Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-04-02


with number of clergymen. Slumber-
ing and dreaming along, he happened to
rouse up iust as the clergymen were con-
cluding conversation about "Lot's Wife,
and caught but the single remark, that
"tilere she stands a pillar of Sdu.n 1t was
enough, he had heard Salt" the recollec-
ton of his famishing and thirsty cattle
his mind, as he exclaimed ooh.
If my cattle were there they would lick
her up in minute.u
So our opponents have-but to catch Il
single sound, and they go almost into
spasms-they take the "jerks,u and ex-
claim 'Bond-hOlders ring" and the like
expressions. The gentleman from Upton,
MIR; Cumminsl said ''pass this bill and let
the bond-ring unload.n
Now, / have no doubt but that there is n
"bond-ring," and it matters but little with
me how much they make, or what they
do, so long as L can rise above their influ-
ence and act for the best interest of my con-
stituents and the people of the State. But.
might not the friends of the bill retort by
saying reject this bill, and let the "Raii-
road Ring" riot in the exclusive luxury of
making gain through the misfortunes, and
depreciation of the credit of the State.
That there are those who will profit by the
passage OF this bill have no doubt. That
there are those who will profit by it if it is
rejected, there is and can be as little doubt
And, here let me call attention to the re-
markable bill offered in lieu by the gentle
man from Monroe, (Mr. MARTINI i know
that gentleman. He is an honest and a
clever man. He does. not intend to do
what the bill offered by him would certain
ly do if passed into a law. Now, what does
the bill offered in lieu propose? / have
already alluded to Rings. L have said there
were two, the emissaries of which meet YOU
wherever you go-whether here, at the cap
itOl, or about the hotels. However, the
Bond Ring has not yet asked the exclusive
privilege of speculating in coupons of the
State. Here is proposition presented in
the shape of a bill, which, if passed; would
amount in substance to incorporating the
Railroad Ring, with full power to control
the value of overdue bonds and coupons,
for the reason that under such law the
railroad companies who are indebted to the
State would be the only parties authorized
to use them, and consequently have the
means of controlling the market. 1t is q
monstrous proposition. Think, if you
please, of the great State of Tennessee
throwing the protection of the law around
the railroad rings as wall of defense be-
tween them and the rest of the people of
the State Think of placing our obliga-
tions on the market under the circum-
stances already detailed, and then think of
the State prescribing into whose hands
entitled to their full face-value, to the eX-
clusion of all others, and to the actual aud
positive oppression of those who now hold
these coupon obligations. Mark you, the
tax payer, the citizen, and all individuals,
are required to pay their obligations to the
State in greenbacks, gold or silver; but
here the poor, weak, harmless, and de-
fenceless incorporated railroad ring is TO be
to pay its debts to the State, in
the past due coupons, that you say by your
refusal to fund, are scarcely worthy ofcon-
Some have argued this question as
though every man who favored this bill
did so in the interest of "bond ring.n For
myself, desire to say, that 1 am not one
who happens to differ with me on public
questions. l do not charge, that those
against the bill occupy that position to aid
the railroad companies to buy up our
State bonds at nominal figures, and thus
pay off their Indebtedness to the State with
less than song. Still every body knows
that to defeat this bill will cause State
bonds to 60 down in the market to perhaps
fifty cents, when the simple fact that one
branch of the Legislature has passed it,
with q prospect of passing here, has caused
Dur bonds to 60 up in the market to 81
cents, and the passage Of it will raise them
TO so cents before Saturday night. And
yet there are two sides to this question. 1
anne here favoring and expecting 10 vote
20 fund the debt. But, believing as did
hat there existed an organized effort to in
,lude in this scheme the 'Torbett issue'
md "war honds,f L changed my mind,
Indeed, went so far as to prepare an ar
yument against funding, which, by the
way, without boast of myself or reflection
lpon Others, i think is decidedly better
han anything We have yet heard on that
Iide of the question. But, on reflection,
concluded that no other dis
position could be made of the past due
iebt, and this bill having been amended
md hedged about so a. to certainly protect
he people by the exclusion of the "war
londs' and "TOrbett issue.n these provis-
Ons having been drawn with my own
hand, assented to its support and shall
vote for 1t with pleasure. take the re-
'ponsibility OF placing myselfon record in
his measure. Talk of changing, il you
please all change, excspt,the greStinyis-
BILE God! ,.---.-.
And now another word in reference to
ponds and bondholders. Tennessee Is not
,n1y indebted to the bondholders' money
or her capitol, her railroads, her schools,
ler asylums and other Improvements, but
he people are indebted to the bOndholder
md his money for life and fire insurance,
for ocean steamships, canals and telegraphs.
Yes, il is the bondholders' money that en-
lbles the merchant to procure q policy of
insurance against the misfortunes which
may overtake him in his business by the
-avages of wind, waves, water, storm, or
.he lightning of heaven itself. Yes. it is