The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1868-02-22
An Unmereiful Reoommehdati0n

Globe Of February 10Th contains an eIabo
rate report Of nearly twenty-five columns
7 in close print from the select Committee ap
peinted last year to Investigate 1he reia
/ tons existing between the Federal govern
mept and the railroads in the States lately
in rebellion. The commit consisting 81
AIessrss MeClurg, Aereur, Washbarn aud
Sawyer, made tour through the South last
year, during which they visited this State,
and were formally received by the hsgisla.
ture in the capitol The report which they
have made tosCongrsss closes with srscom-
mending policy which, If adopted, would
inflict. a most damaging blow to the credit
of Tennessee and drive herInte Bankruptcy,
By sweeping away the whole railroad fabric
which supports her bonds. In lae the
measures advised bY this report stTike at
the bondholders Of Tennessee as fatally as
-atthe State itself
The report treats first Of the capture of
lorty-two railroads in the rebel States by.
United States government, which, at the
close Of the rebellion were restored to- the
original railroad companies The roads be-
came purchasers Of rolling stock from the
government, fer which they. gave bonds.
The report says thatthe debtors, with q few
honorable exceptions, have failed to meet
their obligations promptly, and hare pre-
sumed to bring forward as Offsets, orFatheF
as overshadowings claims, accounts against
the government for the use. Of the road, etc.
1t is stated that the value Of the property
sold tae roads in the fall Of 1868 was
81 ,444073, the indsbtedHess of. our roads
amounting, on the Ist of November, 1857,
to 50, ,583, ,Oe9
The report relates the history of the vari-
Gus Tennessee roads and the political status
o. their officers and directors The East.
Tennessee and Virginia road then passes.
through a severe. review, President Branner.
being Sharply. criticised for his eondnet
The resolution adopted by the Legislators
November 20, 1861 authorizing Gov. Brown
low " to appoint a commissioner on behalf
Of the State to proceed to Washingtens with
books and accounts, to act In connection
With two. other commissioners appointed by
Presidents Branner and Galloway, and ef-
feet final settlement" is thus Commented
upon
The General Assembly Of tie State of
Tennessee seem to have forgotten their duty
to uphold the national credit, and blinded
By the invesfmenkof few millions Of dol.
lars in railroads, encourage. in effect, the
roads. to dishonor their bonds etc"
The Nashville and Chattanooga is next
brought to the stand, and President Burns
fares even worse than President Branner
Gen. WhippIe complains, in a letter to
Qunrtermaster Hamill that "at late meet
ing of the Board of Directors the President
Of theroad was directed to pay at once the
debts Incurred by the Nashville and Chatta-
nooga Railroad Company while operating
within the lines Of the military authorities
Of the lasesrebel government, and that the
debts Of this character already liquidated
amount to over one hundred thousand dol
lars.
The Major General commanding IS Of
the opinion that these acts constitute Q
breach Of faith with the United States on
the part Of tie Beard of Directors, and lays
the board open to at least the suspicion of a
deliberate intention to defraud the United
States, when. purchases we're made from the
latter, and boads executed to secure the pay
ment Of the debt
The report adds
On the 5th of May 1866, Major Hamin I
addfesSed Mr.. Burns, requesting check for /
the balance due and unpaid, whieh was re !
piled to by an order Of the same date from |
the President of the United States directing /
tbat collection be suspended until further /
orders, etc
There has been no revocation Of that |
order, and The effect is thai on the lst dag /
Of November, 1857, (see page 50 Of Report
No. 3 this road was owing the government I
sL556, ,893 81, only 1858 l6 less than In /
the fall of 1860, showing an increase Of debt
in nine months preceding the lst Of NovefH-
Der, 1867, of S25fI52 81; this read which, I
rs early. as the 9th Of April 1866, bad
liguidated debts Incurred while opeFat5Hg I
within che lines of the military authorities
Of the rebel government accounting to ever
one hundred thousand doilas, and which,
according to the testimony Of Mr. Binna
himself, on. page 2s2, Report 30. 81 had
paid ''nearly five handFed thousand doliaEs
the bonds Of 5he CON pary f3dorsed
By the State, aRd which we're held in NeV
ork and other places during the rebelien, (
- out of the ret earnings Of khe road dor tie /
fifteen months ending On the fst Of Jaaaary,
1867, which was about fFe hundred and
twenty-four Thousand dollars, or a little ever
that There is also testimony Co show that
have been paid to stockholders
The report adds concerning the y. e z. /
road
The cost Of materials used and LABOR per +
formed for its construction and tnaintenaaee
OF way" exclusive Of the labor q troqF5l
g was 81, ,979,5II 80 = and We have aiFeady
seen that rolling stock, ETC.. were sold 70 =
more than two years sIuce = e geiue oI
sl.JG6 sd 7 and still is rebel sysnpas {
lhizine President testlGes on page ~ lsez
ssUpoa q just md fair settlement tae
I'Bited States government saould 5e largsiy
in.its debt
And on page 5Q0;
- made tbs claim q get peynleas for tie
use 0f the road during its occupation - tic
nifissrv The United etetes owes ns
GOOD deal, ard ne sheuid ast on s8ttie-
fHeut iheEe 81 ne use q. MASKING payments