The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1912-10-18
PRESTON FIRES HOT SHOT
At GOVERNOR McMIlllN
Charges that Defeat of the Funding Act
Cost People Two to Three Millions.

Cost People Two to Three Millions.
The following statement was given
out from Nashville Sunday evening by
Hon. T. r. Preston, candidate for Gov.
ernor, In reply to Ex-Governor McMifiin's
criticism of him:
Governor McMillin denies that his de-
feat of the refunding act Of 1899 will
cost the people of Tennessee, In interest,
between 100000 and $3,O0o,o00 as |
have charged. The facts are as fol.
lows:
"The bondholders in 1899 had prac-
tically all agreed to forty-year extern
sion Mt per cent with the cumulative
right to redeem $350,000 in bonds an
nually. The State could, of course, re-
deem more by purchase, as it haze al
ways done. Every one KNOWS n0w that
1t Is impossible for this debt TO DO re-
funded at less than or A 1.2 per cent.
Do the people of Tennessee want another
such thorough business administration
As further proof of these facts quote
from telegram of Z. b. Craig, who
was State Treasurer at this time.
Craig's Telegram.
Mr.. McMillin was Governor in 1899
when the refunding act was introduced
and his active opposition defeated the
bill, thereby causing a loss to Che peo-
pie of Tennessee of millions of dollars.
"'E. B. CRAIG
"Gov. McMillin also refers 30 the fact
that there was some deal about two
years ago by which was to be mem
Der of funding board This IL abso-
lutely untrue. never mentioned IL to
a soul in my life, md had nothing to
do with it, and 80 stated in both Of the
Chattanooga papers the following day.
Governor McMillin, by inference,
tries to make it appear that should
not be elected governor because I am
in the banking business. He probably
forgets that he also has had some bank
ing experience. He was soliciting de-
posits for the now defunct Carnegie
Trust Company of New York. The diff
ference between his banking experience
and mine ia, that the banks with which
have been connected nave always been
able to pay their .depositors one hun
dred cents on the dollar, and his bank
about fifty cents on the dollar. II this
is to be test of our business qualifica-
tions. am willing that all who believe
that depositors in banks should receive
only fifty cents on the dollar vote for
him, and those who believe depositsYs
should receive one hundred cents on the
dollar vote for me. This same dcfunet
Carnegie Trust Company, largely through
the influence of Governor McMiiiin, was
fiscal agent for Tennessee in New York,
and If it had continued in this capacity,
doubtless would have had considerable to
do with the refunding OF the State debt,
and the Lord only knows what would
have been the result. Also at the same
time of its failure the state had con-
company, and but for the precaution OF
the State officials in requiring solvent
bond the state would have lost consid-
cradle money.
Governor McMillin also distorts my
reference to the Governors of Tennessee
in the last forty years, and grows elo-
quent in defense of General Bate, Sen
ator Taylor and Others. | remind him
that at the beginning of the great Civil
War the Governorship of Tennessee was
virtually offered to General Bate. He
was then in the field moving to the
front, and wired his refusal from War
trace, Tenn, saying in substance, NO,
my country needs my services in defense
of her honor and when that old bat
tle-scarred hero enfeebled by age and
wounds was making his last fight for
the Senate, Governor McMillin tried to
oefeat him, and but for Senator Car
mack, Senator Frazier and Senator Tay-
Tor, he would have defeated him and
sent the old man down 10 his grave
heartbroken. The blood of my family
mingled with the blood OF General Bate
on the field of battle and in his last race
my family was active in his behalf Ev-
cry one knows that he was nearly al
ways opposing the great apostle of sun
shine, Bob Taylor. / do not recall an
ex-governor in twenty years that has
offered for public Office that he has not
opposed, with the single exception of
Governor Malcolm r. Patterson. He
tried to defend these in life in the same
manner that vulture would defend a
lamb, and after death his defense of
Senator Bate and Senator Taylor, and
many of the rest does not ring true"
Nashville Tennessean. July II,