Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-04-05

ana purchasers Will know tllS anu ACT
and if the State is not safe while the companies
buoyant and the State is not discredited, what
would the roads bring if the companies suspend in
an unfinished state and the credit OF the State is
gone? You well understand these propositions
and can answer them. 1t is undeniably true sir,
that every bond endorsed weakens the credit Of the
endorser, even if the maker is good, which is not
the case. mans credit may be ruined by en-.
dorsing good paper TO an amount greatly beyond
his MEANS aud all MN ho endorse paper ildiscTian
iaGtely BREAK There is risk in all endorsements,
not, why will the endorsement at once Increase
the bonds one half in value? Do capitalists think
these bonds safes If so, what more do they want?
Why not buy the bonds without other security
Nov sir, who is to be the judge and upon whose
arbitrament does the question OF safety depend?
TIE Money Kings and what do they say That
there is danger, hence the depreciation; make the
endorsement and the bonds are good we are told.
The loan then is made on the credit OF the State,
and she is looked to paymaster and il the State
must become paymaster then there is danger of loss
But it is constantly asserted that the endorsement
Of these and other bonds aud the issuance of new
bonds will involve no danger to the State. This is
the deceptive argument that has beer the distinc-
ton OF endOrsers from the origin of endorsements
down to the present time. But sir how is the
quality of securities determined !? By public opin.
ion, or the opinion of bankers and stock jobbers
If they decide against the security, is it not bad
deprecated, without reference to the basis ult-
mate means of payment? And Is it the mission of
the State to restore al the deprecated paper of
Corporations, Companies, or individuals under any
and every pretext whatever? | answer no.
This mission which the State is being made to
perform, is alarming to the country, and justly so,
and deserves the notice and watchful attention OF
every voter and tax payer in the State. If the
present Legislature will pl.dge the State to ne1O
liabilities direct the endorsement of neV bonds
the State is in dangerous crsis-at the turning
point decisive of the character and credit of the
State. The Legislature has gone far enough al
ready and if the members permit organized nfu
ences and combinations to become more potent in
these Halls than the voice of the people at home
our financial ruin is Unsuitable AVE. sir suppose the
question of extension of State credit" and the zen
dorsement" OF more bonds had to be put to the
direct Uote Of the people, would any member here
would any man in the State, would any party dare
to test such all issue? need not answer, all re-
spond, no, not one.
The public mind has been stimulated to the
highest tension in favor of Internal Improvements
The State has made liberal and dangerous pledges
of its public faith far beyond any OF the ssterhood
Of States with the basis for credit The cities
have issued bonds to an extent that will make tax
alton to redeem them absolutely Oppressive-coun
ties are following this example; and the amount
invested in and pledged to public improvements
compared with the present resources OF the State
a treasury now without dollar, and living on the
mercy of the Bank, will be enormous. 1t is impos
sble that all these investments will be profitable
extensive failures will take place and heavy respOn-
sbilities must and will fall on the State
Mr.. Speaker. There are several prominent
facts, which mark the dangerous progress of the
legislation on this subject
NJ first, the bonds of the State were ONLY to be
used tor the purchase of iron and equipments the
means necessary, for all the local work was to be
furnished in stock subscriptions by the citizens
and hiS was to be the security for the State.
The second step OF progress was the free issuance
or endorsement of bonds for bridges.
The third step is now asked to be taken by this
bill That the State shall not only furnish the IRON
equipments and build the bridges, but shall do all
the local Dork and then give the road to the comps-
ny, and the very poverty of the road is the argu-
ment for the endorsements and the security of the
State has
"Gone gimmeriug through the dream of things were
A School-boE's tale, the wonder of an hour"
But what makes this dangerous progress in pledg-
ing State credit the more alarming is the fact that
these grants sustained by combinations OF local
and private interests, and in the language of the
Old Hero of the Hermitage, they are ''resorted to
as artful expedients to shift upon the Government
the losses Of unsuccessful private speculation and
thus by ministering 10 personal ambition and self
ACKNOWLEDGEMENT tend to sap tbe foundations of pub
lie virtue and faint the administration of govern
ment with a demOrazing influence :" and again,
the Old Hero said they favor combinations to
squander the treasure of the country upon a multi
tude OF local objects, fatal to just legislation as
to the purity OF public men," This language of
General Jackson may be regarded as prophetic OF
the legislation OF this winter. YOU sir have seen
IN this HOOr the OhnONipul M raoaivod ri
faVOr-the riendless bill have friends raised up to
it, and votes changed as If by magic You have
seen members change sides, views and principles,
with the facility and promptness a chameleon does
his color. And you have heard the question pro-
pounded by member to member, evil YOU vote
for my bill if will vote for yours" aud again you
have heard the proposition, I'VE will pass your
bill, if you will vote for ours" and this too during
the sessions OF the House, not by nuendo or
signs but openly and in the hearing OF all ; then
sir, are these combinations not az "fatal to Just
legislation, as to the purity of public men"
Mr.. Speaker: few days since, the peculiar
friends Of improvement advocated a grant of aid
to road out of the State (the Memphis and Little
Rock Road,) because it out of the State and
would bring to borders untold riches Non they
complain that the road mentioned 10 this bill runs
into Georgia, and that Tennesseans are compelled
to pass over the territory of Others and desire to
cut off all connection with or dependence on ano-
Their State
Again: The Little Rock Road was pressed be-
cause it gave a Pacific connection on the West
NoO this road is urged because it will give US a
Pacific road running from the East
Again: The Little Rock Road was advocated
because OF the wealth Of the road and of Memphis
the Antilles Of Tennessee" Non this bill is sus-
tanned because of the bleak mountains rocky fast
nesses, and impregnabe barriers, thrown by nature
across the pathway OF man shutting him out from
life and wealth.
And again: The Little Rock Road was held
up as safe investment-that there was no danger
of loss to the State. No,O the very poverty of the
road is argued, and the sorrows of old Mr. Wcrtsr
are thrown upon canvass as inducements, for the
aid and the safety Of the State is not now the cues
ton. These gentlemen are all things to all roads /;
and on all sides Of every question provided they
get the bonds granted and seem not TO look to the
future or the interest OF the State or people.
Mr.. Speaker In the "wild hunt" after bonds,
the demands are thickening upon us. We do not
dispose of one application for aid until a series
of new projects, Ph9nix like arise and vet gen
tlemen with this knowledge, say that they will
vote for tpery character Of aid asked and when
on the other day | told members that the State
Treasury was eNhauStcd-that we were living
from day to day at the mercy of the Bank-that
the State was an over checker for more than one
hundred thousand, aud that in view Of these
facts we should be prudent and cautious and not
deal out the credit OF the State so lavishly was
politely told that was timid, was a coward be
il so, sir. | admit freely that / pay my own
debts and that have ever dreaded State or in
dividual bankruptcy, and would avoid either as
the fatal Upas. There is danger, and warn gen
tlemen of dark and disastrous future for the
State, If they proceed In these grants. The sys-
TEN Of Improvements must stop-the credit of
the state must sink and in the retnue of these
evils, odiOus bankruptcy will come, land what
Is bankruptcy, but the most cruel. the most I'M
quitous, the most unequal, the most disastrous of
taxes - and then, may not the gaunt spectre of
reputation in all its hideous forms become ia
mIllar IN chivalric, volunteer Tennessee! | trust
sir and vet Would urpp cant ion and forest oh