Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-08-14

From the New York Herald August, 5th.1
The rapid decline of Tennessee
bonds from about seventy-seven q
few weeks ago to nearly sixty last
week has caused more than usual at
tention to be directed to the finan-
cial and general condition of the
State. Its failure to pay the semi
annual interest due on the LIST of July
was the immediate cause of the
break, and since then the develop
ments in the Legislature and else
where have still further impaired its
credit. In the Senate bill was of
fered and referred providing for the
funding of the matured principal and
interest of the debt that may ma
ture during the next three years into
six per cent bonds, to run thirty years,
the principal and interest payable In
Nashville. This, of course, if acted
upon, would be declaratory that the
State will suspend all payments on
account of its debt for three years to
come, f .
Subsequently bill was introduced
in the House providing for the fund
ing of the interest and maturing
principal of the debt for five years,
thus suspending interest payments for
two years longer than the Senate bill
proposed; and this was referred to
committee. Governor Brownlow in
his message gives an alarming de-
scription of the social and political
condition of the state, and recon-
mends the calling out of the militia
and the summary infiiction of the
death penalty upon all members of
the kuklux Khan. "True,p he says,
''it will take money to furnish q mil
itary force, but loyal men are entitled
to protection without any regard to
what it may cost i'm dollars and cents.'
From all this will be seen that the
bondholders haven discouraging pros
pect before them, and 1t is not at all
surprising that Tennessee bonds have
declined, neither would it be if they
were to sink still lower, for Tennessee
financial affairs present just now an
aspect calculated to arouse grave dis
trust. DIhh HH"
The situation of matters in Nash
vile reflects discredit upon the finan-
cial officers of the State, and also, to
some extent, upon the Legislature.
Acknowledgement of the finances
has materially impaired the credit of
the State and created widespread dis
satisfaction among the bond-holders,
and the rebel element, chatting under
Acknowledgement, boldly threaten re-
quotation of debt which they allege
has been forced upon them without
representation. So stand the finan-
cial affairs of Tennessee, while its
social condition is nearly as bad as its
finances. The Governor does not feel
secure in the fall election without the
protection of the militia, and there
fore calls upon the Legislature to sup
ply the sinews of war, while the con-
sentative elements is ut fever heat,
declaring that if there isany attempt
to coerce by force 1t will be met by
force in return. 1'' t.."t
from the New York World 81
The truth is, however, that his
(Brownlow's) call lin his message)
was for money to support his myr-
midoms when brought out, and this
fact may furnish some pregnant re-
Elections to those interested In Ten
nessc bonds. AS thus--if with no
troops to support, reconstructed Ten
nessee cannot meet her interest, what
prospect is there for the principal
when Brownlow gets his twenty
thousand ragamuffins in the field
To our poor, unreconstructed compre-
hension, if the State has any money
it shuld go to the payment of debts,
and not to the support of a ruffiam
army. To the 'trooly loil" mind it
may, and doubtless does, appear
otherwise. Between the two it is for
the country in November to choose,
the real Issue being a an,plincativn of
the Tennessee question-civil govern
ment, fanatical credit, and lawful
constituencies on the one hand, and
on the other bankruptcy, tie bayonet
and the bogus rule.