Vicksburg weekly herald., 1878-03-29

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VlssFs In RsEaGIem 60 the slIss
siSsapbi Vailss and BhIW lsa9ua
Railroad. statfi .4B
WHBREAs. In tue year 1873, the Board
Of supervisors Oi Warren e0uhty suhscdbs
ed stock % the amount Of $500, QUO, and ie.
sued 10 the said railroad county bonds,
70 the amount oi t60.0O0. due les Of Janua.
~, 1904, with Interest at per cent. seml.
annually 10 January and July, each year,
the validity Of which have been question
ed, and 4 suit Instituted ID the
United States circuit GOaTt Of Mls4
ssippi, BY VI. G.. Case, Of Phlla-
delphla, TO whom q large portion OF
said bonds, had been transferred TOT Ir0u
onsaid road 10 compel the county 70 As.
sess and levy > aspeclal tax 20 pay the In
tereet on said b0nds; which suit is nov
been tried and decided against the county.
And the said w. q. Uase on the 18TH y
Of Jaauary, 1878, and nov Joined By other
b0nOh0lders, and the said Railroad Com.
pany, snbmlttsd 70 this Board, endorsed
and recommended BY 7. A. MRIshall, ESQ,
and Il. V. Booth, Esq, District Attorney
Attorneys forth c0unty--a proposition for
a compromise Of Sald b0nds and coupons,
action upon which was deferred from time
to time, I'LL tbs present, and the pr0pOsi-
tion published for the Information OF the
people. An application was also made By
them 10 the Legislature for authority To-
compromise, which Act WAS also publish.
ed ; ana special meeting called Tor the
18th day Of March, 1878, also published in
every newspaper In the county, so that
the taxpayers OF the county might bO full
advised on the subject, and be present
when action thereon was had; and after
hearing full argument on the subject on the
said 18th day Of March, 1878, this Board
continued the case until this day, 18th OF
March, 1878, and had pFiVste and full
confidential interview with its council,
Aessrs. T. A. Marshall and h. V. Booth re-
gardiBg the probable lssus OF the peadlng
litigation, and acting undeE thsir advice
and after full, mature consideration. accept
cd the said compr0mise, believing lt 70 hs
for the best interests OF the citizens Of the
county under all the ci.oumstanoes.
And, whereas, An Act OF the Leglsla.
ture Of Mississippi, passed 2Sth Of FebFu.
arV, 1878, which Fecltes that sin the pend
ing suit judgment lS likely 10 be rendered
in said Slit against said county, author.
lges and empowers this Board 20 c0mpro-
mise toe indebtedness OF the county, rep
resented BY what is known as the hlssla-
siPpl Valley and Ship leland RailFOad
5onds; and In pursuance Of said Act, the
following 10 the proposition OF compromise
Gu behalf OF the said Mississippi Valley aud
ship lsland Railroad Company and certain
holders OF said bonds submitted 10 this
Board, to.wit: =
VIcKsBURG, MISS, March 10, 1875.
Messrs. 7. A. Marshall and X. v. Booth,
Attorneys for the Board OF Supervisors
Of Warren county:
Gentlemen-ln pursuance OF an Act OF
the Legisla uIe OF the State Of MiBslssip.
pi, approved February 25th, 1873, and en-.
Titled Tan Act to authorize the Board OF
supervisors OF the county OF Warren TO
compromise certain bonded indebtedness
Of said county" and In behalf Of the hold
ere OF bonds Issued BY Warren county to
the Mississippi Valley and ship Island
Railroad Company, aud Of the said Rail-
road Company, we submit the following
proposition, t0.Wlt:
pirSt-We propose to accept the terms
OF compromise ~ provided In the above
FecIted Act.
seCOnd-The bonds reserved aud placed
In the hands OF a Trustee, for the use Of
said Railroad Company, shall DO delivered
TO said Railroad Company, its successor,
or assIgns, upon the following terms and
conditions; That ls 70 cay, the said Rail,
I0ad shall bs vhangsu fiesH Isa preseni
gauge TO q narrow-gauge Railroad, anu
shall be extended within the corporate
limits OF the city Of VioksbuFg 70 point
north OF Clay street, and from It's present
southern terminus 10 the east bank OF Big
Black river, and shall be put in substan.
tlal repai and operation, fully equipped
with suita 10 rolling stock for business
from VieksbuTg to the east bank OF Big
Black river
An engineer shall be selected Jointly BY
the said Railroad Company, Its successor
or assigns, and the Board OF Supervisors
Of said county, who shall make an esti-
mate Of the cost Of the entire work, inolud.
ing the equipment, and copy Of sald es.
Il ate shall bs furnished to the Trustee,
provided tor In the before mentioned Act,
and said Trustee TO be authorized TO pay
over said nds to said Rallroad Compa-
ny, its successor or assigns, upon monthly
estimates, pro rata, as the work pro.
gresseS.
II ls understood and agreed, that the
county shall be released from all further
Il ,blllt, on account Of the subscription OF
5000 wv. heretofore voted by said county
70 said Railroad, Gnd In consideration
there Iihe ATTY thousand dollars hereto
10 e received by SAID Railroad Company
is to be accepted as q bonus.
CArCHIN0s & lNGERSoLL,
Attorneys for VIM. g. Case. Jorn HaCti.
gaa, l.. A. Aoss, ct al, bDndholders.
N, II. HARRIs,
President Mississippi Valley and Ship
island Railroad Ompany.
We consider the foregoing agreement 10
su stantialy the same as the one we re.
speot ully recommended 10 the acceptance
VI the Honorable Board Of supervisors.
r. A, MARSHALL.
Il. V. BoOIH.
And 1t being our opinion and that
{ our said attorneys, representing
the county ln the pending litigation, that
the public interests will be promoted BY
the acceptance OF said prup0SitIUn;
Il 10 therefore ordered, That the above
and foregoing proposition OF compromise
| be and th same ls hereby, unanimously
accepted " this Board, and for the pur-
| Ose Of carrying the sRne into eject,
II 10 ordered. That the President Of this
Board shall, without delay, have prepared
in good style Of workmanship, llIho iraph
bonds Uf said unity, for an amount equal
70 the principal Of said bonds heretofore
! issued 10 said Mississippi Valley AMI ship
island Railroad Company, together with
| the accrued interest upon Aaid bonds to
the lst day OF February, ISIS, said bOnds
IN be due aud payable on the lst day OF
February, 1905, nd to bear interest ut the
rrte OF per cent per annum, payable an.
Dually on the let day OF February, In each
year, and TO be represented by interest
cOupnns attached to each bond, Said
bonds 10 be OF such denOminat Ons as NAV