Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-14
TENNESSEE LEGISLATURE.
SENATE.

SENATE.
MONDAY, June 13.-Senate met at /
O'Clock, Speaker Thomas presiding.
APPOINTMENT OF TRUSTEES.
Senate resolution appointing as addi-
tional Trustees for the East Tennessee
University at Knoxville, Messrs. Charles
NJ. McGhee, Thomas II. Galloway, E. j.
Sanford and VIM. A. Henderson, was
adopted.
THE COUNTY OF VIRGINIA.
Senate bill establishing the county OF
Virginia from fractions of Fayette, Har-
deman and McNairy passed its third read
ing.
THE TOBACCO FAIR.
The Speaker presented communica-
ti0n from the Directors of the Tobacco
Fair at Clarksville, to commence on the
10Th inst, inviting the members of the
General Assembly to be present. On
motion of Mr.. Etheridge, the invitation
was accepted.
HOUSE BILLS ON THIRD READING.
To authorize the Nashville and Chatta
nooga Railroad Company to borrow
money, not exceeding $4,000, GOO, with
which to finish the improvement of their
road. Passed.
To regulate the issuance of State bonds
to railroad companies. Amended, upon
the recommendation of the Judiciary
Committee, so as to make a violation of
its provisions on the part of State officers
felony punishable by confinement in
the Penitentiary, and passed.
MINERAL HoMB RAILROAD COMPANY.
The Speaker announced that IL!
o'clo ok was the time appointed for the
consideration, as special order, of the
motion to reconsider the vote passing on
its third reading Senate bill annulling the
100 bonds for $1,000 each issued on the
I'd of October, 1859, to the Mineral Home
Railroad Company.
Mr.. Cooper, of Davidson, in address
ing the Senate in support Of the motion
to reconsider, assumed the ground that
whether these bonds had been legally or
Illegally issued was not the question to be
determined. Parties had bought them,
relying upon the honor of the State for
their payment, and he was opposed to any
action on the part of the General Assem-
bly,, the result of which would be sending
these parties into the courts for the re-
covery of their rights. He held that it
was better to preserve the honor and
credit of the State than to lose both, and
only save the necessity of paying the
bonds alleged to have been illegally issued.
As the representative of one OF the
largest tax paying constituencies in the
State, Mr.. Cooper was opposed to the re-
pudiation of her bonds, and felt assured
that in this opposition he would be sus-
tanned by great majority of the people
he represents. He could not, under any
circumstances, vote to repudiate the obli-
cations of Tennessee.
Mr.. Peyton spoke in favor of reconsid-
Grafton, if by such a course better un-
derstanding of the matter could be arrived
at. He contended that If the bonds had
neither been legally issued nor transferred
by properly accredited agents of the
State, there could be no reputation in
refusing to pay them. If the bonds bore
palpable evidence on their face of fraud,
there could be no innocent holders. If
holders had bought the bonds at 43 cents,
or any other figure below par, let the
State redeem at the price paid, anddo no
more. Mr.. Peyton avowed himself as
willing to see the bill so amended ss to
give the holders of these bonds the right
to sue the State, in case they cannot get
redress through writs of mandamus upon
the Comptroller of the Treasury.
Mr.. Hall earnestly opposed reputation,
and thought it was folly to talk of parties
aggrieved by annulling these bonds get
ting redress in the courts. He hoped the
stigma of Reputation would not be placed
upon the people of Tennessee.
Mr.. Etheridge was against the proposed
reconsideration and in favor of the bill.
The bill proposes to annul the acts of
thieves and defrauding agents, and he did
not consider that this was Reputation. This
was not question of contracts, but one
of agency. The State has immense liabili
ties-has she no rights2 To estop the
work of swindlers upon the resources of
the State was not to repudiate her obliga-
tons.
Mr.. Clementson desired to see the bill
fully discussed, and therefore wished to
see the motion to reconsider adopted. He
said the passage of the bill in its present
form would leave innocent holders of the
bends without any remedy, and he there
fore asked for reconsideration in the hope
that justice might be done all parties.
The Railroad Investigation Committee
had faithfully performed the duty as
signed them, but not one word in either
of their reports advised reputation
as q necessary or proper means of relief.
Gentlemen on the other side, said he, con-
tend that the threatened reputation has
advanced the price of bonds East, but do
not go further and explain the real cause
of the advance, which is to be found in
the exclusive reputation suggested by the
bill in reference to the Mineral Home
Railroad Company.
At the conclusion of Mr. Clementson's
remarks, Mr. Cooper, of Bedford, moved
to lay the motion 10 reconsider on the
table.
MIR. Cooper, of Davidson, moved to
adjourn until 10 o'clock tomorrow, which
motion prevailed.