Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-12-06
UITY RoNDs-coUNrA loNDs.

CITY BONDS-COGNTA AfONDS-
NO Moro of That, Hal. am ThOu
Lovest ne"
Tennessee, in times now almost
lorgotten as part of our ancient his
iory, had a Governor known by the
hame of Isham g. Harris. He
hourished in those days when, if
I've are to believe our repudiating
orators, the wicked politicians Sc
1uced the people into extravagant
putlays, which were sustained by
the issuance of the bonds now so
hurdensome upon our people. The
theory Of the repudiating orators
aforesaid i that the politicians
aforesaid in some surreptitious way
got these bonds out behind the
backs of the people, as it We're, who
were always averse to running in
debt for turnpikes, railroads, banks,
etc. This is not the only point in
which the theories of these voluble
gentlemen are widely at issue with
the facts. The people were not
averse to the issuance of these
bonds, and it was not the politicians
who led them into it. On the con-
trary, we have been long in possess
sion of message sent by the gentle
man mentioned above, Gov. Isham
G.. Harris, then Governor of Ten
nessee, now Senator for the same
State at Washington, in which he
deprecates the issuance of more
bonds by the State as dangerous in
the highest degreeto her prosperity.
The practice of thus discOunting a
prospective abundance which may
never arrive, he denounces in the
plainest terms as fraught with peril,
AS pregnant with the menace of
State embarrassment, State bank
ruptcy and, fatallest of all calami-
ties, State Reputation. He spoke
in vain; those were the days when
there was a perfect mania for issuing
bonds, public or private; the State,
county or city which could get
bonds placed in the money market
thought itself in possession of Col
conda; a politician who could go
from his State to New York or
London and sell State bonds, at any
discount, at any rate of interest, on
any conditions of retirement (pro-
vided it was far enough off was a
made man; every dollar or credit
for q dollar which he got for his
bonds was esteemed so much clear
gain; as for repayment, that was
looked upon as remote contin-
gency for a future generation to
provide for by the time when the
State should have become so rich
that it would be a mere flea-bite,
not worth thinking of. Those were
flush times in Tennessee and else
where, and they passed away, and
great war followed, and untold
calamities befel the State, and pow
erty stared us in the face where
fabulous wealth had been antici-
pated, and we are now paying the
penalty of our infatuatiOn in embar-
rassment, bankruptcy and, as pre-
dicted by the Governor, have come
terribly close to reputation; SC
close, indeed, that it is difficult tC
designate a finite difference by
which we fall short of it.
Fear not; reputation is not oul
topic this time; but with the first
glimpse of returning prosperity we
are beginning to hear whispers o.
bonds! bonds! State bonds indeed
are out of the question. Eleven
years delinquency in the interest
and rapid fading away of any
prospects of paying the principle Of
our bonds now Outstanding-these
things have made the issuance oil
State bonds altogether out of the
question; but our counties and cities,
and notably Montgomery county
and the city of GAINESVILLE are
dreamingOf ACKNOWLEDGEMENTS,
and if one asks how they are to be
paid for, bonds! bonds! is softly
whispered-city bonds, county
bonds, and the whisper is getting a
little louder, and if just little en-
couraged we shall be raging with
the bond mania as bad as it was in
1856.
1t is best to state at once that
neither GAINESVILLE nor Montgomery
county are in condition to issue
bonds for any purpose. GAINESVILLE
has $4,000 railroad debt to pay
two years hence, and the county is
now building a Court House with {
a fund reserved by contract FOL
liquidating a railroad debt which il
hanging over it's financial future
Ifany steps are being taken to pro
vide means for meeting these liza
bilities, we should be glad to b'
informed of them. The city car
hardly be doing so, for she has t.
pay for everything she gets will
warrants, and borrow money to pay
her police.
II, therefore, we desire to builC
railroads now, and feel that we arr
able to do it land we freely recog
nize the importance of doing SOY
there is only one way: put on
hands in our pockets and do it. l
the money is not there, it can't b.
done. That is the truth in nut
shell.
THE STOLEN MESSAGE.