Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-12

r charged against the State durin
the war; that no compound inter
est should be charged; and tina
the outstanding Brownlow bond
, ought to be paid. What was tn
! amount of interest that accumu
3 lated from 1860 to 1866, not .fou
: years, buts:sir years ? Under thl
q funding act in 1866, for the expires
! purpose5of funding the interest ano
q past due bonds, there was funded
! 81, ,941 900 of this amount $1,000, ,00(
was interest, and the remainder pas
; due bonds. Now the interest upor
this funded interest to Jan. /, 1878,
: would be s., 100000 What amount
of compound interest has the State
been made liable for by reason OF
the funding acts of 1868 and 1873
BY the funding act of 1868 there
was funded not one dollar of inter-
est, but only past due bonds. BY
the funding act of 1873 there was
funded of interest So, las, ,685, and
the interestsupOn this sum to Jan. 4.
1878. say four years, is 81 ,235, 1884,
which is the compound interest COM
planned of under this act. Then
how many of the BrownlOw bonds
are outstanding? The records of
the COmptroller's Office, and the
recent message of the Governor,
show not exceeding So, 600, 900. Thus
we have of lcdr interest $1,000
600, and interest upon this to Jan.
l, 1878, $2,900,000; of compound
interest under the funding act of
1873, 81, ,200,0 of the Brownlow
| bonds outstanding, So, 900, 900; MAX
ing the aggregate Sl1 ,000, 900, where
as the State creditors have allowed
a credit of $l1, 100000. Have we
not then been credited by greater
amount than of the credits and
equities claimed except perhaps the
one of a general character, viz for
the losses sustained by the ravages
of the war, and this we will consid-
er presently.
And now if all the credits have
been allowed in the settlement of
this great question in arriving at
fair and Just basis of adjustment,
what good and sound reason can be
assigned why the remainder should
not be paid? But in order to a full
understanding of the injustice of
the remainder, let us see how and
for what it was contracted.
According to Comptroller Burch's |
report, the bonds that would be out |
standing after retiring those just |
mentioned would be the bonds is
sued prior to the war, and they |
would constitute all the outstanding |
Indebtedness of the State, except |
the interest in part that has accumu- |
lated upon them since the war. So
then, bear in mind, that it is an an
te-War debt, with its interest partly, |
that we are called upon to pay. No I
part of the debt contracted since the /
war remains after allowing the cred
it of $11 100000. 1t is debt hoary
with age, contracted by the fathers
and grandfatherS of some of us, in
their honest and honorable efforts
to develop this great State, and
make it what it is tO-day-One of
the leading States of the union.
/. By issuing $500,000 in bonds in
aid of the Union Bank, one of the
first banks established in the State,
which entitled the State to so much
stock in the bank, and upon which
she derived great profits. A part
of these bonds are outstanding.
2. BY issuing $1,000,000 in bonds
for the establishment of the Bank
of Tennessee, of which the State
was the sole stakeholder, and from
which she derived immense profits
as shown by the report of the pres
ident, the Hon. Cave Johnson, who
states the profits to the State to have
been up to January, 1858, the enOr-
nous sum of 81, $50, 900, besides the
incaIculable benefits afforded the
people during the financial distress
of 1857, and other noted years. A
part of these bonds are outstanding.
3. By issuing large number-of
bonds in aid of, and to build, the
Railroads and Turnpikes of the
State, and which are daily being
used so profitably, and enjoyed so
greatly by all the people, and which
have done so much towards increas-
ing the wealth, happiness and pros
perity of every citizen. A part of
these bonds are outstanding.
4. BY issuing 81, 10000 in bonds
for the building of this grand and
structure in which we
are assembled to-day, gravely con-
sidering the prOpriety of paying
these same bonds. Will these huge
stones spare us if we do so dishOn-
orable a deed? A part of these are
5. BY issuing $4,000 in bonds for !
the Agricultural Bureau, for the {
benefit of that large and valuable
class of our citizens, the agricultur-
lists of our State. A part of these
bonds are outstanding.
6. By issuing $4S, 200 in bonds for !
the purchase of the home and grave
of the renowned hero, patriot and {
statesman, Andrew Jackson. Ten
nessee's pride. And still shall she s
be so wanting in that true pride of !
character that She will claim his I
sacred dust and refuse to pay the 5
paper that bought the narrow house
in which it lies? No! Tennessee
ans can never descend so low as to |
be guilty of such glaring dishon-
asty, so long as the heroic deeds and
services of the sleep =
ing hero of the Hermitage are re- |
membered and cherished in the |
hearts of a grateful people. All Of
these are outstanding except $4 900. ;
This is the nature and character
Of the Indebtedness which the peo- '
pie of Tennessee are asked to pay, q
and which we, as their chosen re- I
are called upon to :
make provision for, or the burden
will grow heavier each day, and q
sooner or later reputation with its !
tanning influences will be the in u
1Vitable result. !
A debt that dates back for its I
)rigin to the year 1888, and like I
Dall of snow, gathering with the j
rolling years, as the wants and ne
of the people demanded, t
md still we find to-day that only P
5he comparatively moderate sum of p
S11 ,600,0 900 is required to liquidate v
t, and forty years in which to do it, n
md great State, with her credit, t
honor, and fair name depending ?
lpOn her action in the matter, hes v
tates as to what course she shall a
axe, when 1t Is less in amount than v
wen many municipal debts of va ?
'ious cities of the Union. a
A State with over a million of a
and more than two d
hundred and fifty thousand voters, o
.rx-ipor ont fO tho world oa her px- h