The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-04-30
SPEECH OF THE
HON. J. N. JACKSON,
On he Eaaorssneat Of Confederate Bonds,

IN tie Seaats n ne Georgia Legislature.
The question before The Senate is one
of importance 10 us, on which much can
he said ON both sides. In my opinion, it
is a very important question. Senators
should weigh well the effect TO be pro-
duced upon the destinies Of the country.
by their action on the majority and mi
nority reports, now under consideration.
As financial scheme which is TO have
an effect broader than its mere relations
4 to the temporary credit Of the country, il
is question ON which Statesman differ
aud is new scheme in financial policy,
and one which does not meet the appro ?
val OF my humble Judgment In differ
ing with other Senators, would respect
fully beg their attention, in presenting
the reasons taat control my action, as
cording to each the same honesty of pur-
pose that claim for myself His admit
ted By all that we are drifting ashore, We
must nat close our eyes to he gathering storm,
nor stop TO sense Of our condition. nor hush
our voices ia silence as 10 hs cause of alarm,
ghich threatens Ae destruction of our ship Of
State. Is she sinking under financial
pressure from actual weakness, or is she
struggling for existence, eDgulphed by an
overwhelming scheme of paper credit
and the vacillating and unsound policy
of her financial directors. Or 10 she tot
tering under the lashing waves of wild
sea of speculation on sn unsound credit?
She has stood the storm Of war noblyl
Does she require bracing by the plan Of
endorsement proposed2 Permit me 10
answer no. The troubles appear 10 arise
rather from the want of a fixed policy TO
bring her full powers into action, than
from any actual weakness. Adopt such
policy and all will yet be well she
will reach the port of Independence in
safety. Our people are ready and will
ing TO lay all that they possess, If need
be, upon the altar Of their country, uu-
ill we ride the waves Of this financial
storm into the serene harbor of peace.
What are the purposes and powers of the
Government? Sir, il was framed upon
the principle that in unity there is
strength. When the Constitution was
formed, every necessary element OF
strength was embraced within its folds,
and the entire resources of the country
are by il placed at the disposal OF the
| Confederate Government. The lull con-
| troll of all the wealth and credit OF
the country was placed at the disposal
Of this agent, TO carry us through the
rough sea Of war, aud direct her safety
10 the still waters Of peace All the
| fighting men, commerce, industry, aud
material strength Of the country are thus
placed at the disposal Of Congress, with
the power TO raise armies, declare war
regulate commerce, borrow money on
the credit Of the Confederate States; but
not on the credit Of the various States (;
levy aud collect taxes, TO pay the public
debt, and TO provide for the public de-
fence. These are powers delegated 10
Congress by the Constitution. The power
to creste debt is coupled with the power
TO pay. II is entrusted TO Congress- and
not 10 the State Legislatures. When
Georgia entered the Confederate States,
she did so as people, and not as a State
organization. The State still remained
distinct in its control over its own affairs,
while Congress was instituted TO control
the powers delegated TO the nation. The
people have c0nfided their interests as a
State TO us--as anation, 20 Congress. IL
was never intended that Congress should,
ia her weakness, neglect her duty and
turn TO the State Legislature and say;
You must provide means TO pay the Con-
federate debt. When Congress has every
resource Of the country at its command,
II is not onr right or duty 10 assume re-
possibilities that do not belong 20 US.
II was intended that the constituted au-
thoriiies of the Confederate Government
should manage our national destiny,
and should achieve independence
without Interference or direction
from us as States. Congress has ex-
ercised Its powers in every other par
ticular but that of finding means 10 car
ry on the war and sustain the public
credit This they have neglected. Who
are the parties 10 borrow money! Clear.
ly Congress; aud by that instrument they
are the parties to pay IL. As nation W,
must stand or fall; and Il Is hgmikat,H,
70 kaOl0 that l0hile zoe have challenged he at.
nliratiOa Of NE lOOrld jor our military proi0'
sss, srs are in danger Of going doi0H On h
sea Of bankruptcy. Have not the Con
federate States more means at theil
command than the States To ad-
mit then, that she is less worthy
Of credit than the States is unbecom'
ing the dignity Of nation. IL less wor.
thy, then il 10 a failure II not lesi
worthy, then State endorsement is use
less. IL must be patent 10 every sensi-
bic man that IL is delusion, too plaif
10 be misunderstood, IL would only be
an acknowledgment Of financial weak
ness, end make as contemplate in the
extreme. We extend our credit witt
ourselves on basis Of credit, and then
by q change OF scenery exhibit our.
selves 10 the world as asking credit from
others by singing our own namel
through another agent % endorser with
out additional security, and indcpcnd
ent Of constitutional authority. A pro
position, 10 my mind, not worth The pa
Der on which il ~ written. Gentlemel
say this endorsement will raise the pub
lac credit. Ny opinion h, that this !
not the remedy. States, like individu
ais, must provide a means for payin
their debts If they would maintain th,l
credit, or restore confidence. N 6ri
OF three men have become your debto
as q firm, and you have their firm not
and q mortgage on their property thi
you can foreolose AZ any time, would