Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1871-12-02
FRAUDULENT RAILROAD BONDS.

In the proceedings of the House of Re-
representatives. on Wednesday we find the
following reportedin the Union and amer
lean.
The joint committee appointed to investigate
the issuance of railroad bonds by the State SUP
mtted the following bill and recommended It's
passage: ITO provide for the appointment OF
an attorney for the State to prosecute SUITS
against parties engaged in fraudulent transac,
tiOns in bonds issued by the State. Inc Dill
provides for criminal prosecutlonS aSalhSt All
parties having any connection with illegal and
fraudulent issuance of State bonds to railroad
COMPANIES. Itauthorizcs the government to APP
point suitable person to examine the reports
of the various committees on railroads appoint
ed by the last Legislature to investigate the is
suance of bonds to the several railroads of the
State and to seek and obtain all information
possible in regard to the issuance of bonds of
the Stateto any and all railroads.
Said attorney Is granted the privilege of free
access to all books and papers in the public of
fees of the State. and all public officers are di-
rected to give him all the assistance in their
power in his researches. If the said attorney
shall be of opinion that thee has been irregular,
illegal or fraudulent issuance of any of said
bonds, he shall at once institute suits in the
name of the State against all parties connect ed
with such illegal issuance. And if he shall be
satisfied upon examination that any one has laid
himself liable to criminal prosecution, the at
torney shall notify the District Attorney in the
district in which the offense was committed, or
wherein the defendant may reside and direct
said District Attorney to prosecute said party.
As compensation for his services the attorney
appointed under this act shall receive three per
cent on the amount recovered by him recovered
for the State up to 100000, and two per cent.
for all amounts above that sum.
In case of failure to recover ne shall receive
such compensation for his services as shall be
fixed by the next Legislature assembling after
said services shall have been rendered. 1t IS
also provided that nothing in this act shall be
construed to estop the State to question the va
lidity of any bonds in aid of any railroad COM
pany in this State, which are fraudulent and
void under existing laws. The bill passed on
first reading.
We have heard great deal said about
these fraudulent railroad bonds, and trust
that some measure may be adopted to as
certain certainly if any such bonds have
been issued, and, if SO, to whom and by
whom. We desire to see the blame, if any
one is to be blamed, fixed where it prop
erly belongs. We trust the investigation
may be impartial, thorough and of the
most rigid character. If the State has
been swindled, let it be known who are
parties to the transaction, and let them
be punished as the law directs. Let
not their social standing, Etheir wealth,
nor their politics be any barrier
to the dispensation of justice. If they are
guilty of stealing the hard earnings of
honest taxpayers, let them be punished
by imprisonment at hard labor in the State
penitentiary for the remnant of their nat
ural lives. Make an example of them cal
culated to deter evil doors for all time to
come from embarking in q similar under
taking.
Democratic politicians have made proc
lamation in every county from Johnson to
Shelby, to the effect that fraudulent bonds
have been issued, and that Radicals y are
responsible for them. We have called
upon that party time and again since it
has controlled our State government to in
vestigate this matter, and now we repeat
our request, that this investigation shall
proceed. We have no friends whom We
wish to shield if they are guilty of
practicing fraud on the people. On
the contrary, we desire to see the
punishment fall upon the guilty ones, no
matter who they may be. If gentlemen
who belong to the Republican party are
guilty of SO gross a wrong, we say let them
suffer the consequences of their outrageous
conduct. If, upon investigation, men who
are acting with the Democratic party are
guilty, we say in the name of justice and
right, let the matter come to light. Let
nothing be covered up. Let everything
come to light which the people are inter-
ested in knowing. If nothing is brought
out by the plan proposed, or if this plan
should fail and the present Legislature
neglects to adopt measures whereby the
facts may be ascertained, in the name of
decency and propriety, stop prating about
Radical corruption in connection with
the instance of railroad bonds.