Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-12-13

=
We are quite conscious of the de- |
fects Of our early education and |
always anxious to remedy them by |
careful study. Accordingly, when
our neighbor the Tobacco Leaf in
timated that we knew nothing about
railroads and had better go to the
Board of Trade to learn something
on the subject, we prepared, with
an humble consciousness of our
ignorance, to listen TO the collective
wisdom there assembled. We were
not disappointed. Without counting
the admirable address of Col. Sykes,
who has evidently been making
the subject of railroads a speciality
of late, some very valuable informa-
ton was given us by various gent
lemen, especially in reference to
two contemplated routes from this
place northwards. This discussion
was chiefly conducted by Messrs.
Herndon and Meriwether, our Pres
ident, Mr.. d. n. Kennedy, and our
brother editor, Mr.. Ingram. One of
these routes is by Princeton and the
other by EIkton. The former route
was advocated by Mr.. Meriwether,
the latter by Mr.. Ingram. The
access to coal supply was very prop
erly made a prominent feature in
discussing the relative merits of the
two routes. Mr.. Meriwether spoke
of a wonderfully rich coal forma-
tion accessible by the route he adj
vocated at New Providence, Web
ster county, Ky, to reach which,
however, the road would have to be
carried from eighteen to twenty
five miles beyond Princeton, making
seventy miles in all, while the EN-
pire coal mine now in operation
would be reached by the other line
at about forty-eight miles from
GAINESVILLE. OF course this differ
ence in distance would not much
affect the relative expediency of the
two lines. tits more to the purpose
that the Empire coal mine is
already in operation and has already
been pronounced the very best
quality procurable in Kentucky.
The real question seems to be
which of two charters it is hest to
work under, the old Princeton
charter under which it was proposed
to work seven years ago, or what is
called the Drouillard charter, which
was procured some years ago by the
Dickson county iron master of that
name for the express purpose of
connecting the iron mines of Dick
son county with the coal mines
about Elkton.
AS all the facts bearing on the
relative expediency of these two
lines were not before the Board,
and as the committee on Organiza-
ton which was appointed on Tues
day night was specially instructed
to enquire into these matters, the
Board did well to leave that ques-
ton undecided, and there we leave
it too.
We cannot undertake to give even
thesubstance of Col. Sykes mastery
address ON railroads. Its two grand
divisions may be described as de-
voted to the necessity of railroads
in general and the merits of narrow
guage roads in particular, both
which subjects he treated of with
great ability but as we are all con-
WINGED of the stringent necessity for
the speedy construction of at least
one of the proposed lines, and as we
are satisfied that our limited ability
in the matter compels us to build a
a narrow-guage road or none, it will
not be necessary to repeat his argu-
ments here. In discussing the fl
nancial methods of constructing
railroads, he advanced a principle
which we confess was new to us.
He spoke of it as a point of law
now established on high judicial
authority that Section 1855 of the
Tennessee Code forbids counties
and cities to become stockholders in
railroads, but provides that any
subscription to railroads on the part
of such corporations must be in the
form of loan to the railroad com
pany, and moreover that a receipt
for railroad taxes entities the holder
to transportation of freight on the
road to the full amount of such
receipt, or, if he prefers 1t, to stock
in the company to the same amount
Col. Sykes did not give any opin-
ion on the expectancy of this city OF
county either subscribing to the
road on the terms above described
or issuing bonds for the purpose.
Not being informed on the financial
condition of this county and city, oil
course it was highly proper for him
to refrain from doing so; and from
a conversation we held with him on
the following morning we infer
that he agrees with US that, in the
present financial condition of the
city and county, that way of build
ing the road is out of the question.
He nevertheless urges upon us (and
we heartily second his counsels) to
strain every nerve to establish a
company by private subscription
which shall at least be able to grade
the road. and then issue bonds for
its construction. He proposes, and
we think the proposal well worth
consideration, that as many as pos
sible of these bonds shall be issued
in small denominations, and that as
in the subscription scheme the
overdue coupons of these bonds shall
be receivable for freight and trans
portation, believing that these small
bonds would tend both to increase
the business of the road and to
secure the gradual extinction of the