The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1878-07-05
THE y. l., h. IND X. RAILROAD.

Since the passage, last fall, b
our Legislature of the bill to aid |
!" the construction of the Ship Island
Ripley and Kentucky railroad, on
people have had strong hopes q
seeing work commenced on th,
road, and thought ere this that TIN
Enterprise would be progressing
rapidly. 1t seems, however, GU
hopes are to be blighted, and fond
est anticIpatiOns have vanished in
to thin air.
From a letter published in tn,
Louisville, Winston county, Indca
by Hon. NJ. A. Nets, it appears
there is no possibility of this i'm.
portant highway through our State
being built, as the gentlemen who
CONTROL the matter cannot come to
any agreement whatever. On the
18th ult. a meeting in the interest
of this road was held at Ripley,
Miss, at which Mr.. Nets was pres.
ent, and from the tone of his letter
we e no hopes that the road will
ever be built under the present
bill, and that if it is ever completed
a new charter will have to be gran
ted. We extract from Mr.. Metts'
letter as follows:
Col. Hamilton, l believe, drafted the bill
that passed, in aid of the &. l., X. and X.
Railroad. The legislature complied with
every request of these gentlemen, in aid
OF this road, and we LETT Jackson, at the
close OF the session, III high hopes of the
commencement OF work at an early day,
on the road, which would result in an ear
ly completion of the enterprise. But alas!
the meeting at Ripley, on the 18th inst,
blasted all our hopes. Notwithstanding
the fact that these gentlemen, Coils. Ham
ilton and F%alkner, promised the members
the legislature that if they would pass
the bill that they did pass, that they Coils.
Falkner and Hamilton, would commence
work Immediately and that they under
each other, meaning their plans and
arrangements generally, in regard TO the
construction OF the road, vet, they
have failed TO commence work. At the
Ripley meeting ON the Eth, they were far
rom understanding each other. We found
Oh our arrival, that that part of the road
Completed from Middleton, Tennessee, to
Ripley, Miss, "a miles, had issued bonds
10 the amount of S250,00O, which were Sc
url1 hNs a ntnrfrnn n nm ra.1 n,,1 90 .,.-N
I'd, that 1t includes all the road and pro-
aerty of the company that may hereafter
,e built or hat may accrue in any way to
he same. This mortgage is held by Col.
and three other gentlemen. We
'lso found that there were judgments
Igainst the road to the amount of several .
dollars, while there is 40 or so :
honsand dollars of stock Unsecured. Col,
proposed that if Col. Falkner [
Tould cancel the mortgage, satisfy the |
Judgments, and consent to a re 4organiza- (
ION OF the company, as had been agreed ,
pom, that the holders of the present mort "
age should be paid in the bonds of the
ew company, to the full value of the t
lad now built, and that he Hamilton, f
ould place on the road all the convicts :
Dt under contract, and others that might v
, sent him in the future. This PROPOSE.
on, Col. Falkner refused to accept, but O
id that he would reduce his bonds to n
10000, but would not cancel the mort "
lge. Hamilton feeling that he could not
vest in an enterprise wherein his interest
ould be subject to an existing mortgage,
fused to accept his proposition.
Various other propositions were made
: these gentlemen, but as they were based
non the cancellation of this mortgage, no A
could be arrived at. Hence,
g sad statement must he made, that in
humble Judgment, the building OF this
id, in which we all felt SO much inter
:, is a complete failure.
SO it now appears that after all
e aid extended by the legislature, s.
is found out that there is il mort.
sc amounting to $250,OOO on the ho
of the completed road, and it Ell
so wOrled as to include any and de
extensions made, besides judg. o,,
'nts amounting is several thou. bic
I'd dollars against the road. e.
hy were not these facts ascer-
ned before Capt. Nets says p 81,
his letter that Coils. Hamilton low
| Falkner agreed to build the thon
d it the bill passed the legisIa- {
e, and that Col. Hamilton draft to
the bill that passed. Surely, of
Sc gentlemen must have under. c @,
ID what they we're doing but on
the last hour it is found out ard
y cannot agree, and that the CAV
1 may well be considered de. Der
SO far as building it under o
present charter. The time in beir
Oh to commence work at this wer
=. was
of the line expires on the 2Sth G.. /
august, and something may yet 1t
one, but it is not at all proba. sup,
hOn,
III
y ANN -E hI1N