Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-07-30
EON-INTERESTP PAYING RAILROADS
: WHAT SHALL BE DONE WITH
{ THEM?

| To the Editors of the Union and American:
The subject OF handing over the mons
interest paying railroads 10 the bondhold-
ers, under q preferred stock in said roads,
In liquidation of the bonds of the State
loaned them, is question now before the
people, and we believe that most of the
candidates for seats in the next Legislature
are, in effect, pledged to the measure. That
this is in accordance with the original in
tention of the internal improvement act
of the State cannot be denied. One of its
main features contemplated such form of
Liquidation of the State debt contracted in
aid of railroads. The bonds loaned to
road is lien, at law, in the hands of the
holder, against the property and fran
chise of the road, and when the bond
natures all the property Of the road is
liable for said bonds. The action of the
Last Legislature in requiring roads de-
string to cancel their Indebtedness TO the
State TO return the same series of bonds
received by them, was in accordance with
this position, and therefore in consonance
with the idea of the internal improvement
bill. Therefore, the proper plan for the
people Of Tennessee is TO surrender to the
holders of these bonds the identical prop
erty in aid of which the bonds were Gre
ated or issued, letting each holder
of bond look to the road on
which it is lien for princi-
pal and interest, thereby discounecting the
State from any liability in the premises.
This will be about as equitable settle
ment of tie bond matter as can be made,
as holders of bonds will likely have some
on all the roads, good, bad and Indifferent,
and in this way fair average will be |
made and the question disposed of to the |
satisfaction of the Taxpayers. If an ar |
rangement of the same kind based on this |
plan is not made, we venture to say that |
The holders Of the bonds issued in aid of |
railroads, will never receive a cent of |
either, principal or interest, for We think |
we speak Of what we know when we say |
that if left 10 the voice of the tax payers,
three fourths of them would be opposed |
to paying the interest or principal of these
bonds. The debt is now twenty per cent
of the taxable property of the whole State,
and when We consider that these bonds
were issued by a legislature not elected
by the Taxpayers, and as the people are
at length about TO have voice in their
own affairs, we need not wonder that they
will refuse TO be saddled with debtcreated
by 10000 blacks and 10000 itinerant car
pet baggers, none of whom have ever paid
one cent in taxes to help carry on the af-
fairs of the State, but on the contrary
have ever since the Acknowledgement of
the tax payers been laying plans and plots
TO rob the people and the State. The issu-
ance of these bonds by the last Legislature
was one of their gigantic swindles, and the
holders Of. these bonds can not be deemed
innocent holders, for they were fully aware
Of the thralldom of the people, and now
should the people in their freedom declare
that neither they or their posterity shall
be held liable for this debt, these capital
ists will have only their own greediness to
hlame s.