Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-02

q. or about that time sold By other parties
at prices from SIS to 20 cents. This Is
placing bonds at their highest value, and
it would be impossible to make this re-
ceiver account for them at any higher
value, even in q court of law.
This makes the total debts OF said Re.
ceiver in bonds 1927, $40. so. You commit
tee have then credited said Receiver on
this schedule with vouchers from No. l to
Is, inclusive For correctness OF voucher
No. 1, see Report, pages AZ, 43, A. and 40.
In fact, for the correctness OF all these
vouchers, see Schedule No. and the refer
ences therein and thereto respectively
made, The last item of credit upon said
schedule ia for two years salary OF Receiver
from Sept. 15, 1866, to Sept. 10, 1867, at
$1,000 per annum, aggregating ", 900,
which in bonds at 20 CENTS would make the
sum of $8,57l.50. This salary Of 50, 900
per snnum is not more than was allowed
by law to such officers, aud is much less
than what was claimed and retained by
other receivers of rail roads in the State
at this time; and further, bonds are esti-
mated at 20 cents on the dollar, which is
the highest possible price at this time. 10
this schedule the total amount OF debts is
1927 310 81, and the total amount of cred
its IS 1927, S40.4 A, leaving balance due
R. B. Cheathsm, Receiver, in bonds, OF
1923 93.
Schedule No. 8 contains the statements
of the last lot of bonds received by r. B.
Oheatham. and are accounted for in cash at
the prices for which the same were sold
This schedule shows the different sales
made of these bonds, and the various refer
ID ohnxy tho r1riaaa Of
which the same were sold, and the respec-
tive sums realized therefor In this sched-
ule the balance of So, 030.19 found against
this receiver in schedule No. l is brought
forward and charged up; this makes the
total amount of debit $62, 691.S8. Your
committee have then CT edited this receiver
with vouchers from No. A to No. A 8,
inclusive, all of which are herewith pre-
scented to the Board of Directors and notice
given to the various references thereto.
In this schedule voucher No A 10, for
$500, attorneys fee, etc., and all the &C.
conpanying papers have been closely scru-
tiuized by your committee, and they have
allowed the same, because they are salts
fed that the same was actually paid by the
Receiver, and that he believed at the tme
that this expenditure was TO the interest
of the company, and IN the opinion Of your
committee was probably the plesns of keep
ing our railroad out of the hands of the
military authorities and of sa wing it from
utter ruin and demolition. The last item
of credit upon this schedule is for the sala
ry of said receiver for the remaining thir-
teen months of his receiversilip of this
road, being at the same rate per annum as
heretofore charged. The total amount of
debts is $62, 69l So; the total al lount Of
credits is 1854, 1856 26, leaving cash balance
in this schedule Of 1854 38 due r. B.
Oheatham, Receiver. And then bringing
forward the balance in schedule No. 2 Of
S529.93 in bonds and estimating them as
heretofore at 20 cents in the dollar 1870 90
make the total balance of 81, 065 SO due r.
B. Cheatham in cash.
To your committee some of the TENS of
charge in some of the vouchers herewith
presented for reconstruction purposes,
etc., seem to be large, or high, but from
the dispositions of w. f. Foster, Civil En-
gineer, J. NJ Spear, Road Master, and
James H. Allen, and from the report of
B O. Morris, Civil Engineer, made to the
Comptroller OF the State, July 3, 1870,
(see report, pages 80 and "a, they are con-
strained to admit that the work was let as
low as such work could have been contrac-
ted for with responsible parties at that
time. The history of the Reoeivership of
R. B. CheathsEl, of this road, as elected
by the Investigating Committee of the
Legislature, presents one very commenda-
bic feature, and that is, for his entire term
of Office, period of three years and one
month, embracing the time when everything
was at the highest rate, labor scarce and
very high, aud the rates of charge for pas
ssngers and freight being as fixed by law
before the war-only one debt was con-
tracted during his term of office which was
not Equidated by him, and his reasons for
SO doing are very satisfactorily given in his
deposition, [see report, page 80 This ia
wholly different from the history of almost
every other Receivership in the State of
Tennessee.
Hence your committee would recommend
q settlement with r B. Oheatham, upon
the terms and in the figures expressed in
this report, aud in the schedules hereunto
appended.
All of which is most respectfully sub
mitted. VIM MOORE,
E. CUNNINGHAM,
GEORGE s. KINNEY.
The Board OF Directors then adjourned,
making the next meeting subject to the
call of the President