Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1872-09-18

ROAD,
was also sold ut this minimum" to the Nash
vile and Louisville road and no notice given
| tothe world that the highest bidder might havoit
And thus were those roads sold at what might
well be called tho forrest bid in State bonds"
Now, suppose | were to borrow $1,000 from one
of you 20 buy farm with, and should give you
mortgage on this farm TO secure you. And
suppose you should hlo a bill in ChanoeFy to
have this farm sold for your debt And sup
aposo your lawyer was TO agree that might buy
this farm free from your mortgage for 800 in
your own paper. Wouldn't you think this
low down business and wouldn't you dis
charge that lawyer on sight? And yet this is
the very identical thing the State Railroad Com
missioncrs have done And this they call DEM
ocratic craftsmanship and fnancering, and cry
OUT Behold what great things we have done!'
THE TENNESSEE AND PACIFIC ROAD.
This road owed the State over Sl,2O0,000.
Besides that, it owed Davidson county S300000,
Wilson county 100000, and to its stockholders
100000. Here was 81 600 ostensibly in
vested in this road. But as a matter of fact this
road owned 5000 0inState bonds under hypoth-
ecation. And yet heseRailroadC Commissioners,
Democrats all, allowed this road TO buy itself
for $4,000 ia bonds; and l am wholly salts
fed that these S3OO,OO0 were paid out of the
very 100000 the road had on hand. In other
words, this road bought itself from the State
with the States own money. And here again
no chance was given to capitalists and railroad
men to buy this road at higher price. Why
were not these 100000 in State bonds attached
by a bill in Chancery? The Southwestern road
owned 7S bonds, and these werc attached.
Gentlemen, all this shows criminal imbecility
or deliberate knavery. But they call it Dem
ocratic craftsmanship
NASHVILLE AND NoRTHwEsTERN ROAD.
But here is the master wrong The interests
of the State were bartered for miserable mess
of pottage in the case of the other roads but
her interest in this road was given away for the
on = Of lie ran1 oil fha
State over S45OO0O used in its construction
and equipment. Millions of other money had
been expended upon it. IL was a road of eX-
ceeding great value, the last link in n chain
connecting the upper Mississippi with the
Southern Atlantic Ocean. The grain, flour and
bacon of the great Northwest poured down
this road in mighty stream TO the cotton States
and to the sea.
1t was a road certainly worth five million dol
lars, and was deemed ample to repay the State
to the uttormost farthing Yet this road was sold
ut private sale to the Nashville and Chattanooga
road for 80, 100000. This road was indispensa-
BILE to the purchaser, and | say to you here to-
night that rathor than have lost the Northwest
ern road, the Nashville and Chattanooga road
would have paid three and one-half millions of
dollars for it. But here where the State had
the advantage over the the Nashville and Chat
tanooga road it nevertheless, through the impo-
tence or connivance of its agents, allowed this
road to bully il into agreeing to the most stu
pendous fraud in the history Of Tennessee. You
| sale, the State leased the Northwestern road TO
the Chattanooga road on such terms that n
| large profit was confidently expected to accrue
| to the State But before the sale was made the
Chattanooga road presented claim against tho
| State which covered all the rent money and
| amounted to S537, 900 besides And so instead
of the State getting large rent from this valua-
| bic road, as was promised and expected she
was called on to pay over half million dollars.
| New this was mere trick, q mere game of bluff
! on the part Of the Chattanooga road. And yet
| the Railroad Commissioners, Democrats all,
agreed 70 give $4,000 in State bonds in settle
ment OF this monstrous claim, and actually
| gave the Chattanooga road credit of
| $4,000 on its purchase. Now what
think you was this S535,00 composed
of? In the .frst place the lessees of the North
western Road employed supernumerary hands
and agents and charged their pay to the State
In the second place the lessces charged the
State with all losses incurred by the road, losses
arising generally from the negligence of the
lessees or their employees. In the third place
the State was charged with loss of about
$4,000 arising from the falling in of a bridge
over Harpeth river, this loss being made up of
damages for passengers injured, goods destroy
ed injuries to cars, &c, &c In the fourth
place, the Northwestern Road, had over one
hundred freight cars and flats, yet these were
turned on side tracks TO rot, while the essees
used their own cars in lieu and charged the
State six dollars per car, l am told, for every
And yet the Railroad Commissioners deduct
ed 100000 from the price of the road in pay
ment of this S535,0OO claim. Now, gentlemen,
l ask you, as business men, how could tho
Nashville and Chattanooga Road afford to pay
81, 100000 for n road which ran them in debt as
leSsees thousand dollars net cuery ddy then
ran Il The whole thing shows fraud upon its
face. Here was Tennessee deliberately swindled
out of one million dollars, at the lowest posi-
bic estimate. And yet though / presented all
these facts TO the State Senate in the presence of
the President of the Chattanooga Road, and his
supporters and stipendiares still the Legislature
ratified the sale, and approved the acts of tho
Commissioners. And while | was pleading for
you tax payers and demanding an investigation,
the agents of the Chattanooga Road were lob
bying with the Senators in open session against
me. And / here now declare unto you that tho
Railroad Ring was omnipotent master over
your last Legislature, and your members like
And rejoice to know that not only did speak
and vote against this outrage but ! entered my
solemn protest against in on the journal.
SOUTHWESTERN ROAD.
! had almost forgotten this road but there is
a fnct connected with il l want you to know
This road owed the State $554, 600, and yet was
sold at private sale TO its own self for -fre
hundred dollars! Don't this whole railroad
business sound like a grand gift enterprise
where you are certain TO draw a railroad worth |
anywhere between five hundred and five mil |
lion dollars The Commissioners in their |
own report page 81 state that "a solvent party |
offered $1,000 for this road, and yet they turn
their backs on this outside purchaser and sell |
This is called Democratic iinanciering
REDUCTION OF THESTATE DEBT
And these Democrats rub their hands and roll |