Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-04-30

volving eight or ten million dollars
would be due to the stockholders. The
road was in worse condition now than
when leased in respect to rolling stock,
etc. The lessees had failed to apply sew
| enty or eighty thousand dollars on the
! road, as required by the contract IF the
SouthernISecurityc company were solven
II should be made to comply with the
terms of the contract. The insolvency
or solvency Of the company should be
sscertained. Threats had been made
that II the release was not made law
suit would be instituted, and they would
fight the Memphis and Charleston rail-
road with their lown property. He
did not think any cOrporator could make
use OF such threat as this. He exhon-
Grated Mr.. Wilson from all blame in the
matter, and said he was glad that he
had withdrawn from that company.
The motion Of Colonel Estes was then
adopted, and the chair appointed the
follOwittee: Governor r. NJ. Patton, of
Ylabama; II. e. Garth, Memphis; Rob
ert Pulley, Huntsville, Alabama; John
Robertson, Hernando, Mississippi, and
A. G. Smith, of Memphis.
JUsTITIA FIAT CGIUM RUAT.
Mr.. Wilson, of New York, said he
wanted the committee to report upon
the statement of Mr.. Johnston, the
chairman, that the Southern Security
company had withheld or misappropri-
ate Seventy five thousand dollars of the
Memphis and Charleston railroad. h
believed in dealing fairly with every
body. Let justice be done though the
heavens fall, was his motto.
The chairman said that he understood
that the fifty-thousand-dollar note Of
fered by the lessees belonged to the
Memphis and Charleston railrosd COM
pany, but was rendered as an induce
ment for the cancellation of the lease.
He knew nothing more than had been
told him.
Hon. Jacob Thompson wanted to
know the condition of things in the
past, and he deemed Mr.. Wilson's mo-
ton proper and desirable. He heard
that the lessees had made money from
the road, but wished to return it as they
could no longer make money. The re-
port as to the disbursements and re-
ceipts should be investigated.
Colonel Estes said that the original |
motion embraced this.
Hon. Jacob Thompson said he wished /
this duty imposed upon the committee, |
amined this matter.
Mr.. Wilson, of New York, said that |
he would amend his motion so as to re-
quiTe the committee not only to report |
or not the Southern Security |
had received and expended, as
required by contract, all the money sent /
to New York, Baltimore, or PhiIadel-
phia, from the treasurer of the Memphis
and Charleston railroad company, but
also to ascertain from the superintendent
and engineer how many rails had been
laid and how much work had been done
in the way of improvements.
Colonel George p. Bsirne, of Hunts
vile, Alabama, said that the Security
had not expended any money
ln the road, save that which was made
)ut of or received from the earnings of
he Memphis and Charleston railroad.
Cheers.
Mr.. Wilson said he was formerly in
crested in the Southern Security COM
)any, but was not now. The intima-
ions as to its fraudulent dealings were
calculated to do him an injustice, al
hough the remarks were not intended
or him. A native of Georgia, but
.itizen OF New York city, his interests
vera in this country, which he wished
o see advance in prosperity and be de-
'elnped in resources. Whatever the
allure of the Southern Security railway
company he felt satisfied that such had
,een the result of iDjudicious invest
nents and outlay of money, but not of
dishonesty on the part of the gentle
nan comprising it.
Mr.. Wilson's motion was adopted, and
be meeting adjourned to eleven O'Clock
his morning.