Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-18

K. K. SULLIVAN.
Justice Meacham opposed the motion to
spread the protest upon the minutes of the
court. He would not deny the right Of
protest, but was unwilling that an instru-
ment not truthful in its statements should
go upon. the records. He was willing that
the protest should be received and fled
nothing more.
Justice Maxey spoke at length, urging
the correctness of the protest, and insisting
that it be recorded.
Justice Harvey Campbell denied the cor
rectness of certain allegations in the protest,
and was therefore opposed to the motion of
Justice Maxey.
Justice Meacham stated that the vote of
the court to pay outstanding warrants was
not an appropriation, and could not proper
ly be so regarded.
Justice Paul was unwilling that the pro-
test, ifuntruthful in any respect, should go
upon the minutes, believing that in that
event the action Of the court would be re-
garded as an endorsement of the protest.
The motion to receive, file and spread the
protest upon minutes was lost by a vote of
20 to9.
Justice Meacham moved that the protes-
tants be permitted to file their protest with
the Clerk of the court, which motion pre-
vailed.
TENNESSEE AND PACIFIC RAILROAD.
Gen. Nancy, President of the Tennessee
and Pacific railroad, continued his remarks
commenced the previous day touching the
financial condition Of the Tennessee and
Pacific railroad company, and the interest
Of Davidson county in the same.
Inview of the statements made 10 the
court by Gen. Nancy, Justice Paul offered
a resolution endorsing the action of the
Board of Directors of the Tennessee and
Pacific railroad, providing that the compa-
ny issue one hundred and sixty first mort
gage bonds for $1,000 each, to mature at
from three to twenty years, at the option of
the company, and to bear interest at the
rate of ten per cent per annum with
coupons attached for interest payable semi
annually, and that the road be mortgaged
to secure said bonds; that John Potterfeld
and James Whitworth be appointed trustee
in said mortgage and the Fourth National
Bank selected as the custodian and agent
for The negotiation of the bonds, and that
the entire net earnings of the road be ap-
piled TO the payment of interest On
said bonds. Also, that the
stock of the county be equslly
pledged with the stock of Wilson county
and other stockholders in said county for
the payment of the $4,000 of bonds &C
cording to their tenor in principal and in
terest, and that the Board of Directors be
authorized 20 secure said payment by regu-
lar mortgage of the read; that the Railroad
Commissioners ratify in any stockholders
meeting which may be called to perfect
the legal issue of the Company's bonds
herein specified; provided they may vote
the issuance of the whole or such part of
said 100 bonds as is in their discretion may
be to the best int rest of the Company, and
that netting contained in the resolutions
should increase the liability Of the county
beyond the subsection of the stock 10 the
Tennessee and Pacific Railroad Co., owned
by the county.
The resolution of Justice Paul in refer
ence to the Tennessee and Pacific Railroad
stock was adopted by vote of 80 8.
On motion, the Court adjourned until
the January term.