Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-30
COL. HEADS WAY.

a OistreSSed BOndhOlder DenOunces
IL as the Worst Sort Of Republication
His DOlefuI Experience of the
Funding Law.
To the Union and American;
I see in the Nashville Banner, OF last
Sunday, extracts from lengthy address OF
John ". Head, Of Sumner, from Vhlen
put down Mr.. Head as the worst repldla-
Zionist in the Colyar party. Col. Coiyar
has never, so far as / know, advocated us
crediting our bonds by the State and then
having the State to buy them up at the re-
duced price. Mr.. Head is lawyer. Does
the law allow any such settlement with IN
dividual creditors as he proposes win olate
creditors9 From what | understand TO De
the law, if he were to attempt any such
navment of his individual indebtedness as
he Droposes for the State his property would
be covered all over with attachments ana
he nut into bankruptcy in double
onicl< time. But / want to put
To the test the practical work
ings of this Reputation movement, Tor, call
II what YOU NAV, the result is the same,
and the inevitable end is reputation. And,
IN be entirely candid and fair, viii state
that I am a bOndhOder and write, II you
pIease. from a bondholder's standpoint
Iwas the owner of twelve Tennessee
Ronds when the funding law passed, each
for one thousand dollars. Eight OF these
were what are known as Bank Of Iennes-
see bonds: that is, they were bonds issued
and sold for the purpose OF raising the
money to start the old Bank Of tennessee
An institution, BY the way, which did more
General good 70 the people Of the State than
snv other institution that was ever III IT,
Nv other four bonds were what are
known as Capitol bonds; that IS
tbsv wore nonds issued and sold to raise
the money to build the Capitol Ihese
bonds | held for nearly twenty years
They were signed by Governors cannon
and Trousdale, two good men, the lA;ISr 1r, q
fellow cOunty-man OF Mr.. Hcad. AheS
were issued for State purposes, and at
time when there was no charge Oh eorrup-
ton in any branch Of the governments
The Bank bonds were issued IN May 1915
and were due in May, 1868 Ihey Dore III
terest at the rate of six per cent per anhuni,
nayable semi-annually, until the payment
OF the principal sum. quote the eAaG'
language Of the bond. The Capltol Oonus
were issued in March, 1850, and were uue
in March, 1870. Their interest was tne
same and payable in the same way as the
Bank bonds
Some time after the funding law was
passed. L took my bonds To the COmptroiiel
| and told him wished to fund my bonds
With the interest which had accrued upon
them from the time they fell due. This be
refused to allow. saying that if L funded
must lose all the interest upon my bond:
| since their maturity; and this, too, IN ti'
face Of the fact that the State had al tle
time failed to pay the bonds thus due
though presented for payment at maturity
and frequently SINCE
| Finally. being unable to get my bond'
| Maid. aud finding that would get no lnter
est. / Welded, and had my bonds FUNDED
That Is. I got for my bonds, which Wer'
overdue several years, twelve other bona
of the same amount, due forty years IRON
| JuIv. 1874. and l lost on the eight pond
interest from May, 1865, to January, 1914
amounting to S33S33 each, or S2,IOo-oo oi
those eight bonds
| On the Capitol honds l lost the lnteres
from March, 1870, to January, 1914
amounting to $3.50 each, or S9ZO on IN
four bonds. You see that in order 70 ge
nv Sl2. 900 in past due bonds funded INT
other bonds not due till July, 1914, lon
after my death, had to lose S3,6z6.o6 IN
terest, nearly one-fourth Of the Who'll
amount due me.
I have seen it stated in some Of tn
| newspapers that the bondholders were
/ favor of the funding law, and that the
formed s.ring" to get it passed Now,
speak as bondholder, and say that
never have yet seen bondholder thai wa
in favor of the law. | ha, e never YET see
ono that did rot consider that this law di
him the greatest injustice. As they hay
hon cOmpelled. fund undtr
and give up all their old BOMBS and the II
terest due on them after maturity, they q
not wish Mr. Head and his party to d
them the further gross injustice Of reiNs'h
10 pay the interest on the ne" iony-yed
bonds. The new bond reads as foi'ow'
] The State of Tennessee will pay to I'd