Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-04

MT TRAVIS / oQmlb tnefe la nothing OF tnab
in the bill; and affirm that this requirement Of
the bill cannot be carried out. But was stating
the case as intimsted BY the Senator from Warren.
The honorable Senator states that his information
was relisble-that bills could be drawn upon them
at par. But if this policy is to be pursued, affirm
that It IS hazardous and dangerous policy. What
evidence have you Of the sOlyency Of the banks in
New York
Mr. HILL interpOsing, do not want to be IN
derstood as saying that this thing would be done
but said my information was that it could be done
to morrow.
Mr. TRAVIS. Well, sir, if it could be done,
want to know if it viii be done
Mr. DAVE. Not under this bill
Mr. TRAVIS. Then 1 say, the bill will be inopera-
tive believe its effect will be to sink the credit Of
the State-tO reduce the State bonds TO 65 cents
again. and probably make it impossible to sell the
bonds at all. But if you cannot realize the funds
you desired by the sale Of State bOnds-f you can
net do that under the provisions Of the bill why, in
the name Of justice wall you tamper with the credit
Of the STATE, when no good viii result 'front.' Why
will you publish to the world that the State Of Ten
nessee has increased her deb: million and quar-
ter Of dollars. when you know that you cannot re-
alize single dollar by this means? Why viii you
do it? 1t is reckless squanderiug Of the State
credit.
have submitted the question, why the Bank does
not sell the State stock in the Union and Planters
Banks. l will answer that question. The reason
why they have not sold those funds, is this; they
could not sell them at par And L now repeat the
question. The Bank Of Tennessee has State bonds,
why don't she sell them?
Mr. DAVIS. They are endorsed bonds.
Mr. TRAVIS. The gentleman from Warren said,
he would JUS as soon have one as be other. Sir,
know that the State Of Tennessee IS as sOlventtO
day, any State in this broad Union 1 know that
the heart does not beat in Tennessee that would adj
vocate reputation Of the State debt No, sir, me
State Of Tennessee viii meet all her iabil ties, and
will be ready 10 do so when they fall due. But
capitalists do not know the State Of Tennessee as
well do and they will look at the debts hang.
ing over tbeState and those which to be brought
about, index Of her ability to pay; and look
ing at that, l tuink | am safe in saying, that the
passage this bill viii sink the credtOftLe State, till
her bonds viii not sell for Is cents the dollar
Then it will give relief the people Of TeUres
see. l never had the slightest idea that the bin
sought relief for the people. lsay 1t seeks relief
for the Bank-nOt for the people of Tennessee.
What further. You have nov your State laid of
into railroads in various directions. Upon these
railroads, you have expended large sum Of money
and the State is deeply involved by It's connection
with them, and depends upon realizing something
from these Investments. Millions Of dollars have
been expended upon these roads by our people,
without rail being laid It is known that the State
when she adopted her internal Improvement system,
required the several railroad companies, TO grade
and prepare their road beds for the reception Of the
iron, before State aid should be granted and that
after the aid is granted in the shape OF State bonds
the company shall have power to sell them under
par. They can only negotiate State bonds for iron
when 1t can be done az par Now, what effect viii
this have upon cur internal improvement system,
upon which hangs twelve or fifteen millions Of dol
lars suspended upon its success or failuret
But pass one step beyond this, and lock at the
countless thousands Of dollars Of iud7idua. invest
ments in these railroad projects, and also sus-
pended, upon their success or failure. 1t has been
calculated that the State requires that these cOmpd
MES shall furnish twO-thrds Of The amount ueces-
sary TO bald these road, and that the State snail
furnish Oue-thiTd Then, the State being thus in
vOlved-having suspended upon the success or fail
ure Of these projects, some twelve or fifteen millions
Of dollars, and individual citizens having just twice
that amount, / will say twenty-five millions, sus-
pended upon the same stake-Eddiug 10 this, the
States responsibility, and you have thirty-seveu
millions Of dollars, to be affected one way or the 9th
by this bill, which is TO BE- passed to-day. Why
if the most solvent railroad in Tennessee, having
State aid, and requiring the issuance Of Stale bonds
thereon, so long the bonds remain at - cents on
the dollar, they could not realize their iron upon
them? Because, the internal improvement law Is,
that they shall be negotiated only 90 par.
If there were nothing more in this bill, than the
million and quarter in money, there would not be
such grounds for objection But here are thirty.
five or forty millions Of State and individual inter
esLs, hanging suspended upon IL; and l honestly
believe, that if this bill Is passed. there viii nc. be
found one road ia Tennessee Of sufficient credit 10
negotiate State bonds for iron.
l know that railroad companies by their agents.
have been in the habit, when bonds we're nearly par
of shutting with the iron merchants by increasing
the price OF iron, aud thus making the bonds par.
But when they are SO low as IS cents y0u stop this
sbutiiDg-yoU cannot use the credit of Tennessee.
Then, why should it be thrown away for such an
idle game. mean no disrespect 10 the gentleman
Init of
opinion, is an idle game.
The question is whether we shall not damage these
internal improvement companies, By this bill The
whole internal improvement interest," certainly hangs
suspended upon it.
What further? lou have in the hands Of citizens
Of the State Of Tennessee to-day, about Two millions
in free bank paper. do not say exactly what that
amount is but il is considerable and this paper is
based upon your State bonds also be affected by the
passage OF this bill Now pass this BILL and nCtWith-
standing you DO not relieve the Bank Of Tennessee
Notwithstanding you cripple your great internslim
prOyement Interest-you 60 a step further and put
your hand into the pocket OF the private citizen, TO
depreoate the money he has acquired by his labor
and where is his indemnify? You have got the |
bonds here, and when you begin TO wind up these !
free banks, do you not increase the ev2 5lost as
suredy you DO, because you take away the value Of
the bonds, upon which this paper is predica-ed- |
These are some OF the consequences 90 now from /
sinking the credit Of the State, by throwing addi-
liOnal bonds into the market
Sir nearly every interest in the State is identified
with this prOpOsiuOnyett his bill comes up with the /
flaming captiOua bill for The relief OF the people"
Sir, it seems to me, 1t would be more appropriate
caption to write "a bill for the purpose Of selling
the stock of the State Of Tennessee in the turnpike
companies and to increase the Indebtedness of The
State, one million two hundred and fifty thousand |
dollars, for the benefit Of the Bank Of Tennessee"
That is the precise trUth-Lh8 naked embodiment Of
this bill; and, therefore, IL Wss, that the other day
l distinctly called upon the Senate 10 change The IL
tie, so that the people might know what was 20 be
the result. But my proposition was voted down.
and the caption Of the "bIlL for the relief Of cine
people," was retained, simply because Of its high
sounding terms. But it is no matter what sort Of
mark shall be put upon It, The Senate may vote upon
It, and improve the title they will sooner or later
this debt will have to be met by he people, and
then it will be that there is nothing in the bill
''fOr the relief Of the people"
If you destroy the Internal Improvement system,
do you affect the interest Of every man engaged
in 1t? If you reduce the value Of state bonds, do
you not depreCate the Free Bank paper in the hands
Of every man that holds itY And when you wind
them up, do you not throw abroad more bonds upon
the market? Sir, 1t Is ruiuOus. The DAY has never
daWned upon Tennessee when she was so much
danger. You may think Of il lightly, but the time
will come when the people viii hold Senators upon
this floor to a fearful account for Ibis
Sir, contend for good faith towards the railroad
companies. l stand mere Ia my place, and imp0re
Senators not to tamPer with the Internal Improve
ment system-a system against which have stood
in my place in this Legislature and warned gentle
men from the first, that it was wild and reckless
scheme. My people have endorsed my warning
against this State aid system.
Sir, why do l stand here, now, and make these
declarations Not from anything that approve OF
lisapprove, in the original Internal Improvement
lct; for should not object TO that act II 1t could
have been carried out, without having thrown upon
il every trivial project that weighted 1t down. Sir
It has been weighted down by these, and now you
have got it almost Frustrated. And when the great
interests Of the State hang trembling 10 the balance
you show willingness on your part 90 pass this BILL
which is to strike and depress sill lower, the Inter-
nal Improvement system, the Free Bank paper, the
,redtof the State and all the great interests Of the
people, within and outside Of these.
ask Senators, here, now, If IL would not be well
% pause and consider this matter Suppose the
Bank of Tennessee could realize this million and a