The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-02-05
people as well as the cause of justice.
The MESSAGES desLinedt to exercise
a strong influence upon the questions
involved in the State debt.
THE SUITS AGAINST THE RAIL
ROADS.


been brought in the Federal courts,
by the holders of Tennessee bonds
issued to the solvent railroad COM
panies Of Tennessee, against the
railroad companies, seeking to hold
the companies liable for the pay
ment Of these bonds. The whole
amount involved is between seven
teen and eighteen millions of dol
lars. The interests involved are So
vast and so manifold that the fact
that such suits are brought has Gre
ated breeze of excitement all over
the State.
What the results are to be no
man in the country, be he railroad
man. lawyer or judge, can now fore
see. The questions presented, are
grave constitutional questions, the
precise like Of which have perhaps
never been passed upon by any court
of last resort either in this country
or England. There is not a prece-
dent and scarcely an analogy to
guide even the professional mind to
a satisfactory conclusion. The bond
holders have employed counsel
whose ability is recognized wherever
the English language is spoken.
Perhaps no ADLER lawyers live. The
bills of complaint presented against
the railroad companies show unmis-
taxable signs of pains taking and
careful preparation, and present the
equities claimed for the bond-holders
in an exceedingly plausible light.
The indications are very clear
that very powerful and well gus
tanned effort is to be made to take
control of the railroads of Tennessee
through receivers for the benefit Of
the holders of Tennessee bonds.
Whether they will succeed in this,
and will ultimately sell the roads
themselves to pay the bonds, is a
question that it does not become US
to pass upon, how much 80 ever we
might deprecate such a consumma-
ton.
We doubt not the railroad compa-
MES will defend their interests
through the very ablest counsel to
be obtained, SO that we may indeed
expect "a war among the giants" to
grow out of it. The bringing of
these suits indicates but too plainly
that the holders of Tennessee bonds
have finally despaired of any iegis-
lative adjustment of the State debt.
And the bringing of the suits, per
haps, in itself renders it certain that
no such adjustment will ever be
made. Should the bond holders fail
in their effort. it will be only after
years Of fierce litigation and after
prejudices will have been formed
against them and the bonds much
stronger than those which now exist.
Should they succeed-what then?
Why, the debt will be paid, so far as
they are concerned, by the ruin of
few of our wealthy men, and the
ruin Of number of stock holders
who reside in other States. The
railroads themselves will still re.
main and be operateG-whether less
in the interests of the people Of
Tennessee than now, no one can tell.
1t is never to the interest of the
owner of the hen that lays golden
eggs 10 kill her. The prosperity of
the owners Of the Tennessee rail-
roads must always depend to
great extent on the prosperity of
the people of Tennessee.
But the question will arise in
Tennessee politics and be pressed
with a ferceness that vast wealth
only can sustain-shall the State re.
and save harmless the rail-
road companies in whole or in part?
How This question will be solved our
children may perhaps find out, but
we will not live to see it settled
so that the most We can say about
it, is, that the State debt is a dis
aster in any aspect. 1t is taking a
turn in the shape of these immense
lawsuits, that can only end in dis
aster. How il will end no man can