Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1871-01-14
TENNESSEE DEMOCRACY uNMAsKED.

We print in another column the report |
of State Treasurer Morrow, upon his efforts |
to negotiate the loan of $500, 900 authorized |
by the Legislature. He frankly and plain |
ly gives the reason why the loan could not |
be negotiated. In a few words it simply
amounts to this That the State, having |
failed TO pay its debts, and having given
pretty strong proof by Indifferent legisla
ton that it did not intend to pay them,
bankers were not inclined to loan 10 the
State. We do not wonder that New York
bankers have lost confidence in the present
Legislature of Tennessee. Most every one
else has, even its own blindest partisan
friends. The GAINESVILLE Tobacco Leaf
very mildly rebuked these solons the other
day, and very frankly expressed its opinion
of them. In addition to its impartial judg-
ment, read the following from the Nash
vile correspondent of the Louisville Cou-
rier-J Journal, the great Democratic organ
of the South. In speaking of the Legisla-
ture, and of the record of the Democratic
party since its accession 10 power in 1869,
the correspondent says:
~ 9x TENNESSEE FINANCES.
The condition of Tennessee finances is deplor-
able The present Legislature has done little
beyond repeating wholesome laws passed by the
Radicals subsequent TO 1865. No measure for
the relief of the finances of the State has been
adopted The actual income from taxes is not
sufficient to pay the current expenses of the
State. But we are, it is feared, on the verge of
still deeper plunge.
NEW ISSUE OF THE BANK OF TENNESSEE
Subsequent to the secession of the State in
1861 the Bank of Tennessee issued millions of
paper to aid Gov. Harris in the war Of rebellion
against the United States Fearing that an eff
fort might be made by some future Democratic
Legislature to redeem this new issue" the
State convention of 1865, in section Of the
schedule to the amended constitution, declared
all notes of the Bank of Tennessee or any of It's
branches, issued on or after the 9th day of May,
1861, unconstitutional, null and void, and subse-
quent Legislatures were prohibited from pro-
viding for the redemption of said notes. So for
very good. These notes were bought up by
spectators at a merely nominal price, and held
to await the course Of events; and they dld not
have to wait long.
The revolution in Tennessee came as a result
of the famous Stokes-Senter quarrel A con-
vention, made up largely of ex-rebels, made q
new constitution for the State The holders Of
Tennessee new issue +" were III strong force III
the convention and in the Hobbies. Very quiet
" the schedule TO the amended constitution of
1866 was abrogated. This opened the way for
the payment of the new issue of the Bank OF
Tennessee. True, section four OF the fourteenth
amendment to the Constitution Of the ~ nIted
States stood IN the way, but our Bourbons have
very little respect for the Constitution Of the
United States or its amendments. The new
issue soon obtained a Quotable value The
constitutional convention had very quietly put
millions of money into the pockets OF the
brokers.
THE BEGINNING.
A few days since $4,000 worth of this stuff
was presented at the counter of the. State Treas
ury for taxes and under Instructions from At
torney General HeiskelL it was received and
passed to the credit of the tax collector at par.
The advice of Mr.. Heiskell very probably fore
shadows the opinion of our Supreme Court.
Should this issue be pronounced good by our
Supreme Court our State Treasury for years to
come will be flooded with this worthless curren-
cy issued in aid the rebellion; and that such
will be the verdict of our Court, constituted as
il is, there are many reasons for fearing. The
Chief Justice, Hon A. o. p. Nicholson, was a
leading member of the convention which abro-
gated the schedule to the amended constitution
adopted in 1855, and it is quite probable that he
had well considered the effect of the measure
upon this new issus when the measure was be-
fore the convention
The truth is, Tennessee is now completely un-
der the control, in all its departments, Of the
reckless men who, under the lead of Isham G.
Harris, took the State out of the Union in 1851
and it is the purpose of the party Ia power to
clothe with the sanction of law all these high |
handed measures of rebellion.