Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-03-12
THE STATE DEBT.

| funding bill introduced in the House of
Representatives by Judge Houk. IL diff
fers in some material respects from all 9TH
er pending bills on that subject We will
endeavor to point out the contra. distlI-
gushing features of this measure. 1t is
well known to Judge Houk's friends with
whom he has conversed that he has all the
time feared the results of any funding
scheme that might be adopted. Many
reasons for this view of the matter, 10y
others as well rs the author Of the bill, to
which attention has been called, may be
| found in the late message of Governor
Brown. Time nor space will allow of an
extended review of this subject here,
but we call attention, among other
things, to this paragraph of the
message This measure tfunding) if
adopted should provide also for the fund
| ing of all yell dsccrtdinCd liabilities of the
| State, other than what is recognized as the
floating debt" What does this mean ?
He had previously, in a separate paragraph,
recommended the funding of 1.-THE entire
bonded debt of the State, including, of
course, the past due coupons" 1t could
| rants.
The loan account is not considered a
| liability to he ascertaned 1t was strong
ly supected that this mysterious allusion
meant "Torbett ISSUE or something in
the shape of Confederate war bonds, of
which Governor Harris and his legislature
issued several millions. The late decision
| ,,F l,ig
suspicion And still other confmatory ev-
idence accumulated in the Introduction
of bills containing kindred sentiments to
those expressed by the Governor, and the
judicial opinion to which reference has
been made. Mere than one bill proposed
to fluid, not ouly the many character of
obligations mentioned, but "all such as
may be decreed by the Courts" Here is n
vast field for plunging the State into debt,
and the people into ruin. Nor is this all.
The several bills offered in the respective
Houses, all proposed to ftGnd all the legally
issued bonds, without providing any means
of detection, or any standard by which to
judge. The Governor, Comptroller and
Secretary of State were to be clothed with
j
ton by which to decide on the legality of
bonds.
Plenary power over this subject has
sought to be lodged in these three by no
means unimportant personages Judge
Houk land we will add many others, but
refer to him because he has offered bill to
checkmate this unprecedented procedure
desired to defeat this giant financial para
doX, and hence the bill under review
And, while providing against this evil his
bill happily strikes in another direction.
He goes Oh to the marrow of the whole
bond question, and defines what is legal
and illegal, by dates and facts, leaving
nothing to construction or intendment
, SECTION l. BE it enacted by the Genera
, assembly Of the State Of Tennessee, Thai
! all the bonds, and coupons thereto attach
ed, issued by authority of the General AS
{ sembly of the State, previous to the 9Th
day of May, 1871 and all bonds, and cou-
: pons thereto attached, issued by authority
of the General Assembly, subsequent t
the reorganization of the State Govern
ment on the Sd day of April, 1865, bearing
o the signature of the several officers as pre-
q scribed by the statute authorizing the issu,
: and sale thereof, and bearing the great sea
= of the State formally affixed thereto, shall
4 be and are hereby declared to have beel
. legally issued, and valid TO all intents anC
i purposes, and the faith and credit of tn,
r State is hereby pledged to the paymen
thereof; PrOUided That all bonds, anC
coupons thereto attached, issued by tn
authority or pretended authority of tn,
u General Assembly, or by the authority o
j. pretended authority of any body or assem-
g bly, of men pretending or claiming to b.
the General Assembly of the State of Ten
nessee, from and after the 9Th day of May
1861 up to the Sd day of April, 1865, whel
the Government of the State of Tennessee,
was recognized under the Constitution
and Schedule thereto ratified and adopted
4 by the people on the ODD day of February
1865, shall be and are hereby expressly eX
= cepted from the provisions of this act, a
It hereinbefore defined, and shall be and ar
expressly declared to be null and void, no
4 binding on the State nor the people there
of. And, prOUided further, That the pro
o visions of this act shall not embrace bu
IS expressly exclude any and all bonds know
= to have been stolen or purloined from tn
State.
n Thus the question of the legality of tn
d bonds, issued by what's termed the Brown
: low Government, is put at rest by "A plail
d law, recognizing the validity of all bonds is
h sued by legislative authority previous T.
the 9th day of May, 1861, and all issued b.
IS such authority after the Sd day of April
,,f, lnt