The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-08-20
CAPTAIN Jacques AND TOM SCOrr.

ments of facts are final and unques-
tionable, and with this assertion of
his truthfulness, we ask attention to
his letter in another place. Mean
while, we have to say that Captain
Jaques is not Tom Scott, and none
the worse for that. For some rea-
son, unknown to us, the scheme
contemplated when the Memphis
and Charleston road was transferred
to SCOTS ring has not been executed.
We would never have insisted that
the lease to Scott was desirable if
it had not been understood that the
road was to be extended to Shreve-
port. On this basis the whole argu-
ment rested, and Scett and his as
sociates knew it and assented to all
that was said by the appeal in their
behalf. The purpose Of the lease
being defeated and unexecuted, and
SCOTS recent report showing that
he does not intend to extend the
Memphis and Charleston road to
Texas, we are cheated, and so with
every stakeholder and every citizen
of this city. This is the whole
story. 1t was no shrewd trick or
stroke of genius. The whole trade,
as discussed, was based on the as
sumption that this road should cross
Arkansas. 1t is a simple, direct,
open. palpable violation of an agree
ment honestly made on the part of
the stockholders. and as honestly
and openly violated, for some reason
with which these stockholders had
nothing to do, by the Security COM
pany. With all this Captain Jaques
had not the slightest concern. He is
not the Security company or Tom
Scott. He manages the road, and
admirably well. He is constantly
improving it, and if he have the
means will soon make it as perfect
as the ballasted portion of the line
in East Tennessee, which he man
ages with infinite skill. Read Cap
tain Jaques' letter.
To the stockholders of the Memphis and Charleston
railroad:
I see SO many reports in the news
papers, and received so many COM
munications, concerning the stock
of the Memphis and Charleston rail
road, have thought proper to say
that I see no cause for the alarm
that seems to exist. What Colonel
Scott or the Southern Railway Sc
curity company promised the city of
Memphis, or the stockholders of the
Memphis and Charleston railroad, l
know not. All that do know is the
existing contract, signed by both
parties, and since / have been con-
nected with the road l have endeav-
ored to carry it out faithfully. In a
short time our books will be ready
for an exhibit Of the earnings re-
ceived for the year ending June so.
1878, showing an increase over the
year ending June so, 1872, and how
the money has been spent. We
have paid promptly all the interest
on their bonded debt. and paid the
dividends that have fallen due, and
have spent a large amount OF money
on permanent improvements, over
and above the running expenses of
the road. If our earnings are in
creased, and we have spent all the
money in operating and improving
the road, how are the stockholders
damaged? | consider that the value
of the stock of the Memphis and
Charleston railroad company de-
ponds. in a great measure, upon the
satisfactory arrangement OF the
floating debt of the company, and
if the debt was satisfactorily arrang-
ed, and the Southern Railway Sc
curity company carry out the contract
in the future as in the past year, the
stock of the road would be worth
far more money than it is reported
to be worth now. The statement
made by Captain w. j. Ross. and
published in the Memphis papers
several days since, in reference to
the amount expended on permanent
improvements and the condition of
the road, will be, no doubt, fully sus-
tanned by the reports Of the different
officers of this company in their an
nual statement about to be made.
Very respectfully.
JOSEPH JACQUES,