Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1880-10-30
OuR LAST WORDS ON THE DEBT

This is our last issue before the
election which is to decide so much
that is of vital importance to us
and we cannot let slip the opportu-
nifty of presenting again and at one
view the merits of the question
which so far dominates all others
now before the people that it almost
excludes them from consideration.
The vote which is to be given
next Tuesday decides what the peo-
pie are going to do about their
bonded debt. 1t is not, properly
speaking, a question in politics, and
ought never to have been so treated.
1t is a matter of business which it is
just as important for the people to
look into as it is for a merchant or
a banker to scrutinize his ledgers
when important financial matters
are under his consideration. The
people of Tennessee are partners in
a vast business firm, and bonded
debt is brought before them which
they long recognized as a liability
resting upon them, but which they
have Of late been told they ought
not to pay. Three different reasons
have been given for this novel ad-
vice, and three different positions
have been proposed for them to
take about it:
1. That they don't owe the debt.
2. That they can't pay it.
8. That they owe it, but can't be
made to pay it, and therefore ought
not to pay it.
The third of these positions, though
it has been openly advocated in this
very place, we exclude from consid-
Grafton in this paper. We are writ
ing for honest men who are incapa-
BILE Of such position; those who
are beyond the reach of any consid-
eratiOns we have to offer.
The second, or "can't pay" posi-
ton, need not be discussed here it
is proposed at present to make such
a compromise with our creditors as
we can pay. The first, therefore, is
the one question now for our consid-
Grafton: DO lCe ore the debt? The
question is now narrowed to this:
do we or the railroad companies
owe it.
We have already published (see
CHRONICLE for August 2S) an exact
copy of one of the bonds in question,
in which it was shown that there
was no evidence on the face of the
bond that any railroad company
was concerned in the transaction at
all. The only matter there appa-
rent which has been cited to impli-
cate the railroad companies in the
debt being the following expression:
This bond is issued I'm pursuance and I'M
der the provisions of an act of the general
assembly of said state, passed at its session
of 1872"
These words have been taken to
mean that the holders of these bonds
are protected by a lien which was
imposed upon the railroads in the
statute referred to.
The answer to this theory (never
heard of before last year, is that the
lien established in that statute was
imposed to secure to the state the
fultilment of the contract made with
it by the railroad company-that it
related to transaction between the
state and the railroad companies to
which the bOnd-holder was not
party.
The only way of determining the
truth in this matter is to examine
the statute which imposes the lien.
We give it exactly as it stands on
the statute-bOok:
Statutes of Tennessee, 1872, chan. 81. sec. 8:
Be Il enacted. THAI so soon as the bonds of
the state shall have been issued for the first
section OF the road as aforesaid, they shall
constitute a lien upon said section, so pre-
pared as aforesaid including the road bed
right Of way, etc, etc, stock, rails, chairs,
cred, and the state o. Tennessee upon the
ISSUANCE Of such bonds and by virtue of the
same, shall be invested with said lien or
mortgage without a deed from the company,
for the payment by said company OF said
bonds, with the Interest thereon as the same
becomes due.
In every deed by which a mort
gage or lien is established four
things are specified on the face of it:
Who gives the mortgage, in whose
favor it is given, what it is to Sc
cure, what shall be the security.
All these four matters are so
plainly specified in the statutory
lien above transcribed that it is
wonderful there should ever have
been a question on the subject.
AS to who makes the mortgage.