Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-02-29
THE FREE BRIDGE.

| To the Editors OF the Union and American:
send yeu herewith, for publication, the
| following preamble and resolutions, which
were prepared by a member of the Board OF
| Commissioners for the Free Bridge, but
which he failed to offer to the meeting the
| other night, being compelled to withdraW
before an opportunity to present them oc-
Cured:
Whereas, the construction Of free bridge
across the Cumberland river, to connect
Edgefeld with Nashville, has been cOntem-
plated by the corporate authorities of Edge
field, and the aid and cooperation of this
meeting have been invoked by them, to car
ry forward that object therefore, be it
"ResOlVed, !, That j. G. Guild, Neil s.
Brown, W. B. Bate, j. G. Thompson and
j. B. White, Esqs., be respectfully requested
to take all necessary and legal steps TO pro-
cure a suitable charter for the organization
and efficient equipment of a company to
construct first-class bridge across the Cum
berland river, so as to connect together the
cities of Nashville and Edgefeld.
Resolved, 2, That in addition to the Or
binary provisions Of charters for similar OBJ
jects, there be provision empowering the
said company, So soon as the whole Of its
capital stock has been taken, by the sub
scriptiOn Of good and solvent individuals or
corporations, to issue and sell as many of its
coupon bonds as may be necessary for the
construction Of said bridge, which bonds
shall be made payable in from ten to twenty
years, at the discretion of said company,
and OF a denomination from 500 to 81 900
each, at the discretion of said company, with
interest at the rate of = per cent. per an
mum, to be paid semi-aunually; and with
the further provision, that upon the issuance
of said bonds lien shall be created, ipsO
fdctO, upon said bridge, its tolls, franchises
and property of every kind, to secure the
payment Of said bonds and the interest
thereon.
"Resolved, 8, That said company may as
sess and collect tolls for crossing said bridge,
not to exceed the rate of tolls authorized by
the charter under which the present suspen-
sion bridge at Nashville is operating; and
which tolls, when so collected, after retain
ing sufficient sum to pay all necessary ex-
penses in repairing and running said
bridge, shall be paid over semi-annually, in
payment of interest and principal due on
said bonds.
"Resolved, 4, That whenever the said
bonds, with the interest thereon, have been
fully paid and cancelled, the power to collect
tolls, hereinbefore granted to said company,
shall cease, except as far as may be necessa-
ry to pay the expenses of keeping in repair
and operating said bridge, and the said
bridge, with the above exception, shall be
declared forever free, and, as such, shall be
turned over by said company to the control
and guardianship of the County Court of
Davidson county"
Now, the reader of these resolutions may
plainly see the general plan indicated by the
mover for the construction of our free
bridge; and of all the plans have yet seen,
it appears to me the most just, the most fea-
Sible, the most economical, and, in every
way, the least oppressive. But that the plan
may be more fully comprehended, let us
carry it forward in building the bridge. Let
us suppose that the entire cost will be $780,
600. OF this sum let Edgefield subscribe,
as she has already done, $4,000, the corpo-
ration of Nashville $4,000, and the county
Of Davidson $4,000. This makes up the
whole capital stock, and being subscribed by
good and solvent parties, according to the
charter, as provided in the second resolu.
ton, the company may then be fully organ
lied, and the bonds may be issued and put
upon the market. believe all the proposed
plans contemplate the issuance Of bonds in
liquidation of their subscriptions of stock,
and in this aspect of the case it becomes a
very important inquiry, how will these bonds
sell? From your paper Of this morning l
see that the bonds of the city Of Nashville
are quoted at 55, 80 and IS cents in the dol
lar, differing in price as they may differ in
date. Now, why is this depreciation in the
bonds of city that every body knows to
be ultimately solvent, unless it b. in the fact
that there are no sufficient means prOrided
for the certain and prompt payment Of the
Interest as 1T falls due? This, apprehend,
is the chief reason why all Of our bonds,
State, county, or corporation, are sold at so
great a sacrifice and this is one of the COM |
mendable feat ures in the plan indicated in |
the resolutions above set forth-that, in the |
second and third resolutions, the charter will |
secure to the bondholder a full guarantee
for the prompt payment of the interest upon |
the bonds, and with such guarantee, based |
upon the income derived from source so |
adequate and so certain, we may calculate |
the bonds viii sell at very small, or per-
haps no discount.
But 1 will pursue the subject no further |
at the present writing.
ONE OF THE COMMISSIONERS.
EpeEFIELD, Feb. q, 1872.