The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1881-03-02

General AsSam Div WaSs ADml - to
Bot ha1lss .st Aaiilllas1ss 4l4fstb poi
ton of it referring to the State debt,
after a -histefy-ef it. is es-feilows:---I
Up to the time that Tennessee
became involved in this war, bonds
to the amount of 83,909,O60 had
been issued in aid ct theeEarious
railroads in the State, and SO. far but
few of them had IaH6d to promptly
provide for the interest aecruipg
upon sthey bonds loaned them, and
no doubt was then felt but that tbs,
liehsTheIds by the State was ample
eeet4itv against ultimate loss, IN
. Suddenly; however, the cup of
prosperity was dashed from our. bps.
the iealainities of civil war over.
wlfelnea ''0ur State, our Tabor and
were broken up, society
was disorgafizeA, armed Hosts t1a-
eersed lour country, leaving desc
sEatiohiin. their track, cur railroads
were destroyed bridges burned,
and, in s6me sinstaRces; the iron car
ried off, the POLLING stock was re
moved Urdestfoged, our people we're
impoverished and a general wreck
and ruin alone remained. . i
r. In 1865 asa'oUP State began TO
emerge from the darkness and hor-
rors which had SO long hung like a
pail over its fortunes; as il came
forth crippled, bleeding aNd mourn
ing the loss Of many of its strong
supports, the general assembly, look
ing around for means to restore our
former prosperity; and to save the
State from the loss Of the large in
vestments it had made in loaning
its credit to the. various railroad
zeompani6s, determined to restore
the credit of leln, State, and to re
construct and rehabiIitate our roads,
In thistletermihation it but reflected
the general d6sif8softhe great body
of the. people Of the State without
/ distinction of party
But how was it to be accomplish
ed. Interest ad,a.ccumulated upon
our bonds during the war, and re
manned unpaid. The railroad COM
panies were utterly unable to pro
vide for the liabilities. o'9Fhe State
itself was without revenues, and was
again compelled to resort to. its cred
it in the money markets Of the
world The good name Of our State
aided in this emergency. Phe past
due interest was. funded, the-honor,
faith and credito the State being
soIemnly pledged for the payment
of principal and interest of new
bonds issued to rebuild our roads
andplace them once more in condi
ton to aid in building up the great
agricultural, commercial and indus
trial interests Of the country. H"..
The funding and. new; bonds IS
sued under this pressing want Of
the country swelled our bonded lia-
bitity as reported by the comptroller
or January LIST, 1871, including
claims ofthe United States for roll
ing stock, material, etc, purchased
by the State for the use of the Edge
field and kentucky Railroad Com
pany; and the Memphis, Clarksville
and louisville Railroad Company,
and all unpaid interest to that date,
S3T, 904.09790 This sum also in
.cluded bonds endorsed by the State
for various railroad companies to
the amount of 82,172, 0GO. s". '...
Deducting from the aggregate
sum tile bonds held by the United
States Government before mention
ed, S57I.G45.45, and bonds endorsed
by the State as before mentioned,
81, 172 ;000, leaves the actual bonded
debt. the State at that date, on ac-
count of bonds issued to railroad
companies, including interest, S35,-
06lg052 IS. at-: ..4 's-
The funding act Of March 7th,
1873, authorized the funding of AL
past due bonds and coupons, and for
register ing all bonds not then due.
Since the passa@e-of this act, the
debtlhds been largely reduced by
the sale Of delinquent roads; under
DEGREES. Of the chancery court at
Nashville. a,. :,
-. AS the. count now stands, includ-
ing interest to January list, 1881, it
amounts to S26,347, $50 " ~
- Until a comparatively recent pc
Rod the mord and legal response
bifity Of the State for the payment
of these bonds. and the interest
thereon, las not been seriously qUes- 4
tfongd% They were Issued in pur-
suaI1ce. OF the plain provisions OF. the
law They bore the great seal Of
the State Of Tennessee, and the sign
manual Of her hohofed Governors. /
The various political parties wed
with each other in formulating pos
tive and emphatic declarations in
favor Of maintaining che faith and
credit Of the State" Our public
presses and other organs Of public
opinion in Tennessee gave expires
sion to the same views Capitalists
have been induced, by our sacred
pledges, to pay the bonds and by
our repeated Acknowledgement of
their validity, to. invest their money
in them. We are in full enjoyment
of the blessings contemplated by
their. issuance
They were once regarded as the
best Of securities, therefore guard
ians holding the funds belonging to
their infant wards were authorized
to fnvesttthe samoin these securi-
ties. Many of them are to day own
ed BY our citizens, Until recently, |
perhaps, no tlsult would have been
more fkeanIy felt by an intelligent
Of our State, proud Of her
good name, than the insinuation Of
4 purpose upon the part of the peor
PIE to repndiate her just obligations. |