Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1854-01-21

total Indebtedness of the State for works of this
kind will be eighteen million dollars $4,000, 00g)
a larger debt in proportion TO population than
the Subjects of dc=potic England have fastened
upon them. he population OF England, lnciud-
ing her East India possessions, Is sixty millions.
Her Indebtedness is about one thousand millions
dollas &. 600 900 900 which would make 10 each
million of her population debt of seventeen
million dollars az ,090000). tennessee has not
ponulaton of one million. Our debt, If this bill
passes as have shown would be eighteen millions
dollars Us 600 000) consequently our debt would
be greater than the debt OF England In my opin
ion Mr.. Speaker, the caption Of the bill should be
changed so as to read: "A bill 20 pledge the labor of
the tenth generation of the people works OF Internal
Improvement" Add to the facts above stated the
fact that we pay six per cent. interest and Eng and
only pays three, and we must be startled at the in
debtednes5 which is to be placed upon our people.
viii this not drive our people from the State to
escape the burthen? Should we not pause before
we pursue this ruinous system?
Sir, propose now TO speak OF the effect this sys-
TEN. if followed out, upon the country in another
point of view. 1t will drain the country of every
dollar Of specie for the next half century, to pay
the interest. All the specie of the country will be
transferred to the Bank of England and the vaults
OF the stock lobbers on the other side Of the Allan
tic. 1t will entail upon generations yet unborn
ruinous public debt 1t will keep nterprising
and industrious men-the yeomen OF the country
"a population more valuable to State than any
other-irom settling amongst us. L. will drive
many of our best citizens to other States, where
they will not be crushed to death With taxes. 1t
will cause corporate authorities to swallow up the
other interests of the Stale 1t will make the poor
poorer and the rich richer. 1t will cause your bonds
to deprecate and thus I'M lure the credit and high
sanding Of the State.
The Bonds Of the State are now banking capital,
80 ~ law
passed bv the last General Assembly. The depre
citation of your bonds would therefore, affect every
interest in our State. Let them fall to about half
their present value and what is to redeem the bank
notes in the hands of innocent holders issued upon
the faith of those bonds 10y private banksl Thus,
individuals well the State, to be bankrupt
ed and ruined by this system. Sir, have no doubt
| there members upon this floor elected upon the
Railroad Platform; others upon the Turnpike Plat
form, and still Others upon the Plank Road Platform
| As for myself Mr.. Speaker, | was elected upon
the Honest Platform, and that was: 70 remain out
side of all combinations for PUBLIC PLUMBER. Upon
this platform have Stood and am proud to say, am
still standing.
Mr. Speaker, am DONE l have discharged
! duty which owe to my constituents. | am, there
fore, satisfied The House will act as it thinks best
/ trust the bill will be defeated
But before taking my seat, will refer to the Ra-
| bun Gap road and the action of the South Carroll
ma Legislature connected herewith, on which my
friend from Blount Gen. Wallace) has staked his
reputation as politician. The State Of South Car
DINA has refused to grant the aid asked for this
road, being the sum of seven hundred and fifty
thousand dollars (S750000). She is now coming
to her senses on this subject Although gentle
men upon this floor often speak of the advantages
of this system Of improvements to that State, she
! does not herself seem to appreciate what gentle
men here think her interest. But if we will look
at the history OF Maryland we viii see that South
Carolina acts upon proper principles. Maryland
stands forward the pioneer state in this system,
and yet her Improvements paid nothing for num-
Der of years and to eXricate herself she had to re-
sort to that odious system Of taxation, which
caused the revolution (known as the stamp act) al
though she built her roads at time when the price
! of labor and railroad iron was only about half
what it now is. But these admonit ons Of history
are not considered by this House. Outside specu-
lators must have their portion of the spoilS at all
| events. Those who have interests in coal banks
iron mines, marble quarries cry aloud for help, and
they must be grahiied at the expense Of every 9TH
er portion of the State. Let us not pander to the
interest of one set Of men, but look to the
interest Of the whole State. If we will do this
there will be no fear Of the result.