Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-14
TAX PAYERS AND BONDKOLD-

~--@-e-'s - - -
Crescent and followers of the Cross.
Theytakesoo literally the motto of the En-
peror Constantine ON hoe ssgao Vinces'
-"Under this banner shalt thou conquer
and hence in this beIligerent age, take
it for granted that they must wage war
against every other banner that has not
upon il the same Union, the same stars,
The same cross, the same ind5ces of
nationality or religion forgetting, as it
seems to us, that they may be allies, not
enemies. under different flags. So, it
seems TO US, is the attitude of the Tax
Payer and Bond Holder in Tennessee.
Since The converting of ourpresent Legisia-
ture, whenever an article has been written
by the one, immediately the eombatiFeness
of The other has been aroused, and war
made blythe latter upon the positions Of
the former, and rice Uersd, neither con.
sidering, that by possibility their interests
are identical; neither seeming to know or
appreciate the fore of the old adage,
as true as old; 'United we stand,
divided we fall. This is of the earth,
earthly. There is neither moral philoso-
ply nor political economy in this war of
sections which ought TO be friends.
The same practical system of finances
which saves the individual, viii, if sue
oessful in its operation, preserve the
State. This is thetru inductive, Baconian
system, leading from individual premises
to general conclusions.
The BondhOlder says, "Pay me what
thou owest." He too often demands
what is nominated in the bond. Among
commercial men, whenever one of them
cannot respond to the day, an arrange
ment is made by which time is given him
to marshal up his assets, to gather up the
odds and ends of business, and prepare
for a fair and square settlement. When
he does that, all is well. He begins bust
ness again. Is still useful member of
society. Contributes hisenergy, his business
capacity to the commercial community.
He continues a live member of the bust
ness circle. He contributes to the health,
wealth AMI prosperity of the State, and
to the general good.
Why may not this be so, between States,
or between States and individual debtors
and creditors? To come directly to the
case in point: Tennessee, by the fortunes,
or misfortunes, of war, is Overwhelmingly
in debt; primarily or secondarily. Noparade
of figures, no torturing of reports can
conceal that fact, either from ourselves or
from our creditors. Ii is best for us to
look facts in the face. We have large
amount of our bonds out. We have en-
dorsed largely, and upon these endorse
ments we are, in the estimation of the
commercial world, primarily responsible.
We have borrowed money and pledged
| SUN DlllNl btilAlH - tOlldbNltA dis
to secure the payment of the
money thus borrowed. The day of
maturity has arrived and still no funds
to redeem our collaterals, and they are
liable to be sacrificed. We have not
paid our July interest. We cannot pay
our January interest. TOadd still further
to our difficulties and embarrassment,
the Supreme Court of the United States
has decided that the tax collectors
and all other public officers shall receive
Bank of Tennessee notes (old issue) for
all taxes and other moneys due the State.
Under all these circumstances, terrible in
the extreme, what shall we do9 We
confess a difidence in our own judgment.
We have sought the company
and asked the views of both
bond holders and taxpayers, railroad
men and anti-railroad men. Still
we find doubt and uncertainty in every
thing about us, growing more, perhaps,
out of the combativeness of human nature
than the unreasonableness of any of the
positions assumed. We have hesitatcd to
take position directly on any Of the
many propositions before the Legis-
laturc. But something must be done
to relieve US. We respectfully sug-
gest that the best thing which
can be done for the taxpayer, the bond
holder, the railroad and the State, is,
First: Repeal the law requiring the rail
roads to pay into the Treasury Of the State
the Sinking Fund. If not, the last
remaining one viii go into the hands Of a
Receiver, from which ''deliyer u.s.
Secondly. Fund the interest which has
not and it is evident cannot be met when
due.
Thirdly. Permit the railroads to retire
their Indebtedness with State liabilities of
any order or series, dollar for dollar, and
issue, if necessary, first mortgage bonds
to enable them to do So This viii bring
in the bonds and coupons, etc, upon
which we are liable, enable the State TO
-rapple with its debt, save US from repu-
diation and place US once more on The
high road 10 prosperity.