The comet. (Johnson City, Tenn.) 1884-1916, 1897-11-25
A Bray From Baltimore.

The following amazing article is
taken from the editorial columns of the
Baltimore Journal of Commerce:
The Erwin Magnet congratulates the
people of johnson City on winning a
suit in $165, 900 on bonds issued on the
good faith of that city to the Three
C's Railroad. We do not know the
merits of the case, but no doubt some
innocent investors have acquired these
bonds and must suffer the entire loss.
Tennessee has the happy faculty of
inviting investments, borrowing all it
can get, and either through the laxity
of the laws or lack of judicial honesty,
evades the payment of the obligations
No lender has any idea whether or not
he will secure his loan, because musty
old statutes, hidden away in some OBJ
scure place, can always be produced to
in some way or other defeat the pur-
poses of the person or corporation loan
ing the money when it comes to getting
what is due them.
Then, again, the chancery practices
of that state, it is alleged, requires
half century to dispose of case. We
have been told of one case which re-
quired forty-nine years for citizen in
Tennessee to secure the foreclosure of
mortgage, and during that time he
and his heirs were compelled to pay
taxes upon the property and receive
nothing from it. 1t goes without ques-
tion that a man who makes a loan in
Tennessee stands nine chances in ten of
losing considerable sum of the mon
ey, if not the entire principal. Moth
ing affords the average Tennessean so
much pleasure as being able to borrow
money and never repay it. We remem-
bSr one clever old gentleman whom we
met in the state capitol remarking:
"Well, l will admit borrowed $4,000
Of that company and that owe them
the money, but the court says needn't
pay It," II the judiciary of Tennessee
we're imbued with some of the princi-
Piles of northern honesty, it would be
better for the reputation Of the state;
bat as their judiciary is, of course, Sc
lected from among their own lawyers
as Q rule, it is easy to understand, the
kind Of justice that is dealt. We are
cognizant of several experiences of in
dividuals and corporations of other
States with parties alleged to be among
the most respectable legal firms in that
state who betrayed every trust imposed
in them, which, for general rascality,
we do not think the records of any 9TH
or state would furnish a parallel. If
the most responsible firms are engaged
in practices of this kind, what would
the small fry element stop at, we won
\ der, and still the cry down there is that
they want money to develop their in
dustries. Unfortunately, however, af-
Ter the industries are developed, the
ruling passion of the citizens is to re-
tain both the industry and the money;
and then, again, as to legal fees, any
yokel who is admitted to practice before
a justice of the peace will, if he thinks
he can get them, demand fees which
would make the celebrated Choate
blush if presenting the same to the
Sugar Trust
The article then proceeds to describe
the alleged methods of Tennessee law
yers, and concludes in these words
"We know of no other state which
should be kept so far away from by
people with money to lend than Ten
nessee, or if anything is loaned, /, it should
be on the basis of getting 200 per cent,
a year interest to Offset the chances ol
loss"
OF all the ISLANDERS ever uttered
against Tennessee this is perhaps thu
most villainous of purpose and idiotiC
in conception. Slander is plainly thu
purpose of its author, whose disregard
of facts is as evident as his ignorance o
the English language. He either haI
grievance or is the hired agent o
somebody with personal grievance
The author admits that he knows moth
ing of the merits of the johnson Cit,
bond case, but he assumes that innocen
bondholders must suffer entire loss
The facts are, as we understand them
that the bonds in question were illegal
ly issued, in violation of the require
ments of plain statute, and this fac
was known to the purchasers of th
bonds, who bought them knowing th
risk they assumed. The chief obliga
tions on the strength of which the bond
were issued were never complied wit
either in law or fact. So much for th
slanderous assumption of the article i
question. Tennessee has the hspp
faculty of inviting Investments, boz
rowing all it can get, and either throug
n the laxity of the laws or lack Of judicis
l. honesty, evades the payment of the oil
?, legations. This is at once a positiv
: slander and an inexcusable butchery {
ID the English language. The author be
TO doubtless devoted more time to th
IT pawn-broking business or a similar o,
"a cupation than to the requirement I
~ even a common school education. Onl
ne al ignorant ass could clothe such
s. IL sIoLoa a., s,oh n ,arc.o,,