Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-10-05
GOVERNOR MARKS ON THE
STATE DEBT.


the speech of Hon. A. S. Marks
made at Franklin on the 19tl
of Sept, 1878. After referring t,
the usurpation of the State Govern
ment by the Republicans at tn
close of the war, he continued:
need not tell how this usurpa
ton was perpetuated. They Wer,
dark, bloody, melancholy days
They are still fresh in our memory
You remember they taxed us t.
pay the costs and lawyers fees O
their Commissioners of Registration
whenever suit was brought agains
any one of them for refusing Il
do his duty. You remember, too
they required us to pay large fees tt
lawyers for their services performed
by going into courts and persuadins
them that we had no rights except
to pray and pay taxes. When the
people were deprived of the right
of self-government they were i'm.
pOverished. Their personal prop.
erty, their banking capital and theil
currency had been swept away
upon the resistleSs tide of war.
Their system of labor was destroyed,
together with their implements OF
husbandry, and all of their indus
trial pursuits prOstrated. While
the great bulk of the people were
without representation, one OF the
first acts of the body denounced as
uSuperers by Mr.. Etheridge was to
fund all the interest which had ac-
cumulated upon our State debt
during the war. While the courts
were deciding that, as between
creditor and debtor, it was under
like circumstances lawful and just
that the interest which accumulated
during the war be forgiven. Still
it was never claimed for the people
that they should have the benefit of
this just principle of law. There
was nothing in the history of Ten
neSSee or her miSfOrtuneS to invite
the piling up of this additional debt
upon her people, but it seems that
it was the purpose to lay upon her
suffering people every possible bur-
den as a punishment for a supposed
crime. The world knew we were
impoverished. 1t knew that the
vast bulk of the taxpayers were
not represented. 1t knew from the
trial of Mr.. Etheridge, as well as
from current history, that ours was
not a government of the people, by
the people, for the people. Under
this state o. facts, the bonds of the
State were issued in vast quantities
and put to sale. 1t is true, that so
far as the law under which they
were issued was concerned, upon its
face it pretended to hedge about
their sale conditions which, in a
measure, would have protected the
people, if respected, but it was
never intended that they should be
respected. 1t followed necessarily
that the bonds so issued command
ed a low price in deprecated paper.
The evidence is as clear as the
noon days sun that these appropri-
ations of the public credit were made
not to build railroads, but to en-
rich party favOrites and the bond
holders. The evidence is a matter
of record and cannot l,equestioned.
But Notwithstanding all of the
embarrassments which surround
ed our people, blessed with a COM
paratiVely abundant currency, they
had grown more and more prosper
Gus, and when, in 1869, the govern
ment of the State passed again to the
people wealth was rapidly accumu-
lating in our State. Our first Leg
islature undertook to investigate
the circumstances and facts connect
ed with this vast issue of bonds.
They reported all of the evidence in
full, and it appears from their re-
port, that in no single instance
where bonds were issued, that it
was done according to law and the
bonds legitimately used.
/ will not burden you by refer
ence to the bonds issued to each
road. I will content myself by
calling your attention to an extract
from the report of the Hon. Ed
mund Cooper, of Bedford, the
chairman of the joint committee,
in reference to the Tennessee & Pa
cific railroad, as follows.
"Under the facts shown by the
special committee on railroads, in
their report, and the evidences ac-
cOmpanying it, the Judiciary Com
mittee concluded that the bonds
were illegally issued, without au-
thOrity of law, and in direct con-
flict with its express provisions
hence that a law should be at once
and passed, prohibiting
the Comptroller of the Treasury
from voluntarily paying the same"
Tho hnn6C fn {hiS
port amounted to nearly one mil
lion of dollars.
But as soon as our Legislature
disposition to ques-
tion the binding obligation of the
bonds issued after the war, the threat
was made that our people would
be remanded to military rule. 1t
was known that the Federal gov
was in the control of
dictatorship which CLAIMED
and exercised the power at will to
pull down and build up State gov
By an act of Congress a
was raised to look into
our affairs and report, so it might
be determined whether, in its Opin-
ion, we were unworthy the priv
ilege of governing ourselves. From
that report it appears that our abili"
ty and willingness to pay these
bonds was made the first object of
inquiry. 1t was as clear as evidence
could make it that if the people
did not want a military govern
ment, they must not question any
part of the public debt. So it hap
Dened that Notwithstanding the
Legislature saw the wrong and had
possession of the facts, yet it dare
not question these bonds, and even
the bonds of the Tennessee x Pacific
railroad, which a joint committee,
through Cooper, had unanimously
reported should not be paid, were
recognized as part of the public
debt. The Mineral Home bonds
were alone rejected. So without
before the people our
railroads were sold, and afterwards
the whole debt funded, and then
came the crash of 1873. The giant
strength of our people was para
lized, and their career of prosperity
rapidly degenerated into a struggle |
for bread and meat. Rather than |
submit to the imputatiOn of dis
honor, our people demanded that |
no more bonds should be issued !
that the expenses of the State gov
should be cut down to the |
lowest possible point-all the in
terest they had in the railroads and |
was turned over to the |
But their burden was