Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1872-10-12
REPORT OF SPECIAL COMMITTEE
ON RAILROAD MATEERS.
TO the Honorable County Court of Mont
gomery County.

| gomery county.
The committee to report upon tn,
outlay or expenses to tax payers o
i Montgomery county incident to tn,
issuing of railroad bonds by the coun
ty to the NJ, G.. & l.. n. II. Company
to count and arrange the coupons
found in the possession of the Count,
Judge, preparatory to their being
burned or otherwise disposed of as the
County Court may direct, beg to re
port as follows:
First, your committee, from cir.
cumstances which will be readily un.
derstood by you, have deemed 1t in.
cumbent upon them to make this re
port as full as q laborious investiga
tion of the facts will admit, and wher
it is recollected that this investiga
ton runs through a period of thir.
teen and half years, embracing the
terms of three County Court Judges
a devastating civil war intervening
with no reports from those whose
duty it was-by the law made and
provided in the case-to have made
annual reports, with very Imperfect
records to refer to, and facts bearing
upon the subject only to he ascer-
tanned by comparing, counting and
arranging according TO number, date,
&C., over six thousand coupons, ex.
amining County Court minutes as to
appropriations bearing upon the
question, sending sub-com mittee Il
Nashville to examine books of the
State Bank with many other cir.
cumstances too tedious to mention,
you will be prepared to make due al
owance for any seeming delay In
this report.
Your committee will further state
that their Investigation began at the
date of Sept, 1853, when the sub.
scription of the county to the NJ, c.
& l.. railroad was agitated, and voted
OH by the citizens.
We find that on the 18th day oi
September, 1853, the President and
Directors of the NJ, G.. & L.. n. r.
Conn any petitioned the County
Court of Montgomery county to sub
NIT to the voters of said county q
proposition to issue the bonds of the
county for S250,000, having thirty
years to mature, with coupons for in
terest payable semi-annually at the
rate OF six per cent. per annum that
said Court ordered the sheriff of said
county to hold such election on the
Goth day of October, 1853; that said
election was held on that day; that
the result of said election was, for the
subscription, l, ,145 votes; against the
subscription, 424 votes, as reported by
the sheriff to the November term 1855
of said court.
The next record we find is dated
July 7, 1856, which orders that as
soon as the impressions are received
the County Judge issue the bonds O
the county to the President of sale
railroad company as called for, In
pursuance of the terms of subscrip
tion. The railroad company i'm Its
original petition for the vote proposed
and agreed to pay the interest matur
ing on the county bonds up to the
completion of the railroad. si'''
We further ascertain, not from re.
cords, that there were issued SO o.
such bonds bearing date July 6, 1856
payable at so years. The printed
numbers on the coupons of these
bonds are so arranged as to show thai
four coupons in the original impres
sions were not issued. These were
the coupons falling due in 1857 anC
1858, which matured during the prog
ress and before the completion of the
railroad, and that the first coupons
paid by the county were payable Jan
uary l, 1859.
The balance of the 250 bonds, 49,
in mber, bear date July 6, 1858, anC
the coupons first maturing there
on fell due January /, 1850. Thus al
the coupons on all the bonds fell due
January /, 1859 and continued falling
due semi-annually January and July
of each year since that date.
Two of the original bonds were de
stroyed after the railroad received
them, and twelve have been retired
with the sinking fund, thus reducing
the actual number of bonds outstand
ing to 1856.
The whole number of coupons ac
tually maturing to this date is $685.
at $50 each amounting to $500, $50.
We have counted and ind on hand
of these coupons 6,257. Ofthis mum
ber, however, though on hand anC
checked of, 60, or 81 800 exist in thu
~, ~ J1'e esh,1 ~,
9oupon' W. rH' S vnI I'm 'ins
1,'0S MS actuaiIy Palu anu Oh han'
checked OH on coupon DOOK. we flnC
th9 { az hova hpan Maid off in tha firm
bu"' W h"' y w Sh paw VI IA NtiO W. u
or lud gment IN the Federal Cour
at Nashville, In the case OF j. j
others maturing January, 1851 maid
to Northern Rank of TennesseeI q,
aflidavit of III. Glenn. cashier. O
their loss g others 4 on bonds Nos
i5I,l59 159 and la maturing Julv
1S6h, and 4 others Of same nnmbers
mIIing dine January. 1866. ON AFFIDAVIT
of T. p Kirkman of their loss. anC
one on hnnd No. 40 falling dine Ian
nary, ls70. ON affidayit of G. ID. Rem