Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-12

| utitt1 Witu M te'fh' otkhtotft VI ~
material portions. After congratulatin
the country on the election Of Grant
which he understands to mean vindics
ton of "the principles Of loyalty and tn
men who adhere to them" aud "tha
emily thoroughly loyal men shall admin
lister the government" and that "itfall,
viniicates the policy Of the State admin
istration Of Tennessee during the las
four years." he proceeds TO pronounce
upon the "u,ter dsgeneraoy and cor
ruption Of the Democratic party. HI
also says good harvests, exemption from
pesiilence, etc, ARE good reasons fol
thankfulness," and that plentiful re
wards have compensated honest industry
and general thrift and prosperity have
attended our fellow-citireus" The pic
ture is certainly charming-espeeislly
that prosperity part of it What pity
il was not fact instead of fancy. On the
subject Of railroads he speaks as follows:
The six railroads in the hands OF Re-
ceiyers are indebted TO the State. on
interest account due July i, ls6s, u ,l2o,-
s96 Sc. The interest of these roads. as
well as that Of the State, require that they
be sold, aud the proceeds thereof De APP
piled to the reduction of the State debt
/ would have seized the two other roads
for failure to pay the July interest, and
placed them in the hands Of Receivers,
! but that / had learned BY experience that
| to do so would only entail increased bur
dens upon the State treasury.
| recommend that no more appropria-
tons be made to railroads, excep. In
those cases where the State has a large
interest in said roads, and would suffer
heavy loss on account Of the lack OF such
appropriations. OF this class are the
roads running out north and south,
from Knoxville, aud the one extending
south from Morristown; and, also, the
road of which Hon. Senator Parker is
President These roads, in order TO be-
come profitable and productive to the
State, will require enough additional sp
preparations to enable them to complete
their lines, so as TO connect with other
roads now in process of construction. l
propnse, however, to meet these demands
in a vsy not TO increase the liabilities of
the State. The plan is this;
Leading gentlemen connected with
important railroads largely indebted to
the State, are asking for authority to is
sue second mortgage bonds, with view
of exchanging them for State bonds;
thus purchasing State bonds by the
ayails of these second mortgage bonds,
the debt now due by the State would, in
ike amount, be transferred to these rail-
road companies, and so the State would
be relieved of burden of several mil
lion dollars Of debt now resting upon 1t.
/ regard this proposition with appro-
val, and advise its adoption by the
Assembly. The payment of large debts
now due from the roads alluded to, and
the sale of the roads already in the
hands of Receivers, would reduce the
State liabilities at least one-third.
This plan, it is seen, would enable the |
General Assembly not only to reduce
materially the States liabilities, but also
to render such necessary additional aid
to the roads whose completion is de-
mande1 by considerations of public
economy.
Several of the railroad companies have
unsettled accounts with the sinking fund,
the State being indebted to them and
thew being indebted to the State. 1t is
important that an early settlement of
these accounts be had. / recommend,
therefore, that the proper action be had
by yeur respective Houses to procure the
desired settlement with the said roads.
Since the adjournment of your extra
ordinary session, the Controller has
visited New York and made satisfactory
arrangements for the payment the July
interest. This fact, together with the
result of the late State and Presidential
elections, has induced an appreciation of
our State bonds and material deprecia-
ton in the price of gold
The occasion serves to allude to the
fact that, financially and 9TH
erwise, Tennessee occupies a far more
desirable condition than any of the
Southern States recently in rebellion.
Thus the policy of reconstruction main
tanned by the Union Republican party
of Tennessee finds ample and trl-
umphant vindication by its active
ments among us; and thus, also,
the path Of our future growing pros
perity is traced for us by the history of
the last four years. We have only. to
follow up with steady nerve and unfal-
tering step the policy thus far so success
full, TO assure this great Commonwealth
that degree Of thrift, wealth and power
to which our natural position. our bound
less resources and our enterprising pop.
ulation so eminently entitle us.
The State being thus financially and in
point of credit in so fine feather, and the
weight Of taxation being little felt, ETC.,
etc., the Governor proceeds to say that
the Bank of Tennessee is in the hands Of
officers to be wound up, but he knows
nothing of the result, except from the
reports Of the President Of the Bank. He
recommends that il be wound up forth
With.
Az to the franchise, he says efforts
may be made to extend it, that there
should be discrimination, that not all are
alike culpable, that those who we're in
voluntarily driven into rebellion should
be made exceptions, with good citizens
who have kept their parole, and those
who will not hereafter use political power
to ptoscribe and degrade any others
that to such 81 these the fran
ehise may be wisely extended, with
guards and checks. "The other class Of
rebels who continued from choice
until their arms we're wrenched out of
their hands, and who, since the surren-