Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1854-02-02

therefrom! What revenue has tht
State received from these sourc EST
The Legislature of 1916 apprP Ppria
ted for railroads, the sum of eigh
hundred and twenty-five tho usanc
dollars (SS25,0O0) Six hundred
and fifty Thousand dollars ($G50j00O,
of which went to the East Tennes.
see, Hiwa wassee Railroad, and one hun
dred and seventy-five thousand dol
lars (S175,000) to the West Tennes
see and Lagrange Railroad, from
which in Hvestment the State has nev-
er received one dollar. The State
has paid on this investment, in in
terest, the sum Of eight hundred and
thirty thousand dollars, in principle
and interest, amounting to the enor-
nous sum of one million seven hun
dred tho ousand dollars (S1,700,O00)
You might as we'll have thrown this
amount into Cumberland river, be-
cause not one dime has been paid
back. This is one railroad expe-
rience. Now let US for a moment
examine our turnpike investments.
We have expended by the State on
turnpikes the sum of one million .wo
hundred thousand dollars Sl,200,-
000) Twenty-Five roads received
their proportion of this aid, BY re-
Iferring to the Comptroller's report it
Twill be seen that only twelve pay
anything at all, showing a complete
loss OF the amount invested in ten
roads. We have spent in attempting
to improve the navigation of water
courses in this State, which the God
of nature never intended should be
navigable, the sum of two hundred
thousand dollars (S200,000l from
which we have never received re-
/ turn, and bill was actually intro
4 duced into this House repeating the
act declaring one of the rivers nayi-
gable, in the Improvement Of which
the State had made large invest
ment. This is our internal improve
ment experience. Will we refuse to
be guided by it? Why not wait a
few years, until we see what is 10 be
the effect of the appropriations made
by the last Legislature, amounting
to about ten millions of dollars
The time will come when the acts Of
this General Assembly (like Ban
quo's GhosD will rise in judgment
against the members who vote for
these extravagant appropriations. =
Repentance will not wash the stain
away. We may say, "out damned
spot, but it will not out.
! Sir, if the bill now before the
HOUSE passes, the total indebted
ness of the State for works of this
kind, will be eighteen million dollars
! (S18,000,0 ,000) a larger debt in pro-
portion to our population than the
subjects of despotic England have
fastened upon them. The population
of England, including hel East-lndla
possessions, is sixty millions, Her
indebtedness is about Que thousand
million dollars $l,000, ,000)
which would make to each million OF
her population, a debt Of seventeen
million dollars (Sl7, ,000) Ten
nessee has not a population of one
million. Our debt, if this bill pas
ses, as / have shown, would be
eighteen million dollars (Sl6,0OO,-
OO0,) cons equently our debt would
be greater han the debt Of England.
In my opihion, Mr.. Speaker, the cap
tion of thd bill should be changed SO
as TO rea b "a bill to pledge the
labor of the tenth generation of the
people to works of Internal Improve
ment.' Add to the facts above sta
ted, the fact that we pay six per
cent. interest, and England only
pays three, aud we must be startled
at the Indebtedness which is to be
placed upon our people. Will this
not drive our people from the State
to es9ape the burthen? Should we
not pduse before We pursue this ruin
Gus system?
H Sir, Ipropose now to speak of the
effect Of this system, if followed put
{ 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 nter-
est. All the specie Of the country
will be transferred to the Ban k Of
England, ard the vaults of the stock,
iobbcrs on the other side Of the At