Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-10-20
A NOZZLE ROCORD

A NOBLE ROCORD
IN regarj to the management of state affairs
since 1870. / do not mean that there have
been no mistakes at all. That never was and
never will be the case with humanity; but !
speak OF the general results with perfect con-
fidence, because 1 know the facts sustain me.
The Democratic party found on the mrs OF
January, 1870, debt OF si3,052,62 p, as ap-
pears by Comptroller PenneDaker's report,
made o -tOher 1870. This was less IMAM the
real amount, because he estimated the BANK
OF Tennessee notes at only 81 5OO o %, wnen, IN
fact, they were over 100000. On the hrst OF
January, lS72, they had reduced THIS debt 70
S3, l90g3s 81. (See Pennebaksr's report OF Uc-
tober, ls7l, page eight
SALE OF TIE RAILROADS.
Mr. Pennebaker, IN his report for October,
lS72 page for. y-one, says; " The sale OF tie
delinquent railroads has dtHiHtshed our ueot
to a point perfectly manageable win y Use
le2isIatiOn." In truth, the debt Of the stale,
January /. 1879, was only sjUie3-eHo. Inc IN
solvent railroads were sold most Juqlclousiy,
for more than they would bring Today, after
subtracung the amount expended On lnem
BY the companies that purchased them. They
had been source OF expense 20 lle STATE
says Mr.. Pennebaker IN his OctoDef report,
1872, OF $3.50 per day, and the state was very
fortunate in selling them for S5rJoVN, ana
thereby preventing an increase OF the deot up
mulated interest on the bonds
TIE GREAT ERROR
in legislation from 1865 to 1870 was ia issuing
bonds to insolvent railrOads-thOse short and
unpTOltaDle lines WnlCn never tDulA AAlhh0
the state sscnre. The amount que by these
fasolvent railroads on the trst Of october,
lbs (Sse Hatchets report, page ~ was $685.
III On the first OF October, 1910, 10 was 81
vi. $50 A.. (See. PennebakeI's report OF that
date, page 81 Il thus appears that the debt OF
these insolveut railroads was increased ql-
ring these fiye years from 1870 70 lolps by olni-
Ols565. This accounts for our large state debt.
II there was any interest paid between lo50
and 1870, IL must nave been by the sale or
MULTIPLICATION OF BONDS.
Most of the interest was funded under the
funding laws OF 1856 aud ISIS. a considerable
portion OF the interest due BY solvent railroad
companies themselves, As Comptroller Black
burn states in his report of October, 1870 page
siXty.nine, and pages eight and twelve OF re-
port of 1858. / have now shown, II there Is
any truth in these official reports made by
Republicans, that the Republican party Is le-
sponsible for the greater portion Of our state
debt. The Democratic party has N ade a JUDI
ciOus sale OF the worthless and unprontaOie
roads, and thereby, as Mr.. Pennebaker says
diminished the debt 70 point perfectly
manageable with wise LEGISLATION VIII not
argue the question Of reputation, either par
tial or total. I have shown the glorious record
the Democracy has made up 10 this time and
which feel confident it viii maintain. !
was a member of the legislature in lsSi, and
voted against the bill granting State aid 70
railroads; but am not willing 10 admit as
has been said, that bonds were illegally Issued
and i'm prOperlF sold before the war Andrew
johnson and I>ham q. Harris were our gov
ernors then, and cannot believe that they,
with the railroad commissioners appoiptel
by them, would permit such things without
making II known 10 the people in some OF
their me sages. Major sykes then discussed
the civil rights bill for a short lime, and
closed his speech by urging upon the Democ-
racy OF Rutherford not to permit the dsplra-
ton of any man 10 divide or distract them.
with drums beating and banners flying, 10
glorious victory. Applause.