The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1878-02-07

BEFORE THE WAR,

Now, sir, | do not intend to attack
all this debt. | we'll know portion
of it is Just, and should be paid My
whole desire is TO do right, and ifpos-
sible to reach the e9mtyof the matter,
to do justice to all to agree to pay
what We have the ability to pay, and
pay it without this everlasting and
shameful funding, (such as We have
had).
/. 1t was urged as an argument every
where, when our railroads were built,
that they would Yield q handsome div
idend at least enough to pay the in
terest on the bonds and leave sink,
ing fund that would in few years
pay of the entire debt and that stock
hyl iers need have no fear; they couii
ride or ship freight for this invest
ment if necessary. What has been
the result? Seldom has any dividends
been declared No privileges grant
ell to those owning stock. The state
interest iii most of the roads, by I'M
wise litigation, hiss been sold at ruin
Gus rates, and the whole thing has
been SO manipulated that almost the
emit e railroad interest has gone into
the hands of monied kings, who now
riamor for our hard earnings, even if
it requires confacalion to meet their
demands.
Many of our railroad bonds sold It
ruinous discount of 30, -, -. Is,
81, G5 and -. Some have already
received in interest twice the amount
Invested. while some bonds that were
required to be SOLD at their face value,
were sold greatly below par; clearly
ani positively violating the law that
authorized thei issue.
When most Of these bonds were
issued, we owned sl10,000,000 worth
of slaves, who were in part basis for
this delft, and who are now as free as
You or /, and who were taken from
US without authority Of law or gospel.
And more, their worth or value re,
putiated: besides millions of dollars
Of other property, amounting in all to
about half we were worth. Still
some have the effrontery add hardi>
hood to say we have no equities. /
wish some one would give all such Il
copy Of the tille.
Another reason why we are not able
to comply with the requirements of
our bond holders, we pay to our gen
eral government at least an annual
tax Of Sl0,500,000. And stillanoth-
er; cur property since the war h 8
deprecated in value at least 80 per
cent. Oar labor system is not reliable.
To show that lam not far wrong in
this conclusion, we find that our tax
ahles in 1870 amounted to s40S, 0G0,-
600, and in 1877 s236, 900, 600. Now
Mr. Editor, can there be any Justice
in debtor paying a creditor who has
destroyed our ability to pay?
l opposed the coupon clauses asked |
by our e., d.tors, because it virtually |
made them preferred creditors, as did /
the funding bill of 1873. / opposed !
six per cent. interest on our bonds, /
because | well know a people who are !
hardly earning 3 per cent. upon an
average, for their labor, cannot af> /
ford to pay 6 per cent. upon a public /
debt. Before the war we could better |
afford to pay 6 per cent. on state
bonds than 3 per cent. now.
In conclusion ! viii say that have /
exerted all the influence and ABILITY /
possessed for what | conceived
would be for the interest of my con- !
,tituents, and trusting that my course
N the Legislature may meet the APP
prevail of my fellow-citizens of Gibson
county, and thanking you for past
avors. L lave the honor to be. my
lear sir, yonr friend and ohedient
iervan,, G. ". Day. )