Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-07
vow AND THEN
Or, Modern sfatesmanship
Slightly Reviewed.
NASHVILLE. TENN. Oct. 3

Nhnh AAALf 4 hNNss OIts ~
EDITOR LEDGER-The American
prints this morning the following ar
ticle :a.
"The chairman of the West Ten
nessee boilers committee has recently
published a letter 10 the Bolivar Bull
letin. In which he asserts that the act
which permitted the railroads 70 nay
of their debts in bonds Of any series
was passed by the 'Brownlow lMepislf-
ture Of 1862 There was no Brown
low legislature of 1869, and the act
was passed by the legislature elected
by all the people of the state. Ii was
passed December 10, 1870, and was
recommended by Hon. Godfrey NJ.
Fogg, Judges Archibald Wright and
Mckinney, three Of the ablest and
purest men Tennessee ever had. The
reason for the act was one which
commended it TO everybody at that
time. Modern craftsmanship had not
then questioned the legality Of any
bonds, and the roads, desiring to pay
off their obligations, so as TO be ia a
condition to negotiate bonds on their
property freed from liens, desired to
settle in any of the bonds they could
buy in the market. Their own they
could never be sure of obtaining when
bonds OF Tennessee were scattered all
over the country. The misrepresent
alton of this as a Brownlow act is Of a.
piece with all the rest Of their argu
ments."
| have taken the trouble Of turning
back a leaf or two, and send you the
following extracts from the Union and
American, whose legitimate successor
tho American is, and which was con
trolled by the same party that directs
the policy Of the American to-day.
1t is very evident that these new
bonds have not been sold at par as re-
1uired bylaw. ~ and American,
February II, 1870.
There is not a man in Tennessee
that does not know that a large guam.
tity Of these bonds were procured to
be issued by corruption, aud that after
their issuance large amounts were
Incorporated, were never applied
to the uses for which they were in
tended, and have never benefited the
state or people 4 dollar. - Union
and American, March 9, 1870,
1T is apparent that the legislature
which has just adjourned, knowing
the corruption which has so enor.
mously increased our debt, knowing
also the weight Of taxation which op-
presses our people, intended to pro-
vide alone for the pressing demands of
the state. '-Union and American.
March llth, 1870.
w hat tae state Justly owes she
ought to pay, but nothing for frau1.
corruption or %Decuaiary benefit of in
diyiduals. Union and American,
March 10th, 1870.
Modern craftsmanship had rot
then questioned the legality of any
bonds" But the editorials from
which these extracts were taken we're
written before the act of December
18th, 1910, had been passed, and before
the railroads had any interest in this
question, since which time | DEFY any
man to find one syllable in that
paper attacking any bonds Of the
state. God save the people from such
journalism | will alsl call your at
tention to the following;
Again An important question as
to which there is also a wide differ
ence Of opinion, is, have the holders
of bonds issued to a particular rail
road company a lien upon the road
and property of that company as sc
curity for the payment Of such bonds
at maturity Or have they no other
pledge than the faith of the stlte?"
Report of commits ,%iouors, signed Fran.
els b. Fogg, A. Wright, r. j. Me
Kinney, senate appendix, 1901,
page 1901. Electric LIGHT.