Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1872-09-18
SlG,S5i, GOOSE, 200, 800
200, 500
SIO.GI3.IN


You will thus see that the sale of these roads
was q clear loss TO our State of over ten and
one half million dollars. How do you think
these roads were sold? hear you say ITO the
highest bidders at public sale, of course" No,
bidders. The Knoxville and Kentucky road
was the only one of said eight roads that was
sold on notice But the bids were secret. and
how do we know the highest bidders got even this
road Ono would have thought that nasmuch
as these roads were sold to pay debts that they
would have been sold for all that could have
been gotten for them. But such was not the
case. There was what was called 'nlinin,ul,,"
price liked on these roads. This word "nliai-
these roads were sold at this very least price"
viz the Winchester and Alabam, the McMinn-
vile and Manchester, the Edgefeld and Ken
lucky, and the Memphis, Clarksville and Louis
vile. But how sold for the Every least
price ~ Why, the Railroad Commissioners
agreed that these roads might buy Themselves ut
this very least price"
THE WINCHESTER AND ALABAMA ROAD.
Take this road, for instance. This road not
only owed the State over 81, 10000, but also
was largely indebted to Others; and all this vast
sum was put into the road, in many cases dol
lar for dollar. But these Democratic Railroad
Commissioners were so oblging as to let this
road buy itself for the pitiful sum of $500 600;
and even this trihing sum wa not be paid in
money, but in State Bonds worth about sixty
S'lIo OIiaLLb uOllar. DuL Lnl- DOne mas 700 TnuCn
marrow in it, and several parties at once began
to fight over it in the Courts. This was
what is called "a fat take and q soft
thing" But the parties finally harmonized and
sold out their bid for stock in another road worth
about $50, 900 and the purchasers of their bid
are reported by the r. II. Commissioners as the
purchasers of the road. You will thus see that
If this road had been sold to the highest bidder
on due notice it would have brought at least
$5oO,OOO: Hero was clear los Of hundreds of
thousands.
THE MNuNNyILLE AND MANCHESTER ROAD.
This road owed the State: 81, 1000 and was
allowed TO buy itself at the minimum $500, 900
in State bonds. This sum was far below what
the road was worth and so it turned round and
sold itself TO other parties (Wicks, ] believe of
the Memphis and Charleston Railroad,) at an
enormous profit. This shows that if this road
had been sold TO the highest bidder, it would
have brought far more than the State received.
After this road had thus sold itself at an enor-
nous profit, suit was brough against it by the
United States for an alleged claim of about So
600, accruing before the sale; and the last Leg
lslature at their extra session passed law which,
in effect, indemnihes this road against the pay
ment Of said $4,000 The consequence Of this |
indemnity will be that the State will have this |
vast sum 10 pay. And what, think you, was the |
reason given why the Legislature should in |
demnify this road 1t was said that If the State
didn't indemnify the road Wicks, who had |
bought it from ITSELF !oo@tGH,t pay them the
enormous profit on their bid before spoken Of. |
/ say here what know, that President Wicks !
of the Memphis and Charleston Road, and |
President Cole ofthe Nashville and Chattanooga |
Road carry the Democracy Of Tennessee in |
their breeche5 pockets,
THE EDGEryELD AND EESTUCl>Y ROAD.
This is q third road that was allowed 70 be its
own purchaser at the very least price" 5000
100 Here was an exceedingly valuable road, a |
road shat had cost hundreds Of thousands of dol
ars outside Of what tho State had loaned II, q
'oad that was worth every cent it owed Tho
state And yet men OF capital were shut out
md not allowed 10 pat in higher bid. Tho
very least price" And what was tho conao-
luence7 These stockholders turned right
Iror nd and cold their hid n tho A yrarfoan 81