Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-02-01

NAL concurrence of the South under
luress. These measures were only
the act of the South, hav-
ing been extorted from her by the
same threat Of continual military
The duress, IN short,
under which both sets of measures
were extorted was that under which
the conquerors, throughout the
worlds history, have placed the
conquered and, hard as ii irlssyy he
has to be submitted unless we are
prepared to reverse it all by the
of another war. In the
case of the abolition of slavery and
the constitutional amendments we
have become recOnciled to the result
and would not reverse the one nor
repeal the other were we able,
while many of our antagonists at
this very moment, being disap-
pointed in its results, would repeal
the amendments if they could, and
in that of the funded bonds we could
not repeal it if we would.
We proceed with the message,
and it is necessaryto be brief. With
this view we will give in the Gov
erEOr's words the method he lays
down for practical disposal of the
debt, and we give it in his own
words to avoid the possibility of
misconception, only promising that
by the estate debt proper" he means
exclusively that which was incurred
for the Capitol and Hermitage. He
says:
The obvious equities as to the State debt
proper, are: First, the funded war interest
ought to be expunged, and all other funded
interest. Second, all payments upon the
war interest ought to be credited upon the
principal at their value at the time of their
payment. Third, where funded at a greater
rate of interest than the contract originally
bore, the original rate ought TO be restored.
Fourth, where interest has been paid at a
greater rate of interest than the original
contract, the excess ought TO lie credited
upon the principal at its then value. Fifth,
as the debt at the time of its creation was
legislation the State has been deprived of
the opportunity TO pay in the cheaper
metal, the state ought TO be allowed the
difference between the market value of gold
and silver.
50 much of the State debt proper as is
owned by the Federal Government ought to
be entirely rejected until IL is willing to pay
the State the money justly due her. The
bonds loaned the Agricultural Bureau ought
TO be embraced in the settlement OF the pri-
mary debt of the State. A settlement of
this branch of the debt upon these princi-
pies of justice will be right and ought to
command the approval of all.
The next branch of the public debt in or
der of merit is that of the ante-war bonds
issued to insolvent railroads, turnpike and
plank road companies. All the equities eX-
listing as to the State debt proper obtain as
TO this, and in addition the whole loss OF the
iron appropriated by the Federal Govern
ment upon which these bondhOlders had a
lien, ought not in justice TO be thrown upon
the state, but as n matter of right those
bOndholders ought to have an assignment
to them by the state of the claim, II they
have confidence in the ability and willing
ness of the general government to pay a just
debt.
In other words, the railroad debt
is a matter between the State and
the United States until the latter
shall render subject to the law that
which during the war she took from
Tennessee by the sword. Those
who have observed the conduct of
the Federal Government from the
close of the war to the present day
in reference to such demands will
be able to estimate how soon this is
likely to be. We proceed:
As to that part of the debt comprising the
bonds issued to solvent railroad com panies,
it is not probable any adjustment of ii can
be made until the question OF lien is settled.
If the decision is in favor of the roads, the
adjustment will be with the bondholderS,
justment will be with the companies.
AS to that part of the debt embracing the
postwar bonds, no part oft should be set
tied now, or hereafter, only in so far as the
bonds were issued, sold and used in conform
ity to law.
The State is able TO provide for the first
branch of the debt when adjusted, and it
ought to be done now. 1t is probable an in
veStigatiOn viii disclose the ability of the
State to provide for the second branch, and
ifso, il ought to be done, but no more ought
10 be attempted than can certainly be aC-
compliShed. Prudent and cautious steps
will lead TO satisfactory results, but if more
is attempted than can certainly be accOmp-
lished, the result will necessarily be disaS-
trOuS.
If an adjustment is made the coupons
ought not TO be made receivable for taxes.
want OF confidence in the integrity of the
State, and ought for that reason 10 he re-
tected.
This last clause is tantamOunt to
the provision that whatever adjust
ment we may agree on, we ought
by no means to bind ourselves 10
execute it. However, any payment
of coupons, whether by money or
by receiving them for taxes, is so
obviously remote that is not worth
while discussing that point.
On the whole, then, the Governor
proposes an issue with both the
Federal Government and the rail
roads before he consents to nego-
tiate with the bOndholders at ALL
This issue the Federal Government
will, we believe, be only too willing
to take up, and, we fear, will be
contested by a solid North, East
and West against n by no means
solid South.
The issue with the railroads is
one in which the bOndhOlders have
already anticipated the State. On
the 18th nit. bills were filed on be.
half of the bOndhOlders by Ed. L.
Andrews, attorney against all the
solvent railroads of the State, claim
ing that they shall be placed in the
hands of receivers that the bond
holders may recover the past due
interest secured (as the orator
claims) by lien on the rolling stock
real property, earnings, etc, of the
roads. 1t is claimed that these re-
ceivers shall retain possession to
secure interest until the capital OF
the debt is due, and then the roads
shall be sold off to liquidate it. In
this suit Attorney Andrews is asso-
ciated with Judge Hoadley, of Gin
cinnati, and the wOrld-renowned
New York lawyer, Charles O'COn-
nor.
On the part of the railroads it is
urged that they have settled all ac-
counts with the State, which lifts
i