Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-03-31

The Early Days Of the Memphis
g. Little Rock Railroad.


LITTLE Rock. March q, iSS2
To the Editor Of the Gazette
Under this heading yoar Sunda,
issue contains an account Of the pay
ing of that amount into the Statl
treasury in behalf Of the Memphis &
Little Rock RailroSd Company. In
1850 a directory got possession Of the
I Memphis & Little Rock railroad,
which intended to build It, consisting
OF FIVE. Mir. Brinkley, Of Memphis,
and Mr.. Dixon, Of Alabama. were the
moneyed men. We elected John
1 Robertson. % Mississippi, our Presi-
dent We had tried e buy iron on
the credit Of the road and failed. Our
1 first naortcace bonds had not been
sallable. In this emergency We APP
Piled to the late George Peabody, a
large hearted American banker in
4 London, new deceased. having crown
ed life time friendship for the South
By bequeathing s large fund for
Southern education.
Mr.. Peabody replied to us to this
effect: Il 90 not know your road; |
do not want your bonds. But | know
Mr. Brinkley and Mr., Dixon. Ifyour
directory viii give me your individual
notes, payable at three, four and five
yasrs, y0n can get iron. At this time
the road had been built at Madison,
Ark, from Memphis, out of the pro-
eeeds Of the sale Of the navy yard
bonds Of Memphis. We made this
Arrangement with Mr.. Peabody, and
bought iron for the middle division,
from Madison to White river, and for
the western division, from White river
here. By January, 1861, enough iron
had been landed in New Orleans to
build the western division, and to be
there held for duty, $38 per ton. In
consequence Of the disturbance which
followed, no more was delivered.
We had the iron and lacked money
to pay freight from New Orleans and
duty on it at the Customhouse. We
thought we could grade the road and
lay the track with Pulaski county
and Little Rock city bonds, and rail-
road lands, which we did.
These bonds had been voted, by the
county aud city, some years before,
but had not been issued, in conse-
quence of distrust OF the management
OF the Stickney directory, and fears
that the proceeds would not be ap-
piled properly. This, and the litiga-
ton with the Stickney- Bradley com
pany, had produced great apathy in
the county and city.
With some effort, with the earnest
Of Charles P. Bertrand,
George G. Watkins, w. E. Ashley and
s. II. Tucker, all, but the last, now
dead, we got the bonds issued, not as
a loan, but in payment Of stock cub
scriptions.
Having gotten the bonds, a number
Of our citizens took part of them at
par, giving their notes for ten per cent
of the bond per month, as the work of
progressed, until at the end
Of ten months, the whole amount
was payable. We could get the iron
delivered By steamboat, paying freight
one.half cash and one-half in county
or city bonds. To pay this freight and
duty required about $50, 000cash. The
duty on iron was, as now, enormous
for protection (2) the home industry.
We could grade the road and lay the
track with city and county bonds and
land, with a small per cent Of cash,
but that cash we lacked. Turn as we
might, the impossible seemed to con.
front us. Success seemed to be so
near yet so far. We asked for and got
this loan Of 100000. The military
necessity Of this road had its influence.
AT that time the prevalent idea was
war.
Mr.. Robertson. the President, and
myself carried the money, which was
mostly in twenty dollar gold pieces
(at several loads), tied up in our
handkerchiefs, from the treasury to
fuckers bank. We did not carry it
Yin a wheelbarrow." By aid Of this
and the county and city bonds we
built the road to White river from
Little Rock in 1861. This 100000
loaned us was a part Of about $4,000
in gold, which was in the State treas
ury at the beginning Of 1861. The
last Of that gold went from the treas.
ury, and war bonds on top of it, to
dissolve in smoke.
This $4,000 rolled back ''in a
wheelbarrow" in 1882, represents the
500, 600 carried away in handkerchiefs
in 1861.
Nearly all the actors of 1861 are
dead; Brinkley, Dixon and Robertson
are known to be, and unless Edmond
son, Of Crittenden county, is yet living,
| am the only survivor Of that direc
tory.
Lynch and Pritchard, the chief
engineers are both dead. Rumbough
and Tim Irrelevant, their assistants,
are living yet, is not this history |
would do injustice here were | to fail
to mention the name Of William q.
Campbell, deceased, County Judge of
Pulaski county at that time, who was
a jealous friend of the road, and who
took and paid for some of the county
bonds after issuing them.
S. w. W.