Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-01-20
TENNESSEE AND PACIFIC RAIL.

Tothe Editors Of the Union snd American:
In the UNION AND AMERICAN of the
18th, you say s.you are requested by a
friend of Gen. Nancy to say that the ar
ticle OF Taxpayer in your issue of the
18th, does him injustice in assuming
that he has disposed of the State bonds
loaned to the road. F"
We do not intend to do Gen. Nancy
| injustice in this or in any regard. We
make no attack on him whatever, and are
not unfriendly to him. We trust he will
be able to make such showing to the pub
lie as will exonerate him entirely from
even an imputation against the MANAGE
n1e7at of the road, should there be such
from any quarter. Gen. NJ. is public
official, charged with the reception and
disbursement of very large amount of
the peoples money, and in the absence of
any showing TO them for period of near
two years ssand until the one made to the
Wilson County Court, published in your
paper of the 18th, and analysed by US in
Tuesdays UNION AND AMERICAN, his
friends will not object to the demand of
the public for light. r
We do not say and have not said that
Gen. Nancy has or 'thas not disposed of
these bonds, >, nor is it really necessary
for purposes of investigation, as he states
the facts in his report doubtless, to-wit:
That he had deposited with the Peoples
Bank of Nashville, the whole amount of
the bonds and coupons issued to the Ten
nessee and Pacific Railroad-bonds, l, 1856
(S1, 900 each) amounting to 81, 1876, 900,
and his "bills payable" in the account
shows that he has drawn or given his note
as President, for $493, 097 46-100, upon
this hypothecation or these collaterals.
Those who furnish this money of course
look to and control these bonds until their
advances are refunded with necessary in
terest and debt, by the President, or an
other acting for him, and as he has no
other road assets, the legitimate business
presumption to our mind is, that they
have been used in whole or in part, for
this purpose.
We, however, are not left to presump-
ton only for this hypothesis, as by refer
ence to the report of the Comptroller
(Pennebaker) to the Tennessee Legislature
last March only, Ian official docu-
n1e'at,) we see it stated on page 10 of
that report, that nine hundred and twenty
seven (927) of these bonds have been
paid to the State of Tennessee by the
various railroads of the State for interest,
etc. These bonds then are the property
of the State of Tennessee, and Shave
been disposed of" by both the Presi-
dent, Nancy, and the Peoples Bank, and
beyond the control of either. /
There is left then only taCo hundred
and fifty eight of these bonds with the
Peoples Bank, which, with the cash
balance shown on Gen. Ms account re-
feIed to, of 81, 064 al, is to our mind
about the assets belonging to the road as
sscertained by Gen. M.'s report.
Whether the bonds have been sold or
not makes no difference as to the object
of this investigation, which is simply to
ascertain: l. What amount of funds went
into Gen. III. 8 hands. 2. What amount
(and how expended) has been used in
building and equipping said road twenty
eight miles to Lebanon, Tenn. 8. What
amount of available assets are now on
hand to continue the road.
In this we mean no reflection upon
any one, and only desire to procure facts,
that State, stockholders and tax payers,
all may comprehend the situation, and
conduct themselves accordingly.
We repeat what we said before III
the road has been managed Uisely
and properly, it is the duty of the
County Judge aOith the adUice of his
associates, the magistrates of the
county, to continue the present man
dgeme1t. If not, public sentiment will
not hold them guiltless if they ignorantly
or wilfully disregard the interest of all
concerned. Let them take the statement
as made by Gen. Msury and give 1t to
any competent accountant, find out the
fund received by said management, how
used, etc, ETC., and find out the balance
of assets in the hands of said road, and
determine their course without favor,
fear or affection to any man, but in the |
interest of those whom they represent,
and 10 whom alone they are responsible |
the people.
1t is very easy for those concerned to
make an estimate of al monies received |
and realized, and estimate the cost per
mile of this road, and this sum will doubt
less to some extent satisfy many minds.