The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1874-10-23
Facts and Figures.

Facts and Figures.
We copy below some facts and figures
from an able speech recently made by
Maj. w. J. Sykes at Murfreesboro, TO
which special attention is directed:
The Democratic party Of Tennessee
has a noble record in regard TO the
management of State affairs since 1870.
| do not mean that there have been no
mistakes at all. That never was aud
never will be the case with humanity !;
but / speak of the general results
with perfect confidence, because /
know the facts sustain me. The Demo-
racy found on the LIST Of January, 1910. a
debt of S43,052, 652.25, as appears by
COMPTROLLER Pennebaker's report, made
Oct. l, 1870. This was less thai, the
real amount, because he estimated the
Bank of Tennessee noies at only 81 1900
600. when, in fact, they were over
S2,0O0,0O0.
On the Let of January, 1872, they had
reduced this debt to S33, l10,93S.37. (See
Pennebakers report Of October, 1871,
page 81
Mr. Pennebaker, in bis report for Oc-
tober, 1872, page Al, says: the sale of
the delinquent railroads has Diminished
our debt 10 point perfectly hanages-
BILE with wise legislation" In Truth, the
deb, of the State, January l, lG3, was
only $30632, 206.
The insolven: railroads were sold
most juiiciously, for more than hey
would bring to-day, after subtracing
the amount expended on them by the
companies that purchased them. The!
had been source Of expense TO thu
State, says Mr.. Pennebaker in his DC
tober report 1872, of So, 800 per day, ant
the State was verv fortunate ia selling
them for S6,59S,0O0, and thereby pre-
venting an increase OF the debt up t(
this time by S3,650,000, exclusive Of &C.
cumulated interest Oh the bonds.
The great error in legislation from
1865 to 1870 was in issuing bonds tt
insolvent railroads-those short ant
Improbable lines which never coulc
make the State secure. The amoun
due by these insolvent railroads on The
LIST of October, 1865 (see Hatchet's re
port page 81 was $5,933.l2l. On The
lat Of October, 1870, it was $2095l $3.50.
40. (See Pennebaker's report Of tina
date, page 81 1t thus appears that tb,
debt of these insolvent railroads wa'
increased during these five years, from
1865 to 1870, by $l5,0lS,565. This &C
counts for our large State debt,
i If there was any interest paid be-
tween 1865 and 1870, it must have beer
by the sale or hypothecation of bonds
Most Of the interest was funded un
der the funding laws of 1866 and 1868
A considerable portion of the interes
due by solvent railroad companies wal
paid by the companies themselves, a,
Comptroller Blackburn states in his re-
port of October, 1866, page sixty-nine
and pages eight aud twelve OF report o.
1869.
have now shown, if there is any
truth in these official reports made by
Republicans, that the Republican party
is responsible for the greater portion OF
our State debt. The Democratic party
has made judicious sale of the worth.
less and Improbable roads, and thereby
MS Mr.. Pennebaker says, diminished
the debt to q point perfectly manageable
| WIN Wise icS iblutlou. VIII NOV ISut
the question of reputation, either par.
tial or total. have shown the glorious
record the Democracy has made up 10
this time, and which feel confident II
will maintain.
was q member Of the Legislature in
1858, aud voted against tho bill grant.
ing State aid to railroads, but am net
willing to admit, as has been said, that
bonds were illegally issued and impro.
perly sold before the war. Andrew
johnson and Isham G. Harris were our
Governors then, AMI l cannot DO.
lievo that they, with the railroad CON-
missioners appointed by them, would
permit such things without making II
known to the people in some Of their
messages.
Maj. Sykes then discussed the Civil
Rights bin for short time, and closed
his speech by urging upon the Democra.
cy Of Rutherford not TO permit the as.
pirations of any man to divide or dis
tract them. Let us close ranks and
march in solid column, with drums
beating and banners flying, to bril-
liant victory.