The home journal. (Winchester, Tenn.) 1858-188?, 1882-04-12

TINS terrible struggle piece OF heavy |
artillery had gained position in my
rear. 1t seemed to be charged with
railroad iDdemnties. 1t opened fire up
Oh me, which so confused my plan Of
operation that was compelled to make
nm unconditional surrender or retreat.
However, | wheeled and fired few sol
id shot, and fell back with but little loss.
hope the war is over. | will pro-
pose a treaty Of peace after few pre-
liminaries as to my former notions in re-
gard to the State debt. was in favor
of the 80 aud 4 settlement because | De-
lievcd the State Justly owed about half
Of the outstanding bonds. After that
settlement failed and the Democratic
party split, the State credit wing, as
understood, was in favor Of paying all
the railroad bonds that had been legally
issued, aud the low-tax party was OPP
posed to paying any Of the railroad
bonds ! was Of the opinion that the
State credit party was right, from this
fact In the first place, the State issued
those bonds through her agents, plcdg-
ing her faith and credit for their faith
/ iul payment. In the second place, she
took as an indemnity mortgage upon
the railroads, and in compliance with
/ this c, n.ract she enforced her lien by
advertising and selling the roads out Of
the hands Of the companies that gave
the mortgages and into the hands Of IL
noccnt purchasers, and appropriated the
proceeds Of the sale to the liquidation Of
her debt. Here are three parties that
have rights. First, the State, which is
the taxpayers; second. the bondhold.
crs, whose rights should be respected ;
third the companies who are in posses
sion Of the railroads. Now, in order to
come to just conclusion us 10 what is
right, We should consider how each par
L ~ became involved in this trouble and
what prompted each to assume the posi-.
ton they do. In the FIRST place, the
State loaned her credit to the railroads
for consideration which she expected
TO obtain in the future; that i, the
railroads would give life and vitality to
commerce and enhance the value Of
property, aud would be taxable, which
would throw heavy revenue into The
treasury la this particular she has
not failed. She has the railroads to
regulate her commerce, she gathers All
nuaIly Il lurge amount of money from
direct taxation. This is why the State
loaned her credit to aid railroads. The
bondholdcrs purchased the bonds be-
cause they believed it safe investment
But the companies in possession of the
railroads at this time bought them from
the State, and have no title except that
which the State has made, hence they
are innocent purchasers and ought to
be 50 regarded Now, ! have reference
to bonds that were issued legally, and
believe they ought to be paid but
believe, on the other hand, that there
are large amount Of bonds in the mar.
kct that were issued fraudulently and
ought not to be paid, And, upon the
whole, ] will now state what / think
ought to be done in the premises
think every possible means ought to be
used to distinguish, if possible, between
the genuine and fraudulent bonds. II
this can be done pay the genuine dollar
for dollar, and not pay any of the frau,
dulcnt bonds. If this cannot be done,
then use the proper means to approx.
mate, as near as possible, the amount Of
the fraudulent bonds, and then scale
the whole debt SO as to bring it down to
what We justly owe. am Of the opin-
ion that We Justly owe about half of the
outstanding honds-may be not 50
much, and may be a little more. This
has been my opinion heretofore, and is
my opinion ut present.
ID. c. RICE.