The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1879-07-24

Various Turnpike Co., Bonds issued
to 74l 900
Hiwassee r. r. $50, 900
L. Il. V. 4 G. Railroad l44,0 600
Memphis & Lagrange r. r. Co. 6s 900
Ante War Railroad Bonds 1883, 600
Post War Railroad BOnd0 2,G3S, 600
Funded under act 1866 s,246,0 $50
Funded H" "ls68 564 900
Funded "l873 4,S67,009
From the above we see the majority
by several million were issued before
the war, and some of them even sold as
high as 30 cents on the dollar TO raise
money 90 build our Railroads aud
Turnpikes called internal improve
ments. Where was the advantage Of
this to the State? Her lands became
more valuable by reason of quick and
cheap TRANSPORTATION. There was more
stock, wheat and corn raised because
there was a place TO sell 1t. There was
more money realized TO the farmers he
cause they had all their time to the i'm
proyement and cultivation of their
farms. Our cities sprung up rapidly
and our little towns.grew and swelled
to twice their population as soon as the
railroads were built, giving us an in
crease in population, making it easy of
access to the foreigner and the emil
grant. Hal it not been for the war, we
would have been one of the richest
States in the Union. 1t was made an
issue.bafore the. people prior to the war
when most of our debt was created and
eli at was we had candidates for the
Legislature IN favor of issuing bonds to
build Railroads, and we had them OPP
posing it. Who were elected? Those
in favor. Then who elected them? The
people. Them.whosc act was IL and
who was responsible for the act? The
people.
Suppose we take the Post War Rail-
roal Bonds and those funded under the
acts of 1866, 1868 and 1s73in the above
list, we find they mount to $40, $780, eco
is issued since the war fraudul1ntly as
Democrat says, then take them ont of
the above list ana we still have $l2,-
70l 900 that we justly, beyond any
lo,,h+ ov-o 'rbnp ga nsl- Ji1 tt,a St,ta
ret anything from the sale of the Post
War Bonds. Yes, we hear it every
where that they sold as low rs $.25 on
the dollar all right then the ten mil
lion dollars above referred to brought
10 the State 81, $50, 900 which added to.
the $l2, 70l 900 make $l5,28l 900 that
We justly W and ought to pay. Sone
Of our Democratic friends say that the
Post War Bonds were issued by the
Republican administration, the whole
majority of the people were dlsfran-
chised, but their action was ratified by
4 Democratic administration in 80 and
% Nleli lCh poiluS NtlO given PiNu u
promise TO pay by the representatives
Of the party that Wis disfranchiSed
when they were issued. Many of
these bonds have been purchased since
.hcn on the faith of the Democratic
party pledged to them by their W
voluntary act.
Who elected John G. Brown and his
Legislatures? The people, Some say
there was a lien retained on the Rail
roads for the payment Of the railroad
bonds, so there was. Who retained the
lien? The Legislature, aud the Legis-
lature released that lien when she re-
ceived her own notes from the railroads
in satisfaction of the debt against them.
If the creditor had a right to take the
lien, he had a right also to release it
upon the payment Of the debt it was to
secure. But they say the wild cat
bonds were paid into the State in salts
faction of said debts. That may be true
but it was done by the solemn act of
the Legislature elected by the people
acting MS their agent. Then we are IN
der greater obligations to pay the re-
mainder because the wild cat bonds
have been paid into the Treasury and
the genuine are still unpaid. 1t is not
the fault of the bondholler that his
bonds were not paid twas the fault Of
the people, for he has always been will
ing to accept his money. But they say
that the Legislature had no right to is
sue the bonds at all. Then why have
the people allowed the Legislature to
assess and collect taxas to pay the in
terest upon the same if it was Illegal?
Why have they been paying so long on
a debt they did not owe, They have
ratified and pledged themselves time
after time TO pay it. They further
say that said debt can not DO collected
by law. If the bondholder, knowing
this fact before the war had such con-
lldence In the honor aud integrity Of
the State as to give his money for the
States notes then how much stronger
the obligation of the State to pay her
Indebtedness. Who own our bondsy
Something over two million arc held
by citizens of Maryland and some by
New York, some in Europe, while 9th.
ers are scattered over Phi ~ State.
Guardians hold some for their infant.
wards, while widows and orphans hold
others, 1t Is nothing to an honest man
who holds his note. The holders are