Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-04-30

STOCK, ana upon winch the new company
will guarantee six per cent per annum.
The meeting believing the project feasible,
and much the best yet presented, and be-
heving that the $500, 900 can be raised as
soon as committees already appointed shall
have time to see the people, designated
the Undersigned as a committee to apply
to your honorable body and ask that final
action be postponed by you for the present
say until Tuesday next.
Very respectfully,
B. s. RHRA.
q W CUNNINGHAM.
j. O. GORDON.
NASHVILLE, April 90.
Mai. Rhea stated to the court hat Col.
Cole represented an association of gentle
men abundantly able to do what they pro-
pose, and was ready to give the court all
necessary assurance of their dispe-
sition and ability to do what they
said. He asked for a postponement of
action until Tuesday next, in order to Sc
cure the $500, 900 of stock by individual
subscriptions. He was not at present pre-
pared to give the names of the parties rep
resented by Col Cole, but had assurances
from undoubted sources that they could
command capital of 800, 600, 900.
Msj. Thompson asked pardon of the
Court, and permission to have read an act
of the Tennessee Legislature of 67-68,
which he had forgotten in the haste of con-
Guiding his remarks. Permission was
granted, and the clerk read chapter 72,
Acts of the Tennessee Legislature of 67-
6S, concerning the leasing and consolidat-.
ing of railroads in the State Of Tennessee.
The reading of the act being concluded,
Ed. Baxter, Esq, was invited to the stand
and proceeded to address the Court in
support of the lease by the L. & n. r. r.
Co. He said that as representatives of
the County the members Of the Court
were bound to represent the pecunisry in
terests of the people, and not the prejudice
or partialities of any particular class of
men. He appealed to the court not to let
likes or dislikes control their action on
this important occasion. This was purely
matter of business and money, and all
prejudice should be rigidly discarded. Mr..
Baxter compEmented the ingenuity dis
played by Maj. Thompson in his ATTACK
on Louisville, saying it had been made in
such way as to partially conceal the real
design. The county of Davidson had
drawn her full share of dividends result
ing from the profits of the Louisville and
Nashville railroad, and what reason is
there to spprehend that she will not con-
tinue to receive her full portion of the
dividends. Mr.. Baxter insisted that it
was in bad taste to say that We will not
even entertain the proposition of the
Louisville and Nashville Railroad Com
pany. In reviewing Maj. TbOmpson's
criticism of the terms proposed, MIR. Baxter
said that if that company got preponder-
ance of the stock it would be by first paying
off the debts, and if they did, was itnotfair
that they should have a preponderance OF
stock. He said if the tenth clause is to
breed lawsuits, a clause of forfeiture was
not legitimate and would have to be aband
oned. In order to prevent railroads from
becoming injurious and dangerous monop-
olies, was it not best for good men to Sc
cure a controlling voice in their manage
ment? This was only to be done by own
ing stock and insisting upon every legiti-
mate right such possession bestows. Com
MERGE does not stop to consider persons o.
places, but goes on in the accomplishment
of its high mission, despite the threats Of
those who would have everything bend
down to suit their own fanciss. Mr.. Bax-
ter cited the difference between Indisnap-
oils and Nashville as railroad centres, say
ing the difference would make a Nashville
mans head swim. Indianapolis threw no
obstacles in the way Of railroad progress
and development, and is richly rewarded
l for her wisdom in this respect. Close
railroad connections was the secret of her
| success and waa worthy of imitation. Mr..
| Baxter did not like Cincinnati and
| said so in emphatic terms. What bonds
| or other written assurance did Major
| Thompson bring back with him from Gin
| cinnati Without some better evidence
l of good faith on the part Of Cincinnati,
| will it do to trust her in preference to q
1 nearer and better neighboE? Referring
| to the proposition submitted by Msj. Rhea,
| Mr.. Bax or said it came from the Joe
| Brown ring, represented by Col. Cole.
| This proposition from the Joe Brown COM
| binetion of talent and money does not
| offer to complete the North and South
| Road. As to the act of the Tennessee
| Legislature cited by Maj. Thompson, Mr..
Baxter said it was the stockholders of the
| Louisville and Nashville Railroad propos-
ing to make the lease end not the Presi-
| dent or other officer Of that road. Mr.,
Baxter made some humorous reference to
| the undue liberties sometimes taken by
the Nashville press in matters that do not
legitimately concern it. 1t was under
stood, however, that the eloquent gentle
mans remarks on this too great freedom
of the press did not apply to the UNION
| AND AMER1oAN, and for this reason we
deem it improper to quote him more fully on
this branch of his speech. ] AS to rings, Mr..
Baxter said he spoke of them respectfully,
| for he was once indirectly associated with
a ring, and did not deem it safe to attack
| such associations. He made some good
humorous hits and closed his speech with
a grateful expression for the attention given
him by the court.
Justice Gleaves asked MIR. Baxter if he
was a stakeholder in the Nashville and De