may be offered bv others.
70 iH further agreed that the treasurer Of
{ he party Of the second part shall be q
person named by ths party OF the 6rst
part In testimony whereof. the under-
signed, dHly authorized By the parties 70