Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-19
TENNESSEE LEGISLATURE.
Senate.


MONDAY, Oct 1S.-The Senate met yes
terlay, Speaker Thomas in the chair and a
| quorum present.
THE PUBLIC DEBT.
Mr. Hall offered the following resolu-
| tons:
Whereas, Reckless extravaganza on the
part of those who have heretofore con-
trolled the State government, in pledging
the public faith by the issuance Of State
bonds has tended greatly to impair the
public credit and impart distrust to the
minds of many as to the ultimate payment
of our public debt; and
Whereas, A people who, in all their his
tory, have shown scrupulous fidelity, com
mercially and otherwise, to private obliga-
tons, must consider justice to all public
creditors as essential to the honor and dig
nifty of the State; therefore,
ResOlUed, By tie General assembly Of the
State Of Tennessee, That the people of
Tennessee will never signalize their resto-
ration to the control of public affairs by
sancioning in any manner Indifference to
ResoIce1td7,, That expediency, together
with the honor and good faith of the State,
demand that the interest on the public
debt be paid at the earliest practicable
moment, and its principal securely pro
vided for at maturity; and to these ends,
under a careful retrenchment and rigid
economy In all other respects, the entire
available revenues and resources of the
State should be faithfully applied, as they
in honor are pledged.
Mr. Hall moved the suspension Of the
rules, to take up the resolutions immedi-
ately, which motion prevailed.
Al = d. 1l,A
| only objection he raised against the resolu-
tons, is in regard to the statement in the
| preamble. l come here pledged to sustain
| the credit of the State, and by every proper
means to husband its resources and to cur
tail its expenses. Twill vote for any propO-
sition looking to that end. l do not think
that language calculated TO wound, excite
| or arouse the feelings which we hope are
| buried, should be used. | will move to re-
fer that resolution to the Judiciary Com
mittee for the purpose of having that
language changed or will vote for any
proposition looking TO a change of its
phraseology.
Mr. Hall said Mr.. Speaker, l am not
one of those who believe that the world is
going backwards, and that We are much
wiser than oUrposterity will be. |, sir, am
unwilling to roll down upon the shoulders
of posterity an onerous burden in the shape
of a public debt. But, while l am unwill-
ing to do that, l am likewise unwilling
| to transmit to them the tarnish of repudi-
alton if we can avoid it. am satisfied,
from conversations held with the best finan-
| cial talent in the State, that we can pay
every dollar we honestly owe, and, at the
same time, greatly reduce the pres
ent burdens of taxation. We must sell
the delinquent railroads. and take up the
bonds of the State issued for their con-
struction. Apply the pruning hook OF
economy to the numerous and unnecessary
offices now in the State which are absorb
ing the hard earnings of the masses, and in
this way alleviate the public burdens Let
/ us avoid reputation if we can do SO, and
at the same time curtail the taxes.
) Mr.. Morris moved to refer the resolution
to the Judiciary Committee.
+ Mr. Etheridge said that he hoped the
| Senator from Wayne would not press his
? | motion to refer this resolution to the Com
= mittee on the Judiciary. This resolution in
= wolves no judicial question whatever, an(
2 it is not the Office of the Judiciary Commit
= tee to devise ways and means to sustain tn
b public credit The duties of that commit
g tee require them to deal with such lega
e questions as may be referred to them 70
= consideration. This resolution makes al
v issue which is so simple in its meaning tina
any man after hearing it read can under
stand it and form his own opinion. If tn
General Assembly, with something hk
umanimity, adopt this resolution, it will d
:, very much towards quoting the apprehen
st sions of those who hold securities of tn
; State That is simply what is asserted i
| ha Nv to fns
the sense of the General Assembly as to tn
Is opinion of members who have to deal wit
Il this financial question. There is no la
J. raised by the resolution. l believe thf
W economy and retrenchment on the part
ID public servants will enable us to cOntrC
he this public debt, to meet the interest with
lie a reasonable time, and prepare such mean
Vi as will enable us to effect its final extiI
y punishment within 20 or 30 years.
Mr.. Morris withdrew his motion to r,
le fer the resolution to the Judiciary Con
~ | mittee
ID Mr.. Speaker Thomas (Alr. Morris
'e the chair / had not supposed at tn
Ss early period of our meeting that questc
II involving as much importance as l col
Us ceive this resolution TO do, would hay
Il been pressed upon us for immediate a
u ton. do not believe that any Senat
-, on this floor would, for moment, hesita
III in adopting any proposition looking to Il
payment of every just liability of the Sta
tie of Tennessee. But the people whom v
er represent, or rather a large majority
ed them, believe that there is much of I
H. State debt that is not Just. The fear
N have in the adoption of that resolution
,rs that our action will be taken, by some,
an Endorsement of the entire debt. '
,ol want to investigate the matter before '
MT give our decision, and the Committee
he Finance Ways and Means is the prop
its committee for that purpose. Let the
n investigate the matter, and ascertain
nat what means we shall proceed to pay t
,re State debt. 1t may be impossible for
is to meet these instalments at any eal
nat period. There is nothing in the reso
be ton that demands an investigation by t
Judiciary Committee / Will say what