Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-29

ScHtCus tu6S W160 placCQ upO1 tthS
markets Of the world, the bonds were |
sold for less than their value; that |
most of them were sold as low as fifty |
cents on the dollar, and some for less.
The speaker said Bear with me |
few moments, until We shall examine |
into the truth of this assertion The
bonds now in force may be divided in
to two classes, in reference to the times
when issued:
First, those issued before 1862 and
second, those issued since the close of
the war. Now, in regard to the first
named class, never at any time were
they sold at the rates named.
l hold in my hand, said the speaker,
statement made out from the records
of the New York stock exchange.
which shows that Tennessee bonds
were quoted
In December, 1850. at.......................S l07
In June and October, 1853, at........-....... 100
In April, June and Deem Der, 1858, at "a to 90
In June and December, 1858, at 30 TO 9014
LII Aprll- 1850 at......-... S3a
In June 1861 at...-........ W
/ have not been able to obtain quo
tations for every month of each year.
but those of you who gave any atten-
OlOn " 6uCAA 1ualSCAC DCAOtC tAAC H4t4
will remember that Tennessee bonds
were never sold for less than ninety
cents, except for short time in 1857,
after the great panic.
Then as to the new bonds. Part of
them were issued in renewal of old
bonds and to pay accrued interest.
Whether they were sold for higher
or lower price, is not matter for our
consideration. They were the proper
| ty of the holders, charged with no
trust, and the holders had perfect
right to give them away, If they wished.
But as to the other part of the bonds
of this class that were issued to rail-
road companies under acts of the Leg
islature, know, and you know, fellow
citizens, that they were sold at prices
varying from 81 to 78cents on the dol
lar
But you willremember that in 1869
20, the Legislature of the State, elect
ed by the people of Tennessee-all,
then, exercising the elective franchise,
authorized the railroad companies to
pay off their Indebtedness to the State
in bonds of any series; and after that a
law was enacted by your chosen repre-
sentativcs requiring the delinquent
railroads to be sold, and authorizing
the purchasers to pay for the roads in
bonds of any series. Now, under these
acts of legislation, nearly all the bonds
| of the class we are now speaking of
have been paid into the treasurer's Of
fee, and have been cancelled. 1t is
not my province. to speak of the
wisdom or folly of this legislation;
but the bonds are no longer outstand-
ing legal obligations, and the payment
or payment of principal or interest
is not practical question of great
| Importance.
You we'll remember that in July,
1874 Governor John G. Brown wrote
letter, to some citizen of Memphis, [
believe, in regard to State finances.
The letter was extensively published
and widely circulated. He had then
been engaged In an examination into
the affairs of the State, and an investi-
cation of its bonded Indebtedness. He
says in that letter, that the whole
number of bonds then outstanding and
unpaid, that had been issued for inter-
nal improvement purposes by Cover
nors Brownlow and Senter, he found
to be 81, 157 900. But, says Governor
Brown, of this class of bonds, $2623,-
900 were issued to railroad companies
that had paid their entire Indebtedness
to the State. or were solvent and paying
into the State Treasury interest upon
their indebtedness; so that of this en-
tire issue of bonds, we see that there
are now outstanding only $1,534 900
that were given to insolvent railroad
companies, and upon which the State
loses the interest to be paid.
And, said the speaker, will we make
so grave aquestion and threaten 20
bring ruin to our credit aud character
as people and as government, upon
the question whether 81 $4,000 of
bonds were sold at par or at 65 cents
on the dollar? Do you not remember
that your own Legislature and your
State officials have recognized the val
idity of these bonds and their binding
obligation, by causing them to be reg
lstered, and by paying the interest that
has accrued ? Can YOU now refuse to
recognize their validity, and at the same
! time refuse to the holders the right to
come into the courts of your own ere
alton to test their rights before your
own Judges and your own juries, and
by your own laws? Do you refuse this
privilege, which is of common right,
because you dread the result? And
will you arbitrarily deny to holders
Of all this class of bonds any redress,
because as to only 81 $4,000 of them
you have been wronged? Ifyou doubt
your legal aud moral possibility,
open your courts and, like men, appeal
to the law and demand judgment es-
tablishing your rights. DO not bring
reprOach upon American institutions,
and free democracy, by refusing that
justice which every other people freely
accord.
But it is said by some persons that
we are overwhelmed with debt; that
we are poor, and the the taxation re-
quired is too great to be borne. Again
L will ask you to sit in Judgment in
your own case, and again confidently
appeal to your own good sense and con-
! seriousness of what Is due to another.
Right here, let me say that the de-
pressed condition of your industries is
not to be ascribed to the taxes i'm
posed by the State Tennessee having
one thirtieth part Of the population of
the whole Union, we may assume pays
directly and indirectly -thirtieth
| part of the revenue assessed by the
government of the United States. This
for some years-adding to the gross
revenue the premium on gold-has
averaged about $500 100000, and our
part of it has been $l0,000,000. five
consider the profits paid to middle
men, aud the sums drawn from our
pockets in increased cost ofgoods con-
sumed, caused by the protective tariff,
we will add to the sum named at least
seven or eight millions more, and will
have at least ST., 10000 and perhaps
larger sum, distracted from our in
dustries and labor by the government
of the United States. Here is to be
found the source Of our troubles, and
to reforms in the legislation and ad-
ministration of the Federal govern
ment we should direct our attention.
The work has begun, let it go forward
to full completion. Men of all par
ties, and Of all opinions, have at last
become aroused to a sense of the
danger and ruin that threaten from
that quarter. and we have reason to
hope will arrest the further spread of
fraud aud corruption.
In comparison with these expendi-
lures, how insignificant those in our
own State, and how trifing the sum
necessary to maintain our own integ-