Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1868-01-15

NAA@A&Ac-t l
cur already enormous State debt What can inter-
est the people more than the prospect of being taxed
vet more heavily to meet this additional indebted
ness9 These are questions Of immense import to
the people.
II the Chancellor had felt that he had good
cause he would not have devoted so much space to
the terms "passion7 "preiudice," "epithets,' de-
nunciatory,n seriously questioned" sc, but would
have met the issue boldly. He devoted forty-six
! lines to Just this sort of stuff. And why For the
purpose q "demsgogue would discuss irrelevent
ssues-for the purpose of directing the mind of the
reader from the enormities Of the measure be sets
out 10 defend. And in the midst of this tumble Of
appeals for sympathy, be makes a pretense Of ap-
preaching the question involved in regard TO the Is
sues of the Bank having to be presented in sums of
not less than one thousand dollars before they will
be redeemed; but his head becomes so Eighty, and |
his hand so rapid, he runs over a column and half
before he touches this question again and when he
does it is not to deny that the bill provides for the
rich snd dscards the poor, but TO enter into de-
tense and attempt to justify the provisions To
familiar phrase he bushwhacks by inserting long
account of the transactions Of the Bank whose is
sues are proposed to be redeemed, before he
to give the reasons for the one thousand dollar
clause.
But finally the genius of craftsmanship the at
tribute of mercy and the principles of justice, are
developed in the following proposition. BE says:
But the provision for the issuance Of bond when
ST. 900 Of the Bank notes was presented, not in
serted for the exclusive benefit of these capitalists
but because it was not supposed for instant that
any che would be willing to see State bonds of the
denomination Of FIVE ten, fifty, or one hundred dol
lars Issued and thus destroy the uniform rule which
the State had observed since her bonds first went
upon the market" May not the hopes of the poor
man yield their place when it is gravely asserted
by one who set himself up to defend justice, that
"uniform rule heretofore adhered to for matters of
convenience or system, cannot be modified
changed even to enable the State to discharge what
- is urged by the same just liability? And
especially is it not remarkable position when is
not and cannot be inserted it would could inure
S the State or any body else? a uniform rule" in
- deed Bonds of less denomination than thou
II sand dollars would mar this uniform rule" and
therefore law must be enacted to redeem the is
u sues Of the Bank of Tennessee when presented in
sums of one thousand dollars, but if poor
10 has a few dollars Of this money he must lose it all
10 or sell it to who is able 90 own thou
' sand dollars for such price as he can get. 1t may
!, be this provision of the bill not inserted for
the ere,siUe benefit of the monied arstocracy. 1t
may be it was intended TO preserve uniformity, but
e suggest whether such uniform rule is not op-
10 pressve to the poor and monopoly to the rich If
III the State is liable at all its liability is not governed
d by the amount any one man may have The five
dollars in the hands of the poor is just much
" part Of the Indebtedness which is bound to be met
as the one thousand ten thousand dollars in the
hands Of the Spectator who bought it up at dis
le count In TACT the poor is most apt to have
10 given value received in other words dollar for dol
lar Lor what he may have, while those who have
large sums have almost certainly purchased it at low
- figures.
Suppose a man TO be indebted TO fifty or one hun
dred persons in sums ranging from FIVE to thou
=, sand dollars. 1t is most probable the rich men
would hold his large notes, the poor men the small
:, ones The man holding one thousand dollar note
: presents it and is promptly paid. The poor man
. having "A five dollar note presents it. but told that
/. he cannot be paid that uniform rule" must be
. observed; that the man who executed the note
never pays any Of his liabilities in less than
=. one thousand dollars What would be thought Of
: the Justice of such conduct Yet this is what Chan
cellor Harrison and Mr.. Doughty" would inau-
~ gurate between the State and the note-holders Of
:. the Bank of Tennessee. They insist the State is
liable but that it shall not pay its liabilities unless
presented in sums of one thousand dollars up
wards This is the political economy of these states
men and rnoralists who feel high moral obligation
>. resting upon the people to redeem the outstanding
issues Of the Bank of Tennessee.
But the Chancellor says So far as the holders
of the issues of the Bank concerned, they could
form combinations, make up the 81, 900, and obtain
a State bond" Now, gentle reader, imagine if you
h please taco hundred men, scattered over miles of ter
at rory each having FIVE dollars in the issues of this
n Bank How are they to form a combination and
n. obtain the State bond Are they tc advertise &
I meeting assemble at some designated place, and
70 with all the conventional forms Of modern time
I'd organize bond association And after procuring
N the bond, what glorious time they would have go
to ing to New York in body, making sale of it, anc
returning with the proceeds for distribution. an
ne really delighted to see how hard questions b
ar solved thank thee, Jew, for that word" 1 an
IN proud of the exalted craftsmanship of Chancellor
o. Harrison and Mr.. Doughty" To be more serious
e I appeal to every enlightened mind if more re
- diculous argument was ever presented urged
upon an intelligent public. apprehend the advo
Gates of this scheme will have to resort to something
more reasonable and just before they convince the
honest people of Tennessee that monied aristoc
racy" monied monopoly, should be thus fostered
be at the expense of the taxpayers of the State.
en- But if it was intended to give the poor equa
IN, chances with the rich why did not the WHIT
Of drafted "Mr Doughtys bill" provide for those who
re- had the issues of this Bank in sums less than on
NJ thousand dolars' Ii would have been quite easy
ed If the uniform rule could not be departed iron
&c if the State must continue to observe" the an
sm Gent custom Of issuing thousand dollar bonds
why not provide for the Comptroller to receive al
las sums under that amount, and sell bonds and pa!
N the holder Of this money in proportion to the valu
ro of bonds O. if the bonds brought sixty-hve cent
nd on the dollar pay the holder of these notes sixty
to five cents on the dollar for his Tennessee money
n This would be doing justice. It would not driv
Of the poor man, who happened to have few dollar
n in the notes Of the Bank Of Tennessee 20 sell hi
ng money to some Spectator or broker for such pric
as the Spectator or broker might in the amplitud
IT. Of their conscience deem proper to give. Tn
Chancellor says the notes of this ank fell as Low
an as 20 cents on the dollar" and sold in the marke
at from 20 to 5s cents the dollar and not at from
W, to % cents as stated by Judge Houk.' Now wha
es have to say is that whatever brokers may have
up preferred 70 give in the'msrket this know an'
At the people all East Tennessee will bear witnes
n to the truth Of my statement that multiplied thou
ot sands Of dollars Of the issues of this Bank wer
ny bought up by spectators at from ftro to hiTt