The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-01-23

blight of war which fell upon Tennes
see is without parallel in modern times.
For years her courts were closed; her
laws abrogated;' her people left with
out protection; the arts OF peace aban-
doned;. and her accumulated wealth,
banking capital and currency annihi-
lated-licensed murder, arson robbery
and Pillage filled the land with terror,
want and suffering. The general gov
eminent seized and appropriated to its
use the crops and stock of non-combat-
ant citizens without compensation. 1t
occupied and used al the property be-
longing to the State, and all upon
which it had lien for the security of
public creditors. 1t converted the
Asylum and University building into
military hospitals and barracks, and
wantonly destroying Il part of them,
it seriously damaged them all. tt filled
the penitentmrg with its prisoners. 1t
/ destroyed the turnpike and plank
roads in It military use. 1t stripped
! the branch railroads of their iron and
appropriated it to its own use. 1t
operated the main lines of railroads
from the beginning of 1862 to the
close of 1865, and appropriated all Of
the profits. 1t took from the State
the banking power which had been so
profitable to it, and bestowed it upon
its own bondholdef.
With debt 70. provide for at the
close of the war, and every source Of
revenue destroyed save that Of. di>
rect tax upon the impoverished citi>
zens of the State, the situation was
perplexing but by no means desperate.
The annaal interest for which the
tax payer had TO provide upon the
State debt proper, for bonds loaned
the Agricultural Bureau and turnpike
and plank road companies was S211,~
45e. The CON assets of the Bank of
Tennessee, converted into nstiOnal
bonds Welded an annual interest of
/ s45, 132. %, which reduced the amount
to be raised by taxation to S166, ,324.-
70. In addition to this Indebtedness
the State had issued bonds to eight
railroads, which ultimately proved
insolvent, amounting to 81, 426, 900.
al Of these roads which had not been
stripped of their iron, were worth the
amount of the bonds issued them, as
the iron was low when purchased, and
had largely enhanced in price. If
these roads had then been sold, and
the proceeds turned over to the hold
ers Of the bonds issued to them, with
the claim OF the government for iron
: appropriated, it is clear that these
bonds could have thus been fully
, paid. But If it be assumed that the
insolvent roads were worth no more
than oue-half the debt, the annual In
, terest for which the taxpayers would
: have beeh required to make provision
: would not have exceeded $500, 900,
| an amount which they could have met
, without serious. difficulty.
All of the balance of the public
} debt, was the primary debt of solvent
r companies, then and new able to meet
l it,
: As we cannot give the message in
! full we make the following extracts
| But unfortunately, with the return
: of peace, the government of Tennes
| see was not restored to the tax payers
g The first utteran3e Of the Governor
: ald Comptroller in 1865, exhibited
= clearly that the rights Of the tax>pay'
e ers and the obligations of the genera
/ Government were appreciated. The
a Comptroller, after reciting the fac
: that the general Government in 1o6:
: took possession of and was still using
: the roads of the State, except th'
Louisville q Nashville road! "Tha
d the general Government will pay tn
e State for the use of the roads sun
adequate to meet the interest on th'
6 bonds, we cannot doubt" The Gov
ernor recommended but two measure
}. of relief. The first was to repudlat
all bonds held by Rebels" and tn
l. last to have the general Government
: to pay its debts to the State. Th
one was found impractible, ant
e the other refused. The war intercs
WAS then funded.
e The next fatal step was the issue 0
e additional bonds to the insolvent roads
l. 1t was done under the prctence tina
/ it was necessary to enable those road
f to meet the interest upon their ante
n war bonds, and thus protect the tax
b payer. All of these bonds were pre-