The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-01-29

ted to Its use the crops anu SIock y
non-combatant citizens without com
pensation. 1t occupied and used
all the property belonging to the
State, and all upon which it had Q
lien for the security Of public credi
tors. 1t made the State Capitol 8
military fortress. 1t converted the
Asylum and University buildings
into military hospitals and barracks,
and wantonly destroying pare oi
them. it seriously damaged them all.
It filed the penitentary with its
prisoners. It destroyed the turn
pike and plank roads in its military
use. 1t stripped the brapch rail
roads Of their iron and appropriated
it to it's own use. 1t operated The
main lines of railroads from the be-
ginning OF 1852 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
bondholders.
With a debt to provide for at the
close of tho war, and every source
Of revenue destroyed save that of a
direct tax upon the impoverished
citizens of the State, the situation
was perplexing, but by no means
desperate.
The annual interest for which the
taxpayer bad to provide upon the
State debt proper, for bonds loaned
the Agricultural Bureau and turn-
pike and plank road companies was
$211,456. The coin assets Of the
Bank of Tennessee, converted into
national bonds, yielded sn annHal in
terest of $45, 1925, which reduced
the amount to be raised by taxation
to $166,324,75, In addition to this
Indebtedness the State bad issned
bouds to eight railroads, which ulti-
mately proved insolyent, amounting
to $4,428, 900. All 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 large.
y enhanced in price. If these roads
lsd then been sold, and the pro-
leeds turned over to the holders Of
he bonds issued to them, with the
claim on the Government for iron
it is clear that these
ponds could have been thus fully
'aid. Bqt il it be assumed that the
nsolVent roads we're worth no more
han one-half the debt, the annual
interest foF which the taxpayers
would have been required to make
provisions would not have exceeded
an amount which they
could have met without serious diff.
iculty,
All of the balance of The public
lebt, was the primary debt of solv-
snt companies, then and now able !
o meet it. ..es.sl...-- 1uL.ll
But unfortunately, with the return
# peace, the government of Tennes.
Zee was not restored to the tax-pay.
,rs. The first utterances of the Gov
'rnor and Comptroller in 1865. ex-
libited clearly that the rights of the
ax-payers and the obligations of the
General Government were appFecia-
ed, In discussing the duty of the
General Government to pay the in
,erest which had accumulated during
he war, upon the railroad bonds, /
he Governor said: "As the Law ia
or the heaeft Of the whole nation,
t is not believed that the General
intends that Tennessee
shall pay more than her just proper
ion of the war debt" The Comp
roller, after reoiting the fact that
he General Government in 1862
.ook possession of and was still
lsing the roads of the State, except
he Louisville & Nashville road.
,aid That the General Govern
pent will pay the State for the use
of the roads a sun adequate to meet
he interest on the bonds, we cannot
ioubt." The Governor recommend.
I'd but two measures 8f Felief The
iFst was to reppdiate all bends held
BY Rebels" and the last 10 h---
~~NO
-eral Government to pay it's
debt to the State. The one was
found impractiCab'e. and the other
The. war interest was then
To demand it under the
circumstances was cruel. and to con-
code, it was crime. There was
precedent directly in point. BY the
treaty which concluded The Revolu.
.ionary war. there was a stipulation
hat the debt due British subjects
before the war from citizens of the
United States should be deemed
valid, and the Courts of the States
should be open for their collection.
All the States declined to allow in
,eFest. The British Minister called