The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-05-20
The State Debt-HOw Created.
WHAT THE OLD SERVANTS
OF THE PEOPLE HAVE
DONE.

To the Editor Of the Morristown Gazette:
Many years since, the Legislature
Of Tennessee inaugurated . very
wise system in reference to Internal
ImprOvements-that of lending the
credit Of the State to railroad COM
panieS. While this system was care
fully guarded, although many mil
lions of the bonds of the State were
issued and sold, the resources of the
State were rapidly developed with
out impairing the credit of the State
or over taxing the people. These
results were reached simply by care
ful and discriminating legislation.
Each appropriation carried with 1T
ample security against loss to the
State, and provided sufficient means
for its own payment.
After the war the legislators Of
the State attempted to follow in the
foot paths of their predecessors. and
further prosecute the internal inn
provement system of the State.
But they lacked the wisdom, and
Il had almost said-the purity Of
their predecessors. They showed
their lack of wisdom in many ways.
They undertook to use the State
credit for immense sums of money,
when disOrganization, distrust and
financial embarrassment prevailed
all over the South.
They made appropriations to rail
road companies, by the million,
when (if their wisdom was worth
anything) they knew such eompan.
les had no sufficient amount of capi-
tai stock to justify such apprOpria-
tions. To companies whose roads
to be built entirely by State aid
began at country villages and ended
at the termini Of mud pixies, with no
hope OF any other connections.
Hundreds of thousands, aye millions
Of State credit were handed over to
companies, when no sensible man
in the State ever expected such
companies to pay either principal
or interest OF the bonds loaned them.
Bonds were loaned to companies,
when the Legislators lending them
knew that previous loans had been
unblushingly sold at so to 65 cents
on the dollar in direct violation of
the laws making the appropriations.
All this went swimmingly on,
omnibus oils being the order Of the
day. till the State debt amounted to
about forty millions-the older half
being well secured-the newer half
having only partial security.
The people about this time began
to be little restive about the mat
ter; and their legislators,-ever
ready to labor for the best interests
of the dear peOple-shut the food.
gates and cut off all supplies.
In the rush for plunder,'' some
roads had received State aid, which
from the nature of things were and
are destined to become links in great
commercial lines. and if allowed to
do so, would have ultimately secured
the State against all loss.
But the situation began to be
grave. Forty millions An ele-
phant-no place to put himl Some
thing must be did +! The people, the
dear people, must be relieved.
Among the tried and trusted magi
at Nashville, some bright genius,
Il do not know, or care who), made
the great discovery. ''We will di-
vorce ourselves from the railroads.
The cry was taken up and sounded
from johnson to Shelby. Sell them
out, lock, stock and barrel-good,
bad and indifferent. Roll of the
great burthen and let the dear peo-
pie breathe free once more. It took
The mountain writhed in agony. It
labored hugely, and a mole crept forth.
That which had cost the State per.
haps more than twenty millions of
dollars. Tor is to costy was sold to .
few speculators for, / believe, about
two milliOnsi
Thus. ut one fell swoop, was fast
ened for ever upon the people. q
debt Of eighteen millions or more
and the last vestige of security for
its payment (some OF which at least
in . few years would have been per-
fectly good) was fhros0n GsO0y. Per-
haps not! There was yet one faint
hope for partial relief entertained
by some. To this hope my friend.
o. G. King. has called the attention
of the readers or the GAZETTE.
But alas for human frailty
The best laid schemes of mice and
men. aft gang aglee-
The railroads had been sold.
The Chancery Court at Nashville
had granted the divorce but without
alimony. The State debt still hung
like . pail Of darkness ever the
dear people. The tried and trust.
ed must search their fertile brains
and remedy must be found.
It has been said that great emergen-
Cies produce great men TO meet them.