Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-07-01


rs be did in the case Of our city election,
when, through the interference Of Gen
Thomas, we had fOisted upon us an adj
ministration which even the Press and
Times is compelled to denounco for its
corruption
THE RUIN OF THE CREDIT OF THE
STATE.
Private dispatches received yesterday
from parties in New York state that
there was a great deal Of excitement in
regard to the attachments levied upon the
funds provided by the authorities to pay
the July interest on the State debt, and
the heavy decline Of four cents in the
price Of. our bonds shows the nature Of
the excitement A dispatch received
after the close Of the public board, shows
that the decline was still heavier late 10
the afternoon One dispatch, referring
to the excitement produced by these suits
says "tbe bottom of Tennessee credit has
been Knocked GU" This is the light in
which sagacious capitalists in \ Few \ ork
regard the credit Of the great State Of
Tennessee to-day Aud this is the con
dition to which our Radical rulers have
reduced this State. When the bill was
being passed TO provide for the issuing of
| 100000 in bonds with which to take
up those falling due in May, we cautioned
our authorities that this plan would not
work, that the holders Of the May bonds
would not likely take new and de-
preciated bonds in their stead, and
that they would expect some provi-
sion made for their redemption. 1t
turns out that only about 100000
Of these bonds have been taken up with
the new bonds, leaving about $4,000
outstanding, the holders of which were
unwilling to accept the new bonds in
their stead On Monday parties holding
about $500, 900 OF these bonds attached
the funds provided by the State to pay
the July interest, and yesterday other at
taehmsnts we're levied upon these finds,
but Cor what amount we did not learn.
The July interest amounts to nearly 81 >
100000, and about 100000 of this
amount had already been provided and
was 10 New York All this has been
attached, and even should these attach
ments be vacated it cannot be done in
time to pay the interest and save the
credit of the State. There is an Impress
sion here that these attachments will not
hold, but that is question to be decided
in New York 1t is hardly probable that
the parties Interested would have CONS
menced these suits without reasonable
certainty that they can be sustained But
they have not stopped with these attach
ments. The Board of Finance was yes
terday notified that application will be
made TO the Judge. of the United States
District Court for this State, on behalf of
the holders Of the over due bonds of
the State, for an injunction to
restrain them from making any
appropriation or disposition Of the money
which they have already realized or
which may hereafter come to their hands
under the provisions Of the act Of March
Is, 1868, creating the board, otherwise
than in accordance with the requirements
of that act and Of the trust thereby ere
ated, and especially from preferring or
paying any one class Of creditors Of the
State in preference or TO the exclusion
Of any other class of such creditors, and
from appropriating such funds to the pay
ment Of interest hereafter 10 accrue and
become due and payable upon bonds of
the State, the principal money Of which
is not vet due, in preference and to the
exclusion Of the past due bonds of the
State now outstanding and unpaid and
the interest Of which has accrued and
become payable thereon And in like
manner to restrain the board from max
ing any sale, loan or hypothecation of
bonds issued or TO be issued under the
authority of the act of March Is, 1865,
without eoncurrently paying OF out
standing bonds and interest to an amount
equal to the amount of such bonds
so issued or to be issued, aud. sold,
loaned or hypothecated by them Ii will
thus be seen that the parties who hold
the over due bonds OF the State are in
earnest in their efforts tosecure the
money to which they are justly entitled,
aud which the State, under the heavy
taxation imposed upon the people since
the inauguration of the Brownlow admin
istration, would have been amply able
to pay bat for the outrageous extrava.
gance and Encouragement of the State
authorities The people of Tennessee |
will now see whittier they have been car |
ried by the present State administration |
in The wild hunt for 6fice that has char |
acterized the leaders of the Radical
party. From The Governor down 10 the
most insignificant official, they have been
too intent upon perpetnating their power
and rewarding partisans, 10 care for the
material interests and credit Of tue State
The taxes imposed upon the people have
been increased year after year at a
fearful rate, until they have assumed
proportions which would have ap-
palled this people eight years ago,
and notwithstanding these taxes have
been closely collected, they have all
gone, and with them the money res
,eived from The Bank Of Tennessee and
constituted sacred school fund, not
% hquidate the indebtedness Of the
state, bnt into the insatiats NAV Of Radi-
'alism, that fayorites may be retained in
mcclure Offices upon large salaries Such
las been the management Of the Brown
ow administration, and to day the credit