Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-14
iGUBERNATORIAL.
Opening OF the Canvass-COL Col
Yar,s Speech


yar's Speech.
Col. A. S. Colyar, who has announced
himself as candidate for Governor,
opened the canvass last evening, at the
! Masonic Hall. Neither OF his competi-
/ tors were present. --
In his speech, Col Colyar devoted him.
self principally 10 the discussion of three
questions, all of great importance to the
people of Tennessee, one national, two
local. The first was the payment of the
| five-twenty bonds. The local questions
were the Peritentiary and the lnsOlvent
Railroads. - ri7f.ge 4-s
2 saf NS0EvENT RAILROADS.
In speaking of them, he said: -
would, by an act of the Legislature,
make proposition to each one of the in
solvent railroads. | would first find what
the ccSb value of the road is by busi-
ness committee; then l would relinquish
the lien of the State to the company, to
take effect when said company turned
| over to the State that amount in State
bonds of any series, the lien to be relin-
quished, transferred or vested as the COM
pany might direct, upon turning over the
bonds. | would give the company rea-
sonable time, say twelve months, to bring
N these bonds, requiring it first to agree
that if this was not done at the end of the
twelve months, sale should take place
upon some equitable terms. The induce
ment to the company TO accept the terms
of tbe'law and make the effort to get up
the bonds would be the speculation. The
difference between the cash value of the
road and the cash value of the bonds,
which the State would be taking ct par,
aud which would be money and more
than money to the State, because it would
be taking up her own paper, and at the
same time restoring the credit of the
State. ' -- ~" rt-ta f.a-.
In the conclusion of his argument on
this subject, he warmly advocated the
encouragement of immigration by proper
legislation. -' ~ -.
THE PENITKNTIARY. .....
Col Colyar opposed the present peni-
tentary system because it brought us
constantly in debt, and introduced convict
labor as the competitor-of our mechanics.
He thought that the convicts should be
employed in digging coal and making rail
road iron. He said: % - FRI.
This institution, which has cost the
State SO much money TO run ii, has we'll
nigh ruined the mechanics of Nashville,
and materially affected them all over the
State. Through this institution the State
is breaking down all its mechanics-ab-
solutely competing with all the mechanics
in the State, and impoverishing the State
to break them down. None know better
than the mechanics of Nashville how this
competition affects them. Many of them
are broken down by it, others are driven
away, while many good mechanics are
kept out of the State because they will
not compete with convict labor.
Instead of competing with him in max
ing bedsteads and bureaus, hollow-Ware
and castings; indeed, instead of compet-
ing with him in the arts and crafts, and
trades of life, you put him where he fur
nishes these classes with what they are
compelled to have to carry on their bust
ness and warm their families.
THE FIVE TwENTIRs.
. He said that the government debt
amounted in round numbers to about $2,-
500, 100000. The proportion of this
which is in bonds and bearing coin in
terest is 81, 107, 939, $50. of this, $221,-
$50, 800 is at per cent, the balance at 6.
The whole coin interest to be paid annu-
ally is 1928, 260, ,4S6. This the people
pay annually to the bondholders, and it
lacks nearly $50, 900, 900 of being the
UItole interest which the people pay; but
this is in gold. What is known as 5-20's
make 81, ,697, ,873, 40 of this sum, so that
if the 5-20's were out of the way, the
debt bearing coin interest would be small,
and indeed the whole balance of interest
bearing debt would not be oppressive.
Now | propose to show that this part of
the public debt known as 5-20's, as held
and enforced, is the taking of money
without authority of law. The amount
actually collected on this item of the debt
each year is $101, ,672, 398. ....
But to the facts about the 5-20's. The
5-20's are so called because they may be
paid IN five years, but shall not be de-
manded under twenty years. They were
issued under three different acts of Con-
gress; the first bearing date the 18th of
February, 1862. The words of the several
acts in reference to the character of the
bonds are the same. The most important
fact bearing upon the question which
make upon these bondholders in constru-
ing this statute is, that it is the identical
statute which first authorized the issu-
ance of what is now SO generally known
as .greenbackS.
| hope to be able to make myself Un-
derstood. The simplest form of putting
the question which l want to discuss is
best, and adopt the following: Are the
5-2O's payable in gold or currency? The
bondholders contend that the principal,
as well as the interest, is payable in gold,
and Congress and the Secretary of the
Treasury so hold. This question is now
of the greatest moment; because, if pay
able in gold, the gold can not be had, and
the debt becomes fixture, with the $101.
900, 900 which Is payable in gold fastened
upon us, and which must be paid every
year. The reason this question is of such
vital importance is, that if the debt, by
law, is payablein in currency, it canb done,
and three things are accomplished which
will be grand in their results.
/. The dread and terror of future debt,
so disastrous to business and national
prosperity, are in a great measure re-
moved, because though it is still debt,
yet a non-interest- bearing debt IN the
hands of the people as a circulating me-
dunn is not in public estimation like a
gold bearing interest non-taxable bonded
debt IN the hands of Shylocks.
2. 1t relieves the people at once of five
sevenths of their present enormous bur-
dens in the shape of interest.
8. 1t places capital where it ought to
be, in business insteadof safes.
Is this enormous debt of 81 697, ,S7S,-
14O payable in currency?-in greenbacks?
In lawyer-like way propose to pre-
sent the proof.
/. The act of Congress.
2. Circumstantial testimony.
8. The witnesses.
Col. Colyar then read from and COM
mented upon the various acts authorizing
the issuance of the 5-20s and the green
backs, showing cOnclusively that the
former were redeemable in the latter
that these notes-greenbacks-are and
must be taken by the government 'fn
payment of all taxes, internal duties, ex,
clses, debts and demands of every kind
dino IN the limited States eXCeDt duties on