Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-21
THE STATE DEBT.
Railroads 10 Pay their Indebted
ness i'm State Bonds

Railroads TO Ray thcH
ness i'm State Bonds
The following is a copy of an import
ant bill which has passed both houses of
the Legislature and is now law:
An act to provide for the payment of the State
debt
Section l. Be it enacted by the General
Assembly of the State of Tennessee, That
an act entitled ''An act to hquldate the
State debt contracted in aid of railroad
companies in the State of Tennessee,
passed Feb. 25, 1869, be, and the same Is
hereby amended so as to allow any rail-
road company which may be indebted to
the State by reason Of the bonds OF the
State loaned to said railroad companies, to
nav into the State in liquidation of the
principal of said Indebtedness any OF the
legally issued six per cent bonds of the State
of Tennessee outstanding, without regardto
series or number. And such payment
shall, to the extent made, be full and per-
feet discharge of the lien which the State
holds upon the property of such railroad
company held by virtue of the bonds OF the
State issued to such railroad company,
whether they be the same bonds or the
same series Of bonds issued to said COM
PAW under the act passed Feb. II, 1852,
and acts amendatory thereof, or not
Sec. 3. Be it further enacted, That rail-
road companies issuing their own mort
gage bonds under the provisions of the act
which this is intended to amend, be al
owed to fix the rate of interest which said
bonds of the railroad companies are to
Ibear. and to fix the time Of their maturity,
and all laws in conflict, are hereby repealed;
provided that when said railroad COM
panies owe interest already due, coupons
past due shall be taken by the Comptroller
or Treasurer in discharge of such indebted
ness for interest.
Sec. 8. Be it further enacted, That
when any company under the provisions Of
this act shall pay into the treasury of the
State. bonds which have been issued by
the State to said company, the said bonds
shall be cancelled, but should any COM
panv in discharge of its own debt pay into
the treasury any bonds that were issued
to other companies, that may still be
indebted to the State, such bonds so
paid in. shall not be cancelled, but shall be
held by the State as purchased bonds, re-
tanning lien for the State upon the road
to which said bonds were originally is
sued. until the debt of said road to the
State shall be fully discharged, when the
bonds SO held shall be conceded. Provided,
That the provisions of this act shall not be
so construed as to allow the payment and
satisfaction of debts created by bonds in
dOrsed by the State, and upon which the
State is secondarily liable; nor to thepay-
ment of the sinking fund now required
bv law of the railroad companies of this
State.
Sec. 4. Be it further enacted, That this
act shall take effect from and after its
pass age.
A MEMBER of the Senate received the fol-
lowing unique poem few days ago from a
person who processes to be airst-class ''Po-
ct. and who halls from Greene county. We
have been permitted to take precise copy.
1t reads as follows:
HONE, GREENE COUNTY, Jan. !, 1870.
DEAR SIR:
You know how rebble soldiers done
In pressing every farmers Gun
| the prest Thorn fast the prest them well
and sent them to the Capitol
Where the still remain
When the home Guards all Got scarce OF funds
| the soon wood start out pressing Guns
| the done it too by orders sent
and into the band boxes went
Hunting Conscrips
| Ny small Gun was prest by doctor foute
Who swore that he Could bore it out
| he did hot like the copper sight
| but il wood doe to kill hncOnite
| Enclosed you will find his rec eipt
MY big Gun prest by william white
| A vary dark and vainny knight
but poor oald bill is doing well
| In the penatentiary sell
| please let him stay r ..- y
| When our Guns was prest we had to yeald
| and want that unholy law Repeald
| and put it in the Constitution
| to return our Guns and ammunition
Or andy will be mad if you don't make it constitu-
| tai
/ the rebbles said the wood not harm us
| and if l am not much mistaken
| Five hundred Guns from Greede was taken
| l ask in all candure whose Guns are the
1 wright this letter at venture
| be sure and shoe 1t to Governor senter
and if he does not return our Guns
/ we will beat him next time he runs
| if we can
has rail road officials all quit Stealing
| is the Iegiglator done repeating
| some think it is a small concern
| the think it high time to sjourn
/ think 50 too
when the convention meets and take their seats
| the next thing then on docket
1 will be to stay from that till may
| and try and fill their pockets