Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-02
Selma, Marion and Memphis Railroad Com
pany of Tennessee and Mississippi,
SHELBY County QUARTERLY CoURr, !
.NrrApy TppM

The Selma, Marion and Memphis Railroad
Company of Tennessee and Mississippi, Tor
merly the Memphis, Holly Springs. Okolona
and Selma Railroad Company, by their Presi-
dent. N. b. Forrest. and majority OF the
Directors, having applied to this Court to
take, on behalf of the County Of shelby, rive
CAPITAL Stock of said Company, and believing
that the interest of the people of the County
will be greatly promoted by the speedy con-
struction Of said Railroad; , mn
Five Hundred Thousand Dollars be sub
scribed to the Capital Stock of the said Com
pany, to be paid in five annual lnstallments
Of One Hundred Thousand Dollars each.
without interest, upon the following terms
"I /. The The Western terminus of said Railroad
shall be and always remain at Memphis,
Tennessee. ,,,.l...,.
or the certificate of Indebtedness hereinafter
authorized to be issued, shall be applied;
FirstTo the grading. bridging and masonry
Of that portion of the road within the county
of Shelby, commencing the work at elem-
phis and completing it continuously, ready
Tor the superstructure, to the County line.
Secondly-To the purchase of cross-ties, IRON
rails and fastenings sutiielent TO iay the TRACK
within the County of Shelby. Thirdly-Io
the purchase Of locomotives and ears sum,
Gent to operate that portion of the road
within the County, and to the laying OF the
track over the same. fourthiy-To the cree
machine shops, turntables, water stations,
and the purchase of such machinery for the
shops as may be necessary for the eeonomlcal
operation of the road, Filthy should any
norton of the subscription remain after that
part of the road in Shelby County is fully
completed and equipped as tirst-class road
in every respect, then such incorporated p0r-
ton shall be applied to the extension OF the
road into Mississippi, in the same order ana
for the same purposes as required to be ex-
pended in Shelby County; and no part OF the
money hereby subscribed. nor Of the certiii;;
Gates of Indebtedness hereinafter authorized
TO be issued, shall be used for the payment of
officers salaries, commissions, office rent,
printing, stationery, or other general or mis-
eellaneOus expenses of the company, nor for
right of way or depot grounds, and any viola,
tion of these conditions on the part of the said
Railroad Company shall render this sub
scription wholly void, as to all further pay
3. Before any portion of the money herein
subscribed shall be paid over to said Railroad
Company. and before any certificate of in;
debtedness shall be delivered to the said
Railroad Company, the President of said
Company shall file with the Clerk Of the
County Court an accurate and full Topo-
graphical Map of the final location of the
Road in Shelby County, and an accurate pro-
file of the same, showing the, Quantities Of
excavation and borrowed embankment of
masonry, and OF bridging to be done onl each
section, and a copy of the specifications and
form of contract under which the work is re-
quired TO be done, which map, profile and
specification shall be certified by the Chief
Engineer OF said Road under oath as correct.
a. The annual installments shall be assessed
by the Court each year at the same time
that the other County taxes are assessed. and
shall be collected at the same time other
County taxes are collected.
5. AT the term of the Court each year pre-
ceding the term at which the taxes are to be
assessed, the Court may appoint one or more
competent Civil Engineers, of high character
for integrity, who shall have, no connection
with said Railroad, to go on the line of said
Railroad and make an accurate measure
ment of all the work done, an account Of all
the locomotives, cars, machinery, buildings,
aud material delivered for the Road. and
make detailed, itemized report of the same,
and the value thereof in detail, estimated at
fair and reasonable prices for each item
Said report shall be made by the said Engi-
neers under oath to the Court at the next
term following their appointment; and the
President and Chief Engineer of said Com
pany shall be bound to afford said Engineers
appointed by the Court access TO their books,
notes of the work, and every facility for ar
irving at a correct measurement and value of
8. The President Of the said Company shall
file statement under oath with the Clerk of
the County Court each year, cotemporane-
ously with the report of the said Engineers,
which statement shall show fully the ex-
pend tures Of all money received from the
subscription of Shelby County, or from the
certificates of indebtedness hereinafter au-
th0rized to be issued, showing when and to
whom paid and on what account.
Z. If it appear to the Satisfaction of the
court from the report of the said engineers,
that the money received from said county sub
scriptiOn, or the certificates of Indebtedness
hereinafter authorized to be issued, have been
faithfully and economically applied for the
purposes expressed in article of the decree,
then no further tax shall be assessed or levied
for that purpose, and no more certificates Of
indebtedness shall be issued and the subscrip-
ton as TO the balance Of the installments shall
be void.
8. In collecting the tax. the Tax Collector
shall give each taxpayer separate receipt
for the amount Of tax paid by him or her on
account Of this subscription. which receipt
shall entitle the holder thereof TO receive from
the Railroad Company certificates Of stock in
said company TO the amount Of the receipts
when presented to the Secretary Of said COM
pany. in sums Of twenty-five dollars, or GER
/ ti6cates Of twenty-five dollars, and for any
excess over twenty-five dollars, or multiples
Of twenty-five dollars. in the amount Of the
receipts presented. the Secretary a the Rail
road Company shall give TO the holder q re-
| ceipt which shall Likewise be convertible into
the stock Of tho said company, when pre-
sented by the holder. In sums Of twenty-five
3. Tho acceptance by the said Railroad
Company Of any portion Of the money col
/ lected under this subscription. or OF tue GER
tifcates Of Indebtedness hereinafter author
/ lied to be issued. shall bind the Company
/ fully 10 ali the terms and conditions Of this
subscription as set forth in the foregoing and
/ following articles.
I III. This subscription shall become binding
only when ratified BY the constitutional ma
/ jJrity Of the legal voters Of the county. and
10 test their sense Of this question, II Is hereby
/ ordered. that the Sheriff of the county make
/ publication In two daily newspapers published
/ IN Memphis, Of an election 70 be held for that
purpose, at the regular voting precincts Of the
county. on saturday, ne 9th Of March ~,
| ment Of the financial condition Of the county.
I be published in connection with such election
Z notice for thirty days preceding the election.
I IN two daily papers published in Memphis
! n, Those who favor the subscription shall
al said election write or print on their ballots
T me words, Fl" For Subscription and those
I who oppose the subscription shall write Or
/ print on their ballots the wOr1.. No Sub
soription." and the Sheriff shall Immediately
after the election make due returns % the
/ clerk OF the County Court. Of the number Of
the votes pollcd for and Of tlIe number OF
votes polled against gubscripiion..
I ". II being the object Of the Court to en-
able ihe Railroad Company 20 commence the
work az speedily o. possible.
ID 4 therefore ordered. That II II shall ap-
pear from said election returns that the sun
/ seription has been ratified By the required con-
I afifntoual vote, the Chairman Of the County
Court rhail Immediately. upon the fling Of
the map, profile and specifications required
by article B, issue 10 the said Railroad Com
pany certificates Of Indebtedness Of Shelby
/ county b the amount Of one hundred thousand
doilars. said certificates shall be issued IN
such sums NJ the President may esseet. and
orprcsr on their face that they are for sub
arripti0n Of stock 10 the selma, Marion ana
Memphis Railroad Company, and that they
-, Tesei,sLie IN PAYMENT Of said specific
a. And Likewise each succeeding year; II y
rhaM appear 10 the satisfactiOn OF the Court,
from the report Of the Engineers appointed n.
provided il article Ave Of this decree, thal
- ..,f.tr.r. from tie tax Of the urcccd-