Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1865-12-22

express the view that, under no circum-
stances could the State Legislature, by its
own action, lawfully change that instru-
ment.
KENTUCKY AND THE PUBLIC DEBT.
In the Senate of the Kentucky Legisla-
ture, on the 18th, Mr.. Helm, from the Com
mittee on Federal Relations to whom had
been referred resolution in relation to puo-
lie debt, made the following report, viz:
"The Committee on Federal Relations
have had under consideration resolution
referred to them, affirming the sacredness of
the national debt, and pledging Kentucky
to the payment of principal and interest,
and beg leave TO submit the following "a a
substitute:
There is no question now pending before
the United States Government, or the State
of Kentucky, involving the validity or bind
ing effect Of the debt, or the payment of the
interest; and the committee think it prema-
ture, as it may be found impolitic, to agitate
the question or make the subject an element
in popular discussions.
Kentucky will he found among the last of
the States in the Union &c make default in
meeting any legal or moral obligation which
rests on her people involving their honor.
But whilst Kentucky processes a readiness
to Go justice to others, she will expect others
to respect their obligations to her people, and
to be equally prompt in payment.
The Government has appropriated the
property of the people of Kentucky to the
public use, and to this time without COM
pensation. 1t was done against the will of
her people, and at a price equal only to
about one-third of its value. 1t is now
boosted by that people who reside where
most of the national debt is held, that, by
the use of that property, the nations life was
saved. This places the debt due to the citi-
zens of Kentucky in its moral attributes far
above any other debt Of the nation. 1t is
recognized by the act of Congress, and its
payment provided for 10y the appropriation
of specific fund. 1t has been withhold from
them, whilst in the same manner the wives
and children of colored soldiers have been de-
ciared free 1t is now proposed, by an amend
ment to the COnstiti ,ion of the United States,
against the will and consent of the people,
to take from the people Of Kentucky, in the
aggregate, property of the same description
to the value of one hundred millions. This
| will be done avowedly for the public good;
yet il is proposed to do il without the pay
mcnt of adequate compensation. Can there
be a more glaring disregard of constitutional
| obligation than that will be? Kentuckians
were induced to believe that their institution
would be regarded and protected. They
| filled the ranks of the army, and thousands
| persisted on the field, and none failed to do
| their duty in a life-and-death struggle; nor
| did they yield up the Government when a
change of policy was apparent Can an OBJ
| legation be placed on higher moral scale than
| that due 10 kcntuckians? When she is
| asked to redeem her obligations, may she
not, by the same scale of Justice ask that
| Justice may be done to her? Who will in
the day Of payment deny the golden and
| christian rule, "Do unto others as YOU would
have others DO unto you?"
Besides that description of property, thou
| sands, Il not millions, of the property of
Kentuckians have been appropriated by
the armies for the public service, for which
no compensation can be had without taking
humiliating oathS of a political character.
Besides, her industrial labor has been demon
allied, if not totally broken up, resulting in
| the reduction in value of real estate, whilst
her public burthens are oppressive.
The people of Kentucky will insist, that
whilst the rule Of taxation is based on in
come. that the interest derived from the
bonds of the Government, held by individu-
ais and corporations, is as much subject TO
taxation, State and National, as any other
source of income, when rested by the infex-
| ible rule fixed by the Constitution" taxa
ton shall be equal and uniform" Under
that rule can YOU discriminate between in
comes? 1t is denied that the honor of the
people is merged in the bonds of the nation.
One debt is of equal dignity with another.
| Congress has no right to create a favorite
class by cxempting them from taxation. On
this subject it would, perhaps be more All
| thoritative, and, most likely, more con-
yincing to many 10 quote from President
Johnson's recent message.
"Monopoltes, perpetuities, and class leg
| iSlation, are contrary to the genius oftree gov
| eminent, and ought not 10 be dNbWod" Here
| there is no room for favored classes or mon
| opolies the principle of our Government
| is that of equal laws and freedom of indus
| try. Wherever monopoly obtains a foot
| hold il is sure to be a source of danger, dis
cord and trouble We shall but fulfil our
duties rs Legislators, by according equal
| and exact justice 10 all men," Our funded
| debt is now over two thousand seven hun
drcd millions. The unliquidated debt is
not ascertained. Ii NAV be safe to presume
that the funded debt will ultimately reach
| four thousand millions. or near that sum.
| That will be found now to be one-fourth Of
the aggregate wealth Of the nation exempt
from taxation. The exemption of the rev
| cnue laws, not sublecting incomes of six
! hundred dollars and under, throws the
burthen Of taxation on the middle and in
| /. Il
uiacturing interests of the country. The
| rich and the poor are exempt, the rich 10 the
extent of their income from bonds.
TIE policy Of the Government is looking
toward the resumption of specie payments.
| Calculate the interest ON the public bonds,
and add the public expenditures, and you
will have before you the amount of coin
moving in each wear for governmental pur-
poses alone. That received by bondhoiders
will not be thrown back into the legitimate
channels Of trade, except Al exorbitant rates,
| whilst il is held free from taxation. You
| will have a moneycd aristocracy, constituting
/ the Rothchilds of America, TO whom the
| government must bow in monetary troubles,
| and the industrial and commercial interests
held spell-hound by their power TO control
the circulation Of the country. Therefore,
Resolved bv The General assembly Of Ee Chm
rnonrccdlh Of Keatuoky, That it is impolitic
now to agitaie the question Of the payment
Of the public debt; that the future Of our
government presents questions enough 10 at
tract, il they will not distract the popular
mind.
A COMPLETE change Of system will be
shortly introduced in the mad houses Of
France. Strait waistcoats and all the other
instruments hitherto used are to be abolish