Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1912-10-24
PRESTON FIRES HOT SHOT
At GOVERNOR RCMlILIN
Charges that Defeat OF the Funding Act
Cost People Two to Three Millions.

SAal SSS bhdl Dcledl Ol lnS unding ACS
Cost People Two to Three Millions.
The following statement was given
out from Nashville Sunday evening by
Hon. 7 r. Preston, candidate for Gov
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 S2,000,000 and S3,0OO,0O0 as I
have charged. The facts are as fol-
lows:
The bondholders in 1899 had prae-
tically all agreed to a forty-year extern
sion at } per cent with the cumulative
right to redeem $35O,OO0 in bonds an.
nually. The State could, of course, re
deem more by purchase, as il has al
ways done. Every one knows now that
it is impossible for this debt to be re-
funded at less than 4 or 4 1.2 per cent.
Do the people of Tennessee want another
such thorough business administration
As further proof of these facts | quote
from a 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 loss to the peo-
pie of Tennessee of millions of dollars.
"'E. b. CRAIG
Gov. McMillin also refers to the fact
that there was some deal about two
years ago by which l was to be mem
Der of funding board This is abso-
lutely untrue. | never mentioned it to
a soul in my life, and had nothing to
do with it, and so stated in both of the
Chattanooga papers the following day.
Governor McMllin, by inference,
tries to make it appear that | should
not be elected governor because | am
in the banking business. He probably
forgets that he also has had some bank
ing experience He was soliciting de-
posts for the now defunct Carnegie
Trust Company of New York. The diff
ference between his banking experience
and mine is, that the banks with wkich
have been connected nave always been
able to pay their depositors one hum
bred cents on the dollar, and his bank
about fifty cents on the dollar. If this
is to be test of our business qualitica-
tions, | am willing that all who believe
that depositors i'll banks should receive
only fifty cents on the dollar vote for
him, and those who believe depositors
should receive one hundred cents on the
dollar vote for me. This same defunct
Carnegie Trust Company largely through
the influence of Governor McMillin, 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-
siderable funds on deposit with this trust
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-
lor, he would have defeated him and
sent the old man down to his grave
heart-broken. 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 sum
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 Is.