Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-09-14

at IT'S last session IN jackson,
decided that the sale of bonds
for less than their face value
did not invalidatc them in whole
or in part. - p
BENEFITS INSULTING.
Were there any benefits re-
Isulting from the creation of
this debt? Governor johnson
stated them clearly in his mes
Sages, which. have been quoted.
HE says: "They are developing
our hitherto hidden and latent
resources, and bearing of, atchcap
rates. to the markets ofthe' world
the mechanical, agricultural, land
otLer products of the country"
that they "bind the. State TO-
getllei' from Carter to- Shelby,
and make usi0ne AND the same
people in agricqlture.eeommerce
and mechanics AS a conse-
quence of, this debt, the value
of property in the State III
creased from $1S6,721, 1197 in
1852, to $309,049,35I r in 1860.
The average value of land in
1852 was So 81 per acre, and in
1860, So ID. In the county of
Maury, the value Of land was,
in 1854, S., 210,052, in & 1859 it
was 81, 353,279 and i'll 1874 it
was 81, 539,S49. In Carroll coun-
Ity the value of land in 1854 was
81, 4O ,126, and in 1874 it was
$3,131, 2S9. AS it was in Maui
~ and Carroll so it was through
out the State where these inn
provements were made. Gov
ernor Johnson's predictions
were fully verified and bis az
guments in favor of the system
SUSTAINED by future events.
Since the war, appropriations to
a large extent have been made
to renew the railroads that were
much injured, in fact, nearly,
destroyed by the war. As be-
fore stated, the bonds to rail
road companies since the wal
have been under authority of
an act of the Legislature passed
in 1870, mostly returned into
the State treasury as good. The
taxable property Of Tennessee,
in 1865, was $194,849,377, and
it was in 1866, $278,000,00G. !!
shall not undertake 70 discuss
whether the bonds issued by
Governors BrowElow and Sen
ter were properly or improperly
issued, SINCE they have been
mostly paid, and those that have
mot been pad, have been rec
ognized as valid by the legis-
lature Of 1869-70, and by every
succeeding Legislature which
has met since that time. To re-
ceiye the benefit of bonds and
raise no question as to their va
Ilidity at the time Of their issu-
ancc and afterward to deny their
validity, admits of no defense.
WHAT SHALL BE DONE WITH
THE DEBT.
The debt having been recog-
nized as valid, the serious ques-
ton is presented, what can be
done with it? 1t is very large,
all will admit, and lit is a heavy
burden upon the people of Ten
nessee. Notwithstanding the
increase in the value of proper
tv in the State since 1852, which
amounts to near$92, 100000, the
net income Of property-owners
and taxpayers is very small
from causes which it is not nee
essary here to discuss, some Of
whicfparise from governmental
extravaganza and mismaiiage-
ment,! and some from causes
under the peoples own control,
and which they can, and | hope
will remove. We have not paid
the interest on the State debt
for years, except twice, and I'M
less something is done we may
not do so for years to come.
What can we then do? Can we
honorabIy make any agreement
with our creditors which will be
just to them and satisfactory
to ourselves? JDenouncing
bondholders and capitalists does
no good, but may do much harm.
What we need to improve our
country is capital, and if we
denounce the men who lend us
the money, what right have
we to expect them to aid us by
the loan Of their capital. Sch
a course tends to drive away
from us that which we so much
need, and which our people
are so anxious to obtain. Let
US deal fairly and justly with
bondholders, as with other men,
and show a disposition to pay
the debt of the State as far as
we are able. In this way we