Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-01
SATURDAY, s5th MARCH, 1877
Five Hundred Thousand Dollars,
Selma, Marion and Memphis Railroad Com
40 pany Of Tennessee and Mississippi,

Feb. %, 1871. Sheriff Shelby County.
ea Shelby County QUARTERLY CouRT.l
JANUARY TERN,
ti THURSDAY, January 3, ISL.
State of Tennessee, Shelby County-County
Court, Quarterly Term, January, loil.
Tho SELMA Marion and Memphis Railroad
comnany of Tennessee and Mississippi, for
merly the Memphis. Holly Springs, Okolona
and Selma Railroad Company, by their Presi-
dent N, b. Forrest, and n majority OF the
Directors, having applied TO this Court 70
take, on behalf of the County OF shelby, rive
Hundred thousand Dollars Isoov,yy0Ij 81 ;nc
that the interest of the people OF the county
will be greatly promoted by the speedy con-
struction of said Railroad; m,
II is therefore ordered by the Court, That
Five Hundred Thousand Dollars be sub
scribed TO the Capital Stock of the said Com
many. to be paid in five annual instalments
Of One Hundred Thousand Dollars eaeh,
without interest, upon the following terms
/. The Western terminus of said RAILROAD
shall be and always remain at memphis,
3. The money paid under this subscription,
or the certificate of Indebtedness hereinafter
authorized to be issued, shall be applied:
First-TO the/ grading, bridging ana masonry
of that portion OF the ROAD WITHIN tho O1In ,.y
of Shelby, commencing the work at Mem
phis and completing 1t continuously, ready
| for the superstructure, TO the County lhe.
| Secondly-ro the purchase OF cross-tles, IRON
rails and fastenings sufficient 10 lay !he track
within the County of Shelby. Ihirdly--I0
| the purchase of locomotives ana cars sum ,
cient to operate that portion OF the Foau
within the County, and TO the laying OF inc
| track over the same Fourthly-To the cree
! tion of such depots, platforms, section houses,
| mncbine shops, turn tables, water stations,
| and the purchase of such machinery Tor the
shops as may be necessary Tor the eeon0inlcai
| portion of the subscription remain after tnat
/ mart of the road in Shelby County is July
| completed and equipped as frst-ciass ROAD
in every respect !nen sqen of pthe
| road into Mississippi, in the same order ana
| for the same purposes as required 10 DC ex-
pended in Shelby County; and no part OF the
| money hereby subscribed, nor OF the eertll,
| cates Of indebtedness hereinafter authorized
! To he issued shall be used for the payment OF
officers salaries, commissions, office rent,
printing, stationery, or other general OF mis-
| eellaneOus expenses of the company, nor Tor
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
g. 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 SAD
| Company shall file with the CLERK, Of the
| County Court an accurate and full Iopo-
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 on 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 insta LINENS 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.
8. 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 sald
Railroad and make an accurate measure,
ment of all the work done, an account o. all
the locomotives, cars, machinery, buildings,
and material delivered for the Road, and
make a detailed, itemi1ed 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 neNi
following ths RPPpg5osr ~ ;a spq Cons n'
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 o.
the same. .
3. The President Of the said Company shall
file n statement under oath with the Clerk o.
the County Court each year, cotemporane
0usly with the report OF the SAID Engineers
which statement shall show fully the ex
pendftures Of all money received from tht
subseriptiOn Of Shelby County, OF from thu
certificates Of Indebtedness hereinafter ,au
thorized 10 be issued, shQWing when ana Y
| uhnrn Maid and on what account.
| 4 If il appear TO the satisfaction Of the
court from the report OF the said engineers
that the money received trom saiq county SUP
seriptiOn. OF the certificates OF indebtedness
! hereinafter authorized 70 be issued, have beer
! faithfully and economically applied for Tho
| purposes expressed in article of the decree
, then no further tax shall DC assessed or leVles
. | for that purpose, and no more certincates o.
indebtedness shall be issued and the subseriP
ton as to the balance OF the instaiiments shai
! be void.
! shall give each taxpayer a separate feceip
for the amount of tax paid by him or her OF
, account Of this subscription, when receip
shall entitle the holder thereof 70 receive IRON
the Railroad Company certificates OF stock N
said company 10 the amount Of the receipt
when presented to the Secretary o. sad CON
pany, in sVms Of Twenty-Five dollars, or Ger
lifsates OF twenty i've aoliars' ana i1t ,; an!
Of twenty-five dollars, in the amount Of IN
receipts presented. the Secretary Of the Rail
road Company shall give 20 the holder re
D | CENT which shall likewise be convertible int
Z the stock Of the said company, when pre-
e sented BY the holder. in sums Of twenty-hy
p dollars or it. multiplo.
G 9, The acceptance by the SAD hnilroa'
. | COMPANY o. any portion pi the MONEY col
- leetsd under this subscription, or OF the Ger
e | Hfcates of Indebtedness hereinafter author
. | ned 10 10 Issued. shall bind the C0mpan,
e fully 10 All the terms and conditions OF TIN
e subscripti0n ~ set forth in the foregoing an
u following articles. ..
10. This subscription shall become bindin
only when ratified BY the constitutional ma
r. iority Of the legal y9ters Of the county, an
10 fcst their sense Of this question. Il Il hercb
ordered, that the Sheriff Of the county max
publication in i.s o uaill NEUTRALITY-SUSPICIOUS.
IN Memphis, of an election 70 be held for tina
purpose. 40 the regular voting precincts oi N
county. On Saturday. the 18th u March. ltil
=, aud that a copy Of this decree, and STATE
p mcnt 81 the financial condition Oi the count.
= IL published ia connection with sacn electio
J. notice FOR thirty days preceding tne election
~ IN two daily papers published in Memphis
III. Thoae Who favor The suhscription sha
p a. aid election write Or print on their ballot
10 fbo w1rds. e. For Subscription, and tho,
r Who opnolo the subscription shall write ,
~ mint ~ iholr tall0ls lhe words /. No sui
~ ] .rrirfi0u ana To- sheriff shall immcuiatel
= | afffr the election make due returns 70 %
" CLERK Of che Count Court 81 the nuinncI
y ne votes r0licd ~ aud oi me NUMBER
goirr f0llod against subscflptan.
~ h irirr thc object of the Court 90 81
y. i,ie ffe Kailr1ad COMPANY 10 commence q
VOL a. rpecdiiy o. p1l-ihlot ,...,-.,
IL i. tI.frrfIrr lrIrrrl. Tat u ~ flail an
go frl.ln taiI election returns that the sul
seripiion has been ratified By the required cor
lf|tHHonal vote re = -a - ~ " ei,.--