The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-06-26
Natchcz and Jackson Railroad,
REPORT OF SPECIAL COMMITTEE.


To Nessrs. Jno. II. Odeneal and others.
signer. of the request to the undersigned
asking them to investigate the condition,
etc.. ofthe Natchez,J Jackson and Columbus
Railroad:
The undersigned committee, appointed
s. bv You to examine into the condition of
the Natchez, jackson aud Columb bus Rail
road. and to report the same, would re-
feetfuIly beg leave to report as follows:
That they proceeded to NatcheZ, and laid
q before the Directory of the Road your re-
i quest to your committee, and requested of
them that we be permitted to make the de-
sired examination of their road and their
4 books That this was fully acceeded to by
the officers of the road, and a full exhibit
made nv them of all their books and pa
pers.
That thcreupon your committee made as
full am examination thereof, as the limited
j time at their command would allow; that
q they also examined the road throughout it,
4 entire length so far as completed; and
they also examined the records of the
Board of Supervisors and of the office OF
the clerk of the Chaucery Court of Adams
county, as to all matters therein contained
concerning the said road.
From the above sources they derive the
following facts:
The Natchez, jackson and Columbus
Railroad was organized in the year 1870
commenced active operation in the year
1871.
Books were opened for subscription to
the capital stock of which but very small
amount was taken that was ever paid for,
the total thereof to the present time being
! only S3j 233 90 actually paid up.
A special act ofthe Legislature was then
procured similar to the one passed last
4 winter providing for a special registration
aud election in this county, and under this
s an election was had in Adams county and
proposition to issue bonds of this county to
the road to the amount OF 100000 90 for
stock subscription. This resulted in very
light ballot of which the requisite majority
was for the subscription, and the bonds
were accordingly issued and delivered to
hecompany. These were of three series,
& Of 100000 90 each. due in ten, fifteen, and
twenty years, and bearing seven per cent.
interest
efforts to- SELL both at home and abroad, but
had only succeeded in selling about $780,
200 % at from go to 30 per cent, up TO Jam
uary 1874. The balance of the bonds they
still had in their hands, and were collect
lng the interest on them regularly, as. the
coupons tell due.
The taxes thus brought upon the coun-
ty at length became so onerous that the
Board of Supervisors of Adams county, on
the 9th Of ecem Der, 1873, by an order, di-
Fected the tax collector of the said county,
10 refrain from any further collection OF
The railroad bond tax and employed coun-
Sci to test the validity of the bonds.
About the same time the Directory of
.ne Road, We're petitioned byja very large
oody OF the taxpayers of Adams county to
return the unsold bonds to the Board OF Su-
lervisors for cancellation, and to receive
oaeh an equivalent amount of stock ceTtl-
ucates. This petition was based on the
grounds ofthe heaviness of the taxes, and
'he lmpo>sitility of prosecuting the enter
PRISE on the basis of the bonds, if the valid
NY OF the same was litigated, as it was evil
uentthe case would be, if they were not de-
HyeFed up and cancelled.
mus constrained, the company compro-
N'Sed the matter with the Board of Super
''>ofS' and the taxpayers at length,in 1874,
=! sorrendering 100000, ofthe bonds which
we're registered as cancelled and then
burned by the board. The railroad company
AZ the same time received back from the
e0uhty, an equal amount of stock certifi-
Gates
no hoe
a'Sposed ofby the company at 75 cents or
tDeFeaoouts, the average price of the whole
OsIng q 4-l0 cents.
oy section 10 of the charter of the railroad
0Hpany, it is made the duty of the tax
S0ssor OF each county, city, town or town
UP which shall have subscribed to the
a.Oeh OF the company, annually after the ex-
u'oh and delivery of the bonds, to COM
pe'e ana assess upon all taxable property
0h county, city, town or township, q
i sulilclent to pay the interest and cost o.
Hection and disbursement upon all bonds
issued; and the said counties, cities
OWNS and townships are given the power
provide, by judicious taxation, for the re-
Ioipuon of their respective bonds.
.! This, it will be seen, that no power is
o. gu 10 the Boards of Supervisors of thl
o ,,.auues' or to the corporate boards of th'
in." e- and town to levy the tax for the
lies teiest on the bonds. The method b.
oo1 ''h we found it had been done In Adam
s,.y' from 1872, to the present date, i
piS lor the president of the road to max
lahd upon the assessor that he assess
~ so many mills on the dollar, lie, tn
it naming the rate. The assessO
~. separate column on the Textbook, car
co,,l pue THIS tax at the given rate, and it |
,aeo by the collector with the Other
ina There is no levy whatever by an
el,h .Slai body, and no record has been KEEP
visas On the records of the Board of Super
slSOrs Or the Railroad companv. except TO
s sMO Years past, when the Board 81 super
'D0sS' feeling that record should be KEEP