Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-10-13
THE CITY SCHOOL FUND.

THE CITY SCHOOL FUND.
In response to inquiries made by
responsible citizens, we have eX-
amined into the present disposition
of the railway stock held by the
school commissioners of GAINESVILLE
for the purpose of erecting suitable
school buildings in the city. The
need of such buildings is so obvious
that the information desired should
under no circumstances be withheld,
and we have much pleasure in stat
ing that our application received
prompt attention at the hands of
Mr.. Polk g. Johnson, one of the
commissioners in charge of the
funds, who has very cOurteously
placed in our hands a full statement
of the matter from the first appoint
ment of the commissioners to the
present day. The substance of this
we now lay before our readers.
The business commences at the
time when an attempt was made to
build railroad from GAINESVILLE to
Princeton, at which time the cor
pOratiOn of GAINESVILLE subscribed to
the c. u p. r. r. the stock it held
in the Louisville and Nashville r.. r.
When the GAINESVILLE and Prince
ton enterprise failed to go into OPP
Grafton, the company formed to
carry it out returned to the corpora
ton most Of that stock with the con-
ditien that it was tobe donated to the
common schools of GAINESVILLE upon
the fulfilment of certain conditions.
This proposal was accepted and rat
flied by a majority Of the voters
of GAINESVILLE at an election held
for the purpose April 18th, 1874,
and, all the conditions being full
filled, the following citizens were
appointed to receive the stock and
carry out the purposes in view I'M
der the direction of the Board of
Mayor and Aldermen: H. C. Mer-
rit, Sam. Johnson Jas. l.. Glenn,
Polk G.. Johnson and T. H. Hy-
man.
Their instructions were d" to re-
ceive said stock and to sell the same
for the best price they can obtain,
and at such time as they may elect,
the safe to be su6jecttO the ratification
Of tie Board Of Mayor and Alder-
men," They were also empower
ed and directed, as soon after the
sale of said stock as may be practi-
cable, to purchase two suitable sites
and to build thereon two public
school houses according to such
plans as they may select, one for the
use of white, and one for that of
colOred children; the combined cost
of the lots and buildings not to ex-
coed the sum realised from the sale
of said railroad stock. For two
reasons this stock has never been
sold. First, The great depression
of l.. 4. n. shares in the market,
and Second, The refusal of the rail
way company to transfer the stock
until a suit was decided, which was
pending between it and MOntgOm-
cry county. This transfer has never
yet been made.
On June 9TH 1875, however, the
company paid to the city the divi-
dends upon the stock which had ac-
crued in their hands since the date
of sale, amounting to S3,832.2O.
This sum, together with further
dividends subsequently received,
has been invested in city bonds to
the amount of $6,1SO.00, by the
order of the Board of Mayor and
Aldermen, in order that interest
may acrue upon them till the suit is
decided and the stock sold, when
the whole will be available for
school building purposes. The stock
cannot be sold before then; the
bonds could if desirable, but neither
the Board of Commissioners nor
that of Mayor and Aldermen con-
slider it is desirable to do so till
enough money is on hand to build
edifices sufficient to accommodate
the whole of the city public schools.
The city bonds held by them are
worth something over $4,000 if sold
at the present time.
The suit, pending which the trans
fer of stock is suspended, will come
before the Supreme Court next jan
uary. When it will be decided we
have no means of stating.