The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1879-03-27
MORE LIGHT.
A Few Things the Majority Failed
to Tell about the State Debt that
They Didn't Want Known.
Bonds Sold s1h from 1881 to 1861

/
thought in an editorial on the ma
jority report as follows:
We are unable to see that any
thing good has been accomplished
1t is, of course eX parte, and only
one side of the case is presented
Witnesses tor one side were exam
ined, while the partits involved had
no opportunity to he present anO
cross examine. If case was
tried in a court OF justice and but
one side heard, it would be very un
fair to put the case TO the jury, anl
so it is in the present matter. The
good name of prominent persons i:
attacked and dragged before the
country without any chance of de
fence. We have read the report
carefully, and it utterly fails to su
tain the much vaunted charges Oi
fraud and corruption, so far as 10
invalidate the bonds of the State.
1t is doubtless true that lobbyists
and parties interested worked for
the attainment of certain results,
but we fail to see that anything
criminal was done in that way. The
presidents of the various roads, no
doubt, did all in their power to per
suade the Legislature that enacted
that their debts to the State could
be paid off in any series of bonds,
but there was nothing reprehensible
in this, and just what any person
would have done in the same cir
cumstances, without necessarily be-
ing corrupt Lobbies are the nee
essary cOncomitants of all legisIa
tive bodies, and there has not been
a congress or legislature since the
beginning of the government that
has not beel accompanied by per-
sons whose interests depended upon
their action. They are in every
way legitimate, and can only be
condemned when unlawful means
are used to influence legislation.
The report utterly fails to show
that the sale of the insolYent rail-
roads was obtained by fraud or cor
ruption. 1t is equally unfortunate
in regard to the bonded debt, aud
the com mittee betray want of can
dor that is far from creditable 10
them. Asserting that the issuance
of bonds was illegal because they
or some of them, were sold under
par, they leave the impression upon
the reader that they were sacrificed
and sold at a discount. They are
very careful not to tell their con
stituents that the bonds that bull
the Capitol in which they were ther
sitting, sold at $l.05, and that The
bonds of the State from 1884 dow
to 1861 sold in New York at an av
erage of 971 cents. And they ar,
equally careful, too, not to tell the
people that the railroads took th,
bonds at par, paid interest on then
at par, and when they discharged d
the debt they owed the State, they
paid them, In the States own paper
at par, dollar for dollar. The peo
pie have been deceived on this point
by politicians and their eyes are
opening. The committee. instead
of informing them, are only cutie
J fish like, throwing out a stream oi
muddy coloring water that only
darkens and confuses everything
around about. The people wanted
to know just what debt they did
owe. They were told that they had
equities in it's adjustment, and they
wanted to know how much. Ii the
bonds from 1884 down to 1861 sold
for 971 cents, certainly those who
want equity ought to do equity and
give the owners OF the bonds 97J
cents-and dock them D cents. We
do not have the dates to go by as
to the prices since the war, bnt they
can DC ascertained and the equities
can all be adjusted. Only the com
mittee fail TO give the people light
The people want to be shown clearly
how 1t was that such men as Judge
Mckinney, Judge Archibald Wright
and Francis B. Fogg, to whom was
referred the question of the sale oi
the railroads, could have been SC
mistaken. They were lawyers oI
the highest rank, and men of the
highest integrity-the peers of any
men on the continent. They pro
nounced an opinion, and now come:
the legislature of 1879, and pro
nounces it all wrong. 1t would bC
no dIsrespect to the committee tC
say that not one of them is a pee
of either of the gentlemen referred
to above. The legislature commit
tee of 1870, composed of just al
good men as the present committee
examined all those questions thor
oughly and fairly. and the funding
act was the result. The people ac
cepted it uptil they were disturbed
and put at sea by agitators Th'
whole subject was mystified and oh
tscured.
1t will be well to remember tina
after all these discussions and eX
cltement when the State is put anC
kept in AN uproar that nothing il
done. The democratic party II
convention last year resolved tC
take the whole subject out of poll
tics and refer it to the people Tht
promise has been falsified. 1t hat
not been done, and won't be. Tht
Legislature has been in session owe
two months, and is no nearer refer
ring it to the people than at the be
ginning OF the session. They don
intend to refer it, but want to keel
it for more excitement and confu
sion hereafter. They have hcer
offered a settlement by the credltori
and won't take it and refer it to til,
people. The creditors have offered
to settle it upon a basis that viii
make it less than the ante war debt
and the Legislature won't agree tt
it. The people would be perfectly
willing to pay that much, for they
acknowledge that they owe unore.
The Legislature had best pull VI
stakes and decamp. 1t has disap
pointed the people. We had bes
. wait two years longer and ALLOW
calm thought to get uppermost
There is such thing as the ''sobe
5 second thought of the people, ant
a we want to give it time to come II
the front, and when it does, it vii
rend to pieces the men who hay
: tempted and led them to the brinl