The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1875-07-16

"Tax-Paycr," In the San OF Wedncs-
day evening. asks us the following qucs-
tons:
q. "FrOm your Knowlcdgc Ofthc parties
controlling the G. 4 81. l.. X. r., would
you advise the city and county to turn
over the stock held by them to the par
ties named, receiving from them apledge
or contract that they will build shops,
&c!'
A. Neither to the men who control
the G.. & st. l.. II. r., nor to any other
men, would we turn over stock or money
upon their promise to do anything. We
would promise to give If the men did
certain thing; and we would give when
they had done that certain thing.
q. sis 1t your opinion, from your
knowledge of the stock held by the City
of Cairo and County of Alexander and
other counties that have issued bonds
for stock, is the only legal stock in the
company, and that a suit brought by this
stock would cause all the other stock to
be cancelled and give the control Of the
X. II. to the legal stock, and would not
suit of this character compel Payson Il
Rowland associates to pay par for this
stock or lose control Of the X. RE-
A. What does Taxpayer take us for
A full bar Of lawyers or a Supreme
Court We don't knoic which shares Of the
stock Of the company are legal, and can't
find out until the courts get a chance at it;
but our opinion is, that 100000 Of the
stock is legal and that all stock issued in
excess of this Is utterly null and void.
"Tax-Payer" has evidently been reading
the constitution which says that "no
railroad corporation shall issue any stock
or bonds, except for money, labor or
property actually received and applied to
the purposes tor which such corporation
| was created" He seems to be
lievc that the only stock issued for
money, labor or property was the
| stock issued to the counties for bonds
but, in our opinion, the stock issued to
| Payson & Co., was issued for labor &C
tually applied in building the road OF
the company, which building was one of
the purposes for which the corporation
was created. The company may have
paid too much, and did for the road that
it got, but the constitution does not pro.
hibit contractors who bui Id roads from
making profit on their labor. 1t is Ger.
tainly not the purpose Of the constitution
10 prohibit company from
issuing stock, except dollar for dol.
lar rs an actual dollars worth
Of labor or material is put into the road
a suit in this case would, we believe. re.
suit in declaring s2,oV,oVv y.
the So.0O0.0OO Of the stock null
and void, and in proving that
the contractors did not, although they
are to be paid in full, build thu
road accordingto contract that severa
of the gentlemen who voted as stock
holders at the late meeting are not stock
holders, that they hold the void stocl
which they received for services that may
have been dark but were not certainl,
vain. But who will commence such
suit: The City Council will not a? 1t la,
been convinced that suit of the kline
would be useless and it might be. Tn,
County Commissioners will not. Posi-
bly, another, but also potent influence
has been upon them, and they, too. have
| tn La. hot &c N.
use in making fuss and trouble about tn
little road-about stock that is wortl
nothing