Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-09-23
THE BROWNLOw BONDS.
And HOW They Came TO BE
Recognized In 1870.

EDITOR PUBLIC LEDGER - The
Avalanche Of to-day betrays a lament
able ignorance of the open secret his
tory of the legislature of 1870 in say
ing that every democrat in the state
approved of the "Brownlow Bonds"
The facts are that the legislature of
1870 was the first since 1860 81 that
the people of Tennessee had been al
lowed by the radicals a voice in the
choice of their representatives, during
which time the direct and state aid
to railroads" had been increased from
about $40, COO, 900 to nearly $50, G00,O coo
by these aforesaid radicals. The bonds
were called, for short, "Brownlow
Bonds" 1t is in proof before the
committee of the last legislature, of
which Mr.. S. +. Wilson Tour next gov
ernor) was chairman, that when the
legislature of 1870 met it was with a
stern determination to wipe out the
whole batch of "Brownlnw Bonds"
This openly declared intention set the
radical party of Tennessee on fire,
aud a number Of them proceeded at
once to Washington, determined to
put the state of Tennessee under a
military governor, and appoint a re
ceiyer Of its revenues. The congress OF
the United States at that thine was
overwhelmingly republican, which
greatly alarmed the true friends
of the people of Tennessee. The leg
islature took a recess, and a delegation
Of our wisest and best at once pro-
ceeded to Washington to prevent, if
possible, legislation there, which
would have produced such dire re
suits to the people of Tennessee.
After a good deal of nice work, the
scheme of a military governor was
abandoned, the Legislature If Tennessee
r~e-assembled, and u law was framed
reading about thus: Be it enacted that
any railroad in Tennessee which has
received state aid" be allowed to dis
charge the lein held By the state I'M
der the act Of 1852 and amendments
subsequent with ANY of the legally
issued bonds" of the state.
Now | will state for the information
Of the Avalanche, Appeal, ct id omne
genus railroads, etc., that had the act
Of 1852 and amendments up to the
breaking out of the war, been fully,
fairly and hOnorably observed by ev-
cry legislature and executive from
that period to this, the security of the
state and the people Of Tennessee
would have been absolutely perfect.
They could not have lost n dollar
as the state aid" in the shape Of
bonds only amounted to one half to
one fitch part of the intrinsic value
of each railroad,
But the laws of Tennessee made by
true representatives of the people Of
Tennessee we're not observed. Her
debt was actually increased by nearly
$30,000,000, and the railroads went into
the New York stock market, bough,
up every Brownlow bond outstanding,
except about 81, 900, 000, which are now
outstanding and styled in the stock
market as new bonds" for the reason
that their legality being very doubtful
were worth a good deal less in the
market, took these bonds to our exec
utives, who very obligingly condo
scended to cancel the state lien in
these very questionable bonds, but
unfortunately for the people Of Ten
nessee left nearly all Of the "old" and
legally issued bonds outstanding. This
is the true state of the case. 1t opens
two questions for the people of Ten
nessee to determine: First, the legality
Of the whole business; second, the
equities in the case.
Respectfully, NH