Polk_Letter_184_50188

Mckenburg near Knoxville T Sep 27 1841 To HIs Excellency James K Polk Sir The pamphlet forwarded to you by the lst mail and the papers here with inclosed will inform you that our (?) ment has been proposed by which the stockhol ders of the L C A R R Co. residing in Tennessee many withdraw form that corportation- This ar rangment as far as private stockholders are con cerned has been (?) into effect- or is proguessing to consummation- you will preceive from the procedings of the Co. and from the act of the Legislature of S. (?) published with them that provision is made allowing the state og Tennessee to await itself of the same arrangment is entend into and accepted by individual holders-(?) to have the instalments already paid retrned- deducting $2.40 on each should (?) to cover the expense of surveys in this state. The Co HOlders in its(crossed out) posession the first instalment paid upon the Tennessee State stock-(?) Bonds of the State to the amount of $31.000- learning

an intent of 5 per cent payable some annually -The intrest on these loans remains unpaid The Bank of Tennessee having refused to pay ityoru of survey $2.40on each one hundred dollars (?) bed- and I ^respectfully submit whether as the intrest has not been paid upon any portion of the State Bonds the appropriation should not be as large as to cover that also justice to the Co and good faith to a sister state would seem to require it The (?) of the survery- makes profites (?) (?) (?) are all now the property of the State of private stockholders- I will be of service in furture works of (?) (?). I have been requested by Col (?) President of the Co. to bring this subject to your attnetion and beg leave to refer you to the accompanying (?) and to my official report as proxy of the State under (?) Dec 10 1840 Have the Honor to be Most Respectfully your Obt. Servt J G M Ramsy Agent L. C. and C. R. R. Co

(?) from a bound pamphlet containing the proceding of the L. C. and C. R. R. Co. act the (?) meeting in Charleston Nov 17 1840 1^st Resolved that the Stockholders in the L. C. and C R. R. Co whose names appear upon the len(?) (?) subscription to permitte the state of S (?) conserting thanks to recieve back the money by them paid except two dollars and forty cents on each (?) to the (?) by the Co that being the amount of expenses for (?) in (?) (?) to be (?) on each share, upon said stock holders assigning each on efor himself the amount of his stock to the said Co 11^nt be it further resolved that upon the stocks of Tennessee paying to said company to dollars and forty cents upon each share by them (?) them bond now in the possession of the Co. be returned Resolved that the PResident of the Rail Road Company be authorised and empowered to endter into and (?) all meassur encouraged ments with the stock of Tennessee to (?) the same into effect. A (?) copy J G M Ramsey Sep 28 1841