Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-19
"NIEMORY" AGAIN.
A Few Interesting Remarks Adj
dressed TO Better Memory"

A Few Interesting Remarks Adj
dressed TO Better Memory"
Editor Morning NeooS: 1t is significant
OF the proceedings and intentions Of Gen.
Alexander that a writer in your issue OF
the 18th inst. denies that Gen. Alex
ander was responsible for the debenture
issue, and in the same breath praises it
as a good thing.
Whatever may be the fact as to the first
proposition there ought to be no question
a 8 to the second.
Unique in the history OF railroad finan-
clerlng. and source of weakness to the
road from its date, there ought to be no
doubt in the minds OF the public as to the
true merits of the dividend of debt, and
no danger OF its recurrence. That it is
petted and praised by Gen. AleXander's
friends Is pointed and sufficient warn
ing as to their Intentions when IN power.
More indication still of the imminent
danger from their financial theories is the
aVowed reliance upon the fact of Occeptd-
6ttttg OF large dividends, whether earned
or not, to ever ready and willing stock
holders, rather than upon the business
propriety OF declaration OF those divi-
dends.
But as to the first question, the fact in
the past to which stockholders look as
an indication of fitness or unfitness to
manage for them, is, whether or not Gen.
Alexander was or was not con-
trolling element in the dividend Of debt,
and not whether he was on the board or
not. If it be true that he was not largely
responsible for the issue, then gross in
justice has been done him by me as well
as by the public, and he is entitled to a
prompt recantation and apology. But if
whether on the board or not, he was the
active agent In the transaction, and
worked for the result with all his power,
and brought to bear upon the board his
whole strength, as the representative of
large and, 1t was thought, controlling in
terests In the stock, then he was RESPONSE
Bile, and will be 30 held by those to whom
be now applies for votes. Now, the fact
Is that he was not on the board, but that
he did so act and impress the board has
never been doubted or disputed down to
the present time, nor has he ever asserted
that he did not 80 act.
1t is useless to refer to the presence of
Messrs. Wadley and Raoul and others
on the board who opposed it. If the his
tory OF that transaction has been cor
rectly represented to the public, those
gentlemen accepted what was done as a
compromise between their own views and
the much heavier division or deDt de-
maDded by Gen. Alexander and his
friends. But II that had not been the
case, and il they had even seconded Gen.
Alexander in his efforts, that would not
affect in the least degree the gravity of
the mistake, and the question now would
be, which one OF these parties now in the
field is most likely to repeat that disas-
trous operation.
Since that debt was made the road has
passed through great troubles. With
difficulty and selt-denial the stock holders
nave surmOunted them, and now, as they
reach point Of reasonable prosperity
and fair dividends, the same influences
that assailed its management five years
ago, and demanded the debt which has
burdened and enfeebled it., again appear
and demand-not even so little as divi.
denis and debts-absolute control.
MEMORY.