The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1877-12-14

Grand Tojll.....59I7 "a MA - - 20 22[
The itTSt series, Green, no letter,
T"Tt issued under the Act Of lS5l-2,
ana amendments, = ,J9j,vUp issued TO
railroads and tuIupikeS, and S4O7, ,010,
w' r" renewals uu bonds past due. The
second series, Green "B," Wer0 issued
under tE" authority Of the Act of
ISL: -2p. ono WCT; renewals for the
past due lJuds. the balance issued t.
railroads aud tIrpp:kes. The third
series, Green 'I'.' aud fourth 4erie-
White "ii.' issued under Acts Of l-eH
and lNj~. were for The past due inter-
-, and known ~ Funding bonds.
This tai'ic shows that there are now
outstaHding S}, ,0,Si, 800 OF bonds popu-
larry known a. 'BruNJIlow Bunds.p
The debt il accommodating ut tho rate
Of four thogsani do!'ar4 Etr dgy. aGd
If the present. condition of affairs CON
tmH"- it l. an easy calculation TO de
teruiiuu how soon the debt will gain
volume enough "a destroy the pros
p'ritV of the State and bring discredit
upon ali Of her citizens.
THE VALIDITY or TIE DEBT.
No question can now arise as TO t}c
validity cf tIl, pyblic debt with the
exception of the inconsiderab!e
amount i--ucd 60 Mineral Home rail-
Ecad, which has i+au declared fraudU+
!eut, the Le"p;e Gf Tennessee through
their representative have in the most
formal aud solemn manner recOgulAesl
il ~ IN" bOndS Of any SCriCa icing de-
tlaru,; and rCrriyahiD ia payment Of
the purchG-" money for dsiuauCnt
railroads II was again recognized by
the funding act Of ls73, by which the
obligation of tb" state was renewed
to pay interest on the entire debt and
the principal at maturity, and the va
lidity Of the several series Of bonds
have leon recognized lV the 80 and
i0th Generai Assembly Is bang de
dared receivable IN the Discharge OF
debts du" tp the state, aud 7 assume
that mo- judicial tribunal would now
pronounce against the funded aud r1g-
istered bonds.
Eul ~. New York arhitcrs say in
the rciort made 10 the General As
>e,nLlv. after full discussion with
~ THgi5lativc CommittCc, "When all
I'd. circumstances HIn!cs y ,.ics the
debt wa- i;cHTd. the peculiar Condi-
ton OF affairs iu tic state, together
With il present ability and future re-
s"ura-S. 3 hQi tAG c"lpNromi-e rccmn-
H.endcJ 10y thlIG is just aHd ilir both
30 dehi9r and creditor The GdQp-
tion Of thia recommendation qf a trib-
uGal 70 di-iDterestcd and Distinguish
,d without consulting the holders Of
cur boud-. would relieve the Sate Ui
the suspicion o, Iulairny-- Or Of the
charge al rcpudiatiug an acI>uowl-
l-!ged liability. Hui such number pl
tn" houdholdcrS haEF .ignifiCd theiT
!, iiiingIlesS To- a-lgpt The jei7Us OF the
adjustment ~ lu satisfy ne IS il i
made il viii bc generally acceptable.
trausm.t tn. proposition of the bOnd-
holder-. The terms are liberal 10 the
state, the creditors voluntarily max,
he sugs. -ij"n, aud il i consistent
ssitb the gleli!is u ,La state. 10 ac'
~@nt llp uttsJCpt4Iit. IHe Hu4G ,ip
condition - 'La State L tRs ?nly bar
lier To- immediate prosperity. IL
i.r.ai,-i want ! capital and iuImioTH
iiou HnIh Vii! avoid ~ uuItN- the
U;illic GciE j. provided fur. Men j,
mo- buy W here In" tenure Of l,roplTlS
j. insecure. or where public obliga
;iun~ 3ry Gi>lcgartCd. On" of thI
highest duties of the citizen Is the
maintenance Of the public credit;
out Il little i left worthy Of publ,
preservation.
TIIL ABILITY oI IIiL sTATI-.
if' II. - - NV l'lal1fi iA'I lht'-ti''il
T. the ability Of the State o. meet tb
interest on the debt, if adjusted On q,
terms olt.resi bV IL creditors. TIL
present assessed value of the prnpcrt,
~ the ;,Jal. Is c.j6,GF,HD aud l. "a
unusually liberal one 10 the taN-paNei
E'uu.~~u,. contributes 10 the market
ct IA. world, with her cotton, @rai
aud tobacco a. largely and i a. RE
III ~oil, minerals aud productions a
any state in the niou. The value {
lhr principal crops raised i'll Tenuc-
-oe during the Y=Sr ls.H :.4u.irteSi
81. .l2",|l". n"t i=~4 1hau unC-third {
which N.a- surplus. Tn. production
uI the St.rr OF KcUtu.i>y. ;ur TIE s3Tl
period Wa SOS. $50 l.S~. Tcuu,-SS,
produced seventeen millions InoI
ihau Virginia, three millions mo,
than Georgia. NOR" than Aiaryian
and South CarolinI combined, MOI
thau NIsLana and Florida. and Sc,
euteen millions JIoFo ihan North Ga
gliEa, While llc difference in Lup.ll
lion j. jn favor Df !!nHtlnEs ~
Gssgrgia, and MaAlsnd and SOU