Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-31

And those interested have had no voice in the
creation Of this debt.
Now, sir, in view of this great evil thathad grown
up for years past Gov johnson in his late message,
after reviewing the State liabilities, recommends
! the following:
.lt would also add to the confidence and credit
of the State If the Constitution amended as
inhibit any future Legislature from the creation
@, any public debt beyond limited amount, with
out first submitting the proposition TO the people
for their approval orreiecton, unless in some great
emergency such as instruction, rebellion or iuva-
sion A proposition of this character at the pres
| eut time to amend the Constitution Of the State
would be earnest indication to capitalists that
| the public mind was healthy and sound IN regard
| to state Indebtedness and its ultimate adoption;
would secure the people in the future against i'm
provideut lOgrOihng Hesitation, and the creation
Of heavy and excessive State Indebtedness, without
/ at least first obtaining the peoples consent"
| And, in addition to this our present ethcient and
able executive in his recent message, viewing the
State credit IN the same light, recommends the
/ same change in our Constitution proposed by
these resolutions. And sir, in order to show fully
! his views quote his remarks in full:
Il also fully concur withmy predecessor, in recon-
/ mendng an amendment of the Constitution Of the
| State 80 as to fix a reasonable limit beyond which
the Legislature shall not 60, in creating debt or
liability Of the State without first submitting the
question directly to the people, except in cases Of
! invasion, instruction or rebellion.
Such an amendment is certainly wise and proper
in itself securing to the people the right TO be con-
suited and to determine for themselves by popular
vote, whether they will take upon themselves the
liability proposed not; especially in view Of the
fact that our legislative elections generally made
/ TO turn much more upon party considerations and
federal politics, than upon local or state policy;
and most Of the questions out Of which have sprung
those heavy liabilities, have been very little dis
cussed-if indeed, they have been discussed at su
/ before the people, previous to their enactment.
Another sautary effect following such an amend
menl is that 1t would inspire confidence in such Sc
curites as the State has issued, or may hereafter
issue throughout the money markets Of the world;
and to the extent that you convince capitalists that
We have not issued and will not issue, bonds be-
voud our ability to pay do you restore and aPpre-
ciate the credit Of the State
/ And this. sir. was the position assumed in the
CANVASS for a seat on this floor; and all men, OF all
( parties we're in favor of such amendments to our
State Constitution.
In view. 100. of the fact, that our present and
prospective Indebtedness for railroads amounts to
SI9.OJO,UUO, which sum the companies WILL ask the
State to assume, we will be forced in few years TO
take from the railroads this debt, and make II q
State Indebtedness. Such propositions have aLreauy
commenced, assuming the appearance oil reshty.
Already do you hear those interested say: 4" II the
State has the whole debt to pay she viii have been
benefited" Already do they call ''it State debt,
spd the increase Of taxable property will pay It,
Sir. will il be so. viii the people submit: hope
not And l for one will not. But have they the
power? Is it possible? Is it probable, that such
win be the result? Have We not built up ineorpo-
rations after interpretations! Do they not WELD
the whole monetary influence Of the State! Have
we not by such policy, given incorporated comPa-
MES the power over the people in Tennessee! What
Legislature will resist presidents, officers, employees
directors, and the camp-followers Of these compa-
mics There is power in the State greater than
the State We have created creatures that Will make
us obey, or force our neoks to the political BLOCK
! know, sir that this is a dangerous posilon 70
assume; to stand up against banks and bank-loveTs
bank-men, and railroad interests But, SIT, let tDe
consequences to me individually, be what they may,
I intend standing up for the people, against ell
monopolies Of every dsscripuon-sgainst the whole
swinding SET be they incorporated railroad com
psnss banks or otherwise,