Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-09-16

/ dollars worth OF goods for the on
j million of Tennessee bonds. Th,
bonds are now OUT We ARE payin,
i 6 per cent interest upon them. The,
have thirty years to run.s Atth'
i end Of that time, to say nothing 0
tie cost of collecting the interest, ",
shall have paid one million eight hun
Edred thousand dollars by way of in
Eterest, and we shall still owe the orig
Einal one million of dollars. +
/ This issuing of fbohds by the States
in my opinion, is the great cause o.
the expansions which took place in
the years sc, 81, and 'SS. The
States were mad upon issuing theil
bonds. These bonds wentto Europe;
I not a dollarof real money found its
way back; but, in lieu,, we took the
fabrics Of England, We received
thom, not ia exchange for our pro-
Iductions, but for evidences of debt
against the States. The goods are
worn out; the people are still paving
interes: on these bonds; they will
continue to do so for years to come;
andthen they must finally pay the
principal. This is the way, in part.
in which the Bank of. Tennessee was
brought iato existence. Does this
look like the picture Of anything that
had ever been intended for the &C.
commodation or benefit of .he peo-
pie of that State? No And such,
| doubt not, is the conGi;ion Of other
States of the Union. Their bonds
have been issued, they have found
their way to Europe; and goods have
been brought back, Instead of money,
in the place of hem. These bonds
profess to be given for money bor-
rowed. Say, there has been two.
hundred millions Of them issued; and
suppose they had been really the ev-
idences of debt for money borrowed
and brought into the country; if We
had received, in gold and silver, Che
amount for which these two hundred
millions purported to be. issued, this
country never would baye experience
ID the. reyulsions of the last few
years. But these Transactions bear
strong resemblance to the conduct of I
many individuals, in the management
If their own affairs, They go liz
lebt year after year, and finally, when
hey are called on to pay, they find
hat all that they have received for.
he evidences of debt for which hey /
lave to make satisfaction. has been
consumed, and that they have moth I,
ng left wherewith 20 pay. So it IS
With the States that have, in this way, +
On in.o debt. They have consumed
II they received in lieu Of their /
'onds, and they have nothing left to
how for thems But still the interest
must be paid; and | hope that every /,
State IN this Union n-Sill yet pay,faith-
nlly and honorably, every cent that
he owes. Butt again remind gen /,
lemen, that SO long as this unre- 4
paper (holding up the Conti- +
ental money stands against their
wn Government, they ought MOTTO /,
e too harsh ir their complaints a. ,
;ainst individual States which find'Ii
hemselyes unable to meet their iia-
ilities. -7 ssIsl s .51-5 III
Mr.. Chairman, as ] have befere1
aid, / advocate the passage Of this
ill, because / believe it to be the le-
climate and constitutional mode In
which the moneys of this Govern
aent. ought to be collected, kept, and
Iisbursed. / advocate it on another /,
round not secondary to that -be- /
'ause it is the great antagonist meas
ire Of that worst of all systems that
yer fastened itself on this or any !,
'ther country. There ars two great
hings, a strict adherence to which
;annot fail to keep this country 10 a
condition, that is to say.
seep your currency-your standard
# vaiue-sound and stable; let there
20 no fluctuations, and no power in
me State to make a dollar one hum |
lred and twenty-five cents, and In /
mother one hundred and fifty cents,
md in another one hundred and ten /
cents, within itslimi.s. This cannot
be done if bank, OF any other paper
money, is to enter into the circulation. |
When you have accomplished this |
end, then, In the exercise of the tax
ing power;be governed alone by the !
simple principle Of loyying taxes on
your citizens sufficient, and no more
than sufficient, TO defray the expenses