Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-02-26
UNDER WHICH KING. BEzONlas J

UNDER WMACn AlNUs BEEON1AN
In our issue of last week we spoke
in terms more emphatic than compli-
mentary, of the unfortunate financial
condition Of Tennessee, and of the i'm
perative necessity for some prompt and
decisive action on the part of those in
power, looking TO the preservation Of
the State credit and the meeting of all
our Just liabilities. Whether so in
tended or not, il cannot be denied that
the open letter from the Governor to a |
citizen of New York, the respondent |
tone of some of our leading newspapers,
and the evasiye utterances and non
eommittal position Of most of our
prominent men, together with the
absolute failure of the State to Ineetany
portion of her interest for mere than
year, al combined have had most
damaging effect upon State credit
abroad and at home. and strengthened
the cause of reputation beyond
measure.
Missouri 6 per cent bonds remain
steady at 1927 per cent bonds of
the war impoverished and much plumb
cred State of Georgia are quoted at 80
to 102, while citizens of Tennessee
have the modification Of seeing their
ee%z paper. with years accumulated
interest, dancing-apparently at the
bidding of some unseen hand behind
the curtain-any where from 40 to 40
and by way of dealing finishing blow
at the fair name of the old common
wealth, and humbliDg her completely
in the dust, suggestions are thrown out
that the Governor shall go to New
York and endeavor 20 effect some sort
of compromise with the bondholders.
The day that the Governor of Tenn
essee leaves Nashville on such mis-
sion as that should be set apart by her
citizens as day of fasting, humilia
ton and prayer forever afterwards.
The sovereign State of Tennessee
cannot be sued = her bondholders
are at her mercy and she can pay them
all or nothing as she chooses, and if a
blot is to be placed upon her hitherto
bright escutcheon, in Heavens name
let us make the most Of the miserable
bargain and wipe out the whole debt
at once. But before this is done, let
the issue be brought squarely before
her people. Let her sons speak-let
them answer at the ballot box whether
they will sell their birth right for a
mess of pottage. And before we pass
upon this vital question let US at least
endeayor to get some intelligent under
standing of the situation.
At the beginning of one year we are
cheered by the information, coming
from the Financial officer of the State
and addressed to the Legislature then
in session, that we can keep down our
interest-pay our current expenses,
and have handsome balance left in
the treasury. The Legislature ad-
jOurns certainly having done something
} in the interest of economy, and in one
short year we are informed, upon the
same high authority, that by January.
1877, we will be more than $2.000,00
in debt, aud by January, 1873, we will
be behind on our current expenses and
interest more than three millions of
dollars-while the only Democratic
daily published at the capitol of the
State declares that the future SIS
gloomy and unsatisfactory, and more
than intimates that about the best
thing to be done is to scuttle the ship
and let her go down.
Look on this picture then on that.
CoMPTRoLLER's REPoRT-JANUARY 1875
Financial condition of Tennessee. Dec
10, 1874.
LIABILITIES.
Warrants outstanding 2S3, 290 As
Loan Account 5000 o.
Interest due January is75.........-, 6S7,250 OC
81 ,o55 $40 &
ASSETS.
Uncollected SIS SS2 s.
Cash on hand. .................... 32S,70l 81
| Interest due Jan. 1915 from Rail-
roads ............,.......... IS ,666 IS
2y255, 6O4 2;
Assets over Liabilities 81 .23O, 7G3 70.
CoNPTRoLLER's EsTIMATE-JASUARY 1876
LIABILITIES.
Amount over due Jan. l, ,4i6. 547