Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-15
LIABILITIES OF THE STATE
THE EeAILR0ADS-THE IyvES-
TEGATIN(s COMMITTEE.

To the Editors of the Union and American:
/ notice that the committee upOI
whom devolyes the duty of examining
the condition of the railroads in Tennes
see, SO far as their liability to the State
! is concerned, is to meet in your city on
the 10Th inst. The duties of this com
mittee are of more than ordinary impor-
lance, and as a taxpayer / feel that
have right to appeal to them to make
their investigations into the mode and
manner in which the State credit through
her bonds has been bartered, and to in
yoke them, in justice to an ovcrburdened
| people, to investigate to what extent the
law authorizing the sale of State bonds
has been violated, and TO what extent
frauds either IN the issuance or sale of
these bonds have been and by whom COM
mitted. II has been charged in the pres
ent General Assembly of the State that
bonds were signed and issued in the city
OF New York in the name of the Gov
ernor, and yet not by the Governor of
the State. 1t has been charged in the
Convention and in the General Assembly
that bonds of the State have been improp-
eriy and Illegally issued ornot accounted for.
1t has been charged that the railroad COM
panies, to whom and for whom, bonds of
the State have been issued since the war,
have, through their agents, sold the bonds
of the State, at rates from forty to sixty
per cent below par, when said agents, rail
road companies and the purchasers of
the bonds, each and all knew that such
sale was in violation of the law, in dero-
cation of the trust under which said com
panies received them, and fraud upon
the people of Tennessee, 4
Waving the question, that the ''tax-
payers" of Tennessee had no lot or parcel
in the selecting of ''the powers" under
whom these things were dOne-and that
it is inequitable to expect payment from
them, / submit that if the committees
shall find by their investigations that the
charges referred to are true, it is due to
the people of Tennessee, that the facts
should determine the mode, time and ex-
tent of their obligations to pay such bonds
or any part thereof, as well also, their
remedies against the guilty parties in these
frauds upon the State.
The committee viii fail to do their |
whole duty unless their Investigations are |
full in this regard. Let them examine all |
railroad and Government officials, and /
then extend their examination to the /
State and railroad agents, bankers and |
brokers in Wall street. Let the people |
and taxpayers of Tennessee understand
why our credit is so low in the money
markets of the world; and LEI the world |
understand that whilst Tennessee is
jealous of her honor, yet she cannot and
will not coin money from the sweat of
her sons, the tears of her oppressed, or
onger deprive her children of education,
% pay to the sharpers, who have made her
he victim of their arts for the last six
years, the fruits of their fraud. Between
individuals, courts of equity in such cases
give relief. Let the committee present
such facts, if they so exist, as viii justify
md excuse the people of Tennessee be
1ore the high court of public opinion in
aging to her bondholders, We will pay
very dollar of legal debt, but no usury,
Tor any illegal or fraudulent bond.
May / ask you, Mr.. Editor, to give
hese suggestions place in your valuable
,aper, that they mayreach the Committee
IN Railroads. As citizen of the State,
nd taxpayer, l am interested in their
ctiOn, and for these reasons alone, do |
presume to invite your and their atten-
ion thereto. ! am aware that vast deal
# labor is before them, but through the
appointment of subcommittee, Zone for
Instance TO visit and examine parties in
SeW York city and other places-whom
he committee could not compel to come
eforc them at Nashville-another to visit
UGH roads and the offices thereof, as
nay be necessary to look into, etc, they
will be enabled to accomplish much.
Trusting that success may attend their
lbors, subscribe myself, yours,
ga TAXPAYER OF TENNESSEE.