The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1879-03-06
THE INVESTIGATION.
The Committee Reports a Rehash Of
Marks Message. Just the Re
port they Were Expected
70 Make.
Nothing New but Much that is Old.
to Make.

1
As we predicted, the report is a
simple attempt to impeach the va
lidity of some of the bonds, cbarg-
ing Irregularities, frauds, etc, but
failing to lay finger anywhere in
any definite way-a rehasb of Gov.
Marks arraignment Of all his pred
ecessors and everybody else, and
constituting just the report they
were appointed to make. 1t first
gives a statement OF the debt,
showing when and for what tue
bonds were issued, and then dis
cusses the States liability as en-
dorser of the railroad bonds from
the Marks standpoint-that certain
forms are to be observed in their
issuance and that the officials failed
TO observe them. The report says
''The greater part of the present
debt is the result OF vicious policy
and corrupt legislation, superin-
duced by the various corporate bod
les interested in securing aid from
the State" The railroad received
bonds $I4, GAS, 900, and the State re-
ceived from their sale $6,698, 900.
losing $,7,950.U 900, and the report
surmises from this that interested
parties influenced the act of 1872
under which sale was made and
that fraud exists here. 1t thea goes
on to state what conditions the
Governor was bound by law to OH
serve in issuing the bonds, Ia
Marks, and that the law requiring
the Governor to observe them is no
tice to all future holders, whose
duty it is To see whether he did or
not, and the defense of sInnocent
holder cannot be urged. "Nor
were the people concluded, when,
represented by Legislative body of
their own selection, the funding act
OF 1873 was passed" The law said
that a illegally issued bonds"
might be funded, and if a Governor
misunderstood or violated it in
funding ''illegally issued" bonds. it
does not change the law or bind the
State. The $l1, 221, 900 issued to
railroads directly were, with scarcely
single exception, issued without
the observance OF the conditions
and hence their settlement rests
not upon legal obligation, "but
upon the determination and conclu-
sion of wise State policy" (what-
ever that're Rre) "rhis, observing
present relations and their anteCe-
dents and properly forecasting the
future, will adopt with reference to
them that which is most equitable
and for the best public welfare
(ti-o n, shun, ly, liz. OF the
to fund interest. accruing during the
war, they are crimiDally fraudulent.
By funding and reissuing all the
bonds have SCOT considerably
mixed" so that the committee
"hands in Its checks" in the at |
tempt to find them. This is the
very work the committee was
raised for, to search out and deter
mine The character of the bonds
now existing, whether original or
in lea of others, but it stops short
just where the only work necessary
was to be done. The report then |
goes on to give some history of
legislation, unimportant in its bear |
ing upon the obligation of the State
to pay, and then passes on to
grand rehearsal of the carnival of |
revelry and corruption
1t charges that in 1866 $4.96l 900 |
was illegally added to the debt
when the people were DISTINGUISHED.
In 1867 $5,00O,0O0 passed out OF
treasury through the omnibus bill"
bought out of the representatives by
agents of corruption from the pull
pit to the bagnIo who came with
money, fine clothes and barrels OF
Thanksgiving incidents. In 1868
another omnibus bill was started
but failed by the HercuieaR efforts
OF few members and the Comp
troller. In lS69-70 investigation
disclosed these frauds and repudia-
ton was limited, but under fear of
reconstruct op il was deferred, but
1t is proven that the words illegally
were put in there by the
j Judiciary Committee to protect the
State after reconstructive dangers
passed from having to shoulder any
Of these bonds, and consequently
the funding act of 1873 does not
estop the State. Fh6 report then
winds up with some turnpike ir-
There is not a thing of any con
sequence that was not known before 6
and fully weighed by thinking men. !
Every one knows of the Brownies :
and other corporation
frauds set forth here, but the ques
ion is to be decided upon other /,
grounds than little sticking techni- :
,alities which this report cannot
Use above. The report is one of =
he narrowesS, one-sided concerns :
hat could be imagined. The :
Whole effect is to throw Up !;
Is much brush as possible, to .
utter around like q setting hen {
md make believe that the legis .
atnre is going to swallow the bond 7
,wners bodily, and thus scare them =,
nto Offering "a lower compromise. +
The moral obligation of the State :.
o pay req cent never entered q
nee into the committees head but q
hey started out to reach certain E,
esult, and reach 1t they must.
Jpon the whole, the investigation
5 a grand fiaSco and was conceived
s miserable subterfuge to force
erms from Che ooIdholdes, and the =,
esult is as little as its pictures of =
rauds are revolving. There are =
quities on the side of the State, all
Omit, but her equities will not =
mount 30 one-half as much as the -
ondholders are perfectly willing TO -
oncede and in taking advantage of y
lem in this way she tramples upon -
Tiers rights and usurps all power n
, herself. The present Legislature -
as done the work for reputation
he very term is hideous enough, :.
al now they have made it ridicu -
JUS and idlotic, and the people, +.
luseated with their short sighted -
ay of dealing with great ques :;
on, turn TO tiis honest policy held -