Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-03-22

StEAhco plaiu-ludShlS ptOpie - Oh
what principle these distinctions
are made. BY offering to pay any
percentage on these debts the State
recognizes the fact that she owes
them, majority reports to the con-
trary Notwithstanding, and hGr plea
for not paying all, the only con-
sistent plea she puts forward is that
her resources are so much reduced
that she cannot pay; but this is
banlSrupt's plea, and bankrupt
has no right to provide for preferred
creditors. The universal rule is
that all must share alike. The feel
ing that one set Of bonds is better
than another seems in some degree
to be based upon the idea that we
have got something to show for the
first class. The Capitol, the Her
mitage, ETC., are visible possessions;
we have got what we agreed to pay
for, so at least we will pay some
part of what we agreed, at a rate re-
ducing our yearly payment to two
fifths of what it would be according
to the contract, while for the rail-
road security bonds for which the
railroads were to be our indemnity,
but turned out to be no indemnity
well, we will pay On them only
one-third of what we agreed to pay.
The only difference seems to be that
in the one case we made good
bargain, in the other a bad one.
But in individual transactions does
the rule hold? A man buys horse
and a mule and gives mis- bond for
both; the mule lives and does good
work for him, the horse dies. Has
he on this account the right to repu-
date the bond he gave for the horse?
Is ii any way less binding on him =?
The question answers itself. But it
is alleged that our agents, the Gov
errors, disregarded Cur instructions
as to the conditions of issuing these
bonds, and so they are invalid.
Now be it remembered no single
instance of this having been done is
proved in the voluminous evidence
collected for the purpose; some
loose statements OF its being the
general talk that it was so are given.
But suppose that proved, which
was not proved, the Governors
would stand then in the relation of
agents supplied with a power of
attorney to make a contract for
! their employers.
The law which is grounded on
the broadest principles of equity
makes it very difficult for a princi-
pal to recede from the facts Of an
agent so qualified, and justly, for it
would be very easy for the agent by
collision with his principal to in
tenTionally violate some small item
of his instructions, and so furnish a
pretext for the cancelling of the
contract should it at a future time
be found convenient to do so. Ac-
cordingly, among other sound pre-
cautions, it has always been the law
that if, after the contract being exc
cuted by the agent, his principal
loes anything which implies the
validity of the contract, he is
estopped from pleading its invalidity
m any technical grounds; and this
is equity as well as law.
Now how stand the people OF
Tennessee with regard to the issu-
lnce of these bonds, even supposing
their agents, the Governors, to have
Iisregarded some items of their in
,tructions (Which has never been
proved). Have not they assumed
md acted upon the contract as valid
md received consideration on the
strength of it? Certainly they have.
When the bonds with the States
Endorsement were issued, the rail-
roads and all their rolling stock
we're pledged as security for the
State against loss. The State has
claimed this security, has foreclosed
this mortgage, and first took pos
session of the road and put receivers
IN it and afterwards sold it off in
virtue of that very contract by
which the bonds were first issued.
surely it is estopped from pleading
the invalidity of a contract on the
strength of which it has exercised
these powers. "Ah! but" says
| Col. Savage, "who shall estOp a
sovereign State?'' And that ques-
ton shows the futility of arguing
the question any further on grounds
IF either law or equity. Col. Savage
and the men acting with him,
though they may plead these tech
nical positions so long as they seem
to tell in their favor, do not really
rely upon them, but upon the States
sovereignty, which they look upon
as overriding all considerations OF
both law and equity. 1t is to no
purpose therefore to argue any
further on these points. The true
position being we will because
we can, and right and wrong, law
and license are nothing with us, we
will not pay, and you creditors can't
help yourselves. While these men,
therefore, are predominant in the
councils of the State, honest men
can only hold down their heads in
shame and hope for better times.
JUDGE CLAPP'S SPEECH.