The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-01-23
The State Debt.

1t Is with the sincerest regret that We
differ with Gov. Marks in relation to
the proper treatmentof the State debt.
He is a Democrat, nominated by
Democrat convention and elected by
Democratic votes. As such the Amer
lean gave him most willing and cor
dial support, and hoped to be able not
only to approve, but to heartily in
dorse and earnestly advocate every DO
sitiOn which he mi ght take in the dis
charge OF his executive duties. 1t is
true that the State finances were not
discussed during the Gubernatorial can
vass.. That subject, Notwithstanding
It's grave Importance, was pretermit-
ted possibly unfortunately, but GER
tainly honestly, with the anxious hope
that a breach in the party thereby be
prevented. But it comes up in such
shape now that it cannot be evaded
nor avoided. Happily it is presented
IN such manner that much of the vitu-
peratiOn which has accompanied it on
former discussions upon the hastings
cannot be made to apply. Those who
have been heretofore denounced as
working solely in the interest of the
bondhOldeas, will largely oppose that
policy of Gov. Marks which will be
applauded to the echo by the bondhold-
ers themselves, and yet none will ac-
cuse Gov. Marks of having made any
of his suggestions because they are in
the interest of the -bondholders.
The holders of our Indebtedness. with
but comparatively few exceptions, pro-
posed to the last General Assembly
to compromise at fifty cents on the
dollar. Others of them haxe declared
Willingness to compromise at sixty
cents. Both of these are refused, and
now the holders of bonds loaned to
railroads will certainly resort to the
courts 70 enforce their alleged lien, and
demand Of the ruilroad companies the
payment of the bonds to the last dol
Tar of principal and interest. The
Governor tells us that the question as
to the lien of the bOndhOlders is now
pending IN the courts. We cannot
learn from other sources of the exis-
tence Of such litigation. But whether
now pending or not, we may be sure
it will soon follow the message. 1.-THE /
lien be declared, every solvent rail
road company IN the State is immedi-
ately bankrupt, for the courts can, and
the bOndholders will, enforce that lien.
They will certainly prefer this to any
compromise mt fifty or sixty. cents.
All of the insolvent railroads have
been sold by the State to solvent COM
panies, who have paid into the State
Treasury the prices bid in State bonds. |
Upon these insOlvent roads the sol |
vent companies have expended hun
dreds of thousands of dollars in repairs
and equipments. Should the bond |
holders succeed in the suit which they
will now certainly institute, not only
will lien be declared upon the origi-
nal lines Of the solvent companies for
the bonds issued upon them, but also
upon the insolvent lines which they
have bought and paid the State for.
TO illustrate. take the Nashville &
Chattanooga Railroad, and We do this
without looking to the COmptroller's
report for figures. If the owners of
our bonds issued to aid the railroads,
being now driven by a failure to com
promise, tosthe courts. should be given
lien on the roads, the Nashville & =
Chattanooga Railroad Company will
nave to pay the bohdhOldcrs to the ut
most farthing for every bond which
nay now be ont which was issued to
hat company to assist in, building its
'riginal line, Notwithstanding it has J
'lready, under and BY Virtue # an act >
# the. Legislature, bought up and paid 4
nt9o, the State TREASURY. an equal ,
mount Of other outstanding bonds. .
Nor is this all; the Nashville d Chat =
nnorga Company, having bought
rom the State and paid for the North e