Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-11-24
i" BlOated Bondholders. -
ID "a Editors Of tAe CAroniele.

Of the much which ought to be said,
and must be said In times past, the
States Rights Democratic papers have
had the phrase Bloated Bodholders "
stereotypeG but not until this excess
sively shsmeful period of Tenuessee's
history has there been a class OF polt-
ically aud personally dishonest shy
locks, to- whom the above phrase prop
erly applies. The people, who are
gruaniug under the weight of the seri-
Gus burdens of wrongs Inflicted by
these graspers after the pounds Of
bloody flesh, " ought to know and see
all the facts as they are. Not only
must the facts be fully referred to, but
keep them before the people, Is The
just programme. Here, In tact, are
the facts.
First, of our States large indebted
ness, the body of the bonds are held
in Tennessee, and of those thus held.
about nine-tenths are in the hands OF
that class of peculiar Democrats,
who worship at the shrine
of what you call the
double barreled" organ at Nashville.
This large ownership of Tennessee
bonds in Tennessee las only been
specially so since 1S7l--'72, aud the
largest feature of this new Tennessee
Democratic ownership has grown up
since 1874
Now, let us "crack the shelln anS
look in on its Infamous Tottenness.
Having the power TO do so, 10y the
use of corruption funds and personal
influence, this ring-the very one, by
the way, which eX-President Johnson
assaulted and aptly termed DAMNED
F,e, ~ .,rtg -. 4
Just enough to "get their hands in
with the public market pulse to dis
close what class of margin could be
registered by first lowering and then
raising the price of bonds. The first
feature was 10 depress the price by 3
deliberate suggestion of probable
theory of Reputation as to a class Of
our bonds, but in such a way as 70
leave it in doubt as to what bonds
would fall in the class. So, all were
depressed. The drop came, and then
the large Democratic bills of purchase
followed. Next in order, the result of
legislative discussion and action show
ed that Reputation was not to be
adopted-practiced Then bonds went
up, and Democratic holders unloaded
that is, sold out at large profit.
The next Shiny step land it was but
the last part of the one just referred
toy was TO diminish the public debt by
the sale of delinquent Iailroads-State
bonds to be received from the purchas-
ers. This, as was shrewdly intended,
cut favorably TO dishonest pockets In
two directions: First, it created a spe.
cial demand for bonds, and made the
impression that, as the public debt was
to be thus diminished, bonds generally
would become of higher real value:
Second, the very large interest of the
State in railroads being sold for less
than one-tenth the cost figures, and for
not more than one-fourth the present
value, and bonds received at par which
cost the purchasers not above So cts on
the dollar; and the whole transaction
engineered by Democratic lawyers in
spired by SIS, 900 fees, paid in cash
not bonds) pushed out this precious
group Of figures A 500, 600 interest in
railroads sold for $4,000 in State
bonds, being paid by the purchaser
with So, 500 cash. This, to leave out the
enormous attorneys fees, all THAT
could be said, was, that $4,000 of the
State debt was RETIRED at the cost OF
giving away or counting q, lost
il, by the transaction, ter of
the one hundred Isl ,00O) bonds were
retired by sacrificing the Sl0O, 900 State
interest. But the ninety bonds re-
naming of the one hundred originally
issued TO the road, yet remain to be
paid by the people. In short, the op.
Grafton left the people in fully nine
tenths worse condition than before.
| Why? Because the shrewd, dishonest
| rings paid somebody else 100000
worth of the peoples property, in con-
sideration that that somebody else
would pay $4,000 of the peoples debt
with S. 500.
With this class.of transactions hang
ing as cloud OF, Jour public:credit, the
next, a most powerful ring-strike,
was to fund the bonds of the State
that is, pay the bond interest with
bonds. This was not designed to lift,
but to lower, yet further the price,
though there was a most bOld-faced
profession made, that the feature OF
compromising the interest would in
crease the value of bonds in market
The real object, however, was to in
| fiate, augment the measure of the load,
so as to enable the Democratic "beasts
of BURDEN to have more to unload
when the acceptable time" should
come. AS proof OF this, the next and
all-that is, by use of the
influences hereinbefore stated, to
induce the very Democratic ring.
boned" Legislature TO make such pro-
visions for the payment Of the interest
on the public debt that no payment
thereof could or would be made. This
measure of Tennessee Democratic
Ring policy has provided most ex-
traordinary " loading facilities" The
loading has been extensively heavy.
Now the "Ring" desires the legisla-
tive power of the State extraordinarily
convened to enable the beasts of
burdenh aforesaid to unload at about
20 to ~ cents that which has been ta-
ken on at As to so cents. The Devil
himself does not know enough about
rings" to have arranged one more
shrewdly dishonest than this "bloated
bond-holder's ring" of Tennessee ; and
whilst its more than serpent-like OPP
eratiOns extract real and personal
estate values from the people, the peo-
pie have to cringe, grin and bear il,
| whilst in full viaW Of them ia the