Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1880-06-10
THE STATE DEBT DUES
TON.
Words of Truth and Soberness from
an Old Public Servant---An I'm
portant Letter from Hon. George
w. Jones. of Lincoln.

portant Letter from Hon. George
w. Jones, of Lincoln.
LTo the Americana
FAYETTEVILLE, Tenn, May
81, 1SSO.-My name is being
canvassed in connection with the
candidacy for the office of Gov
ernor Of the State in the public
press. j have been written to
and ] have been spoken to per-
sonally by kind friends, asking
me to become a candidate for
that high and honorable Office.
/ trust it will not be regarded
as indicate in me, under the
circumstances, to answer all in
quiries on the subject and define
my positionaon the bonded State
debt, its adjustment and settle
ment. * ee,.4 g
First, will, Say, that in the
past | have served the public
long and faithfully and consci-
entiousIy in various public trusts.
I retired from that service many
years, since, with the confident
belief that my public services
were approved by those whose
servant | had been and who had
so long honored me, with their
0oiliie p'SlslS = iaos sd. blae oil u
Ii am now an old man. i wish
to spend the few remaining years
l may be, spared free fromthe ex-
citemente of political canyasses
and the perplexity and harass-
mellts of official station. / have
no desire to return to public life.
| have no aspirations nor ambi-
ton for Office unqualified. Crate
full for the many favors and hon
ors / have received at the hands
Of the people, | now declare, il
this public manner, that L vii
not be candidate, nor accept 9
nomination for any office in the
4 State of Tennessee nor in4the SER
vice Of the United States.
At the risk Of mourning tho
censure of some, whose good o.
pinions appreciate and esteem
: | will give my former course Will
regard to the creation of The
, State debt, and my views touch.
ing its settlement. AS a mem
Der of the House Of Representa-.
. tiyes, 1898, l opposed the is
sue of two millions five hundred
: thousand dollars State bonds, t.
; be sold for the purpose of rails
ing capital for the Bank of Ten
nesSee.
In 1S39-40, / was membel
of the Senate, the Bank Of Ten
nessee had been organized, tht
bonds had been issued by tn,
Governor and delivered to thu
bank; the President of that In
stitution reported to the Legis
!. lature that one million of dollar,
of the bonds had been sold, anC
that the remaining one million
five hundred thousand dollars re
manned in the bank undispose6
of. / wrote and introduced into
the Senate a bill directing tht
return of the unsold bonds to tn;
office of the Secretary of State
and the Governor cancel and de.
stroy them. The bill became 8
law, and under its provisions ont
million five hundred Thousand
dollars of the State debt was GU
off and all of the accruing inter
est from that to the present time
At that session of 1S39-40
Gov. James K Polk recon-
| mended to the Legislature the is
! sue of State bonds in sterling
: that is British currency, ant
: that they be made payable il
London, upon the supposed
ground that it would enhance
their value and make them NOR
saleable. This recommendation
of my personal and politica
: friend / opposed, and with 9th
! ers. defeated. To- the creation
: of a State debt by the issue OF
: bonds / have ever been uniform
Fly and consistently opposed, up
: on both, principle and policy
2 When the foundation of the Cap
! Iitol had been laid and, was read,
; for the superstructure, / wa
] walking over it with a Senate
elect a few days before the meet
: ing of the Legislature, when w
met one of the commissioners il
charge of the work, who sal,
the commissioners would ask th
: Legislature to authorize the issu
a land sale of State bonds, to enabl
+ them to go on with the work.
a remarked to him that if / was
!. mann hn,. nf Tho L. A....o