The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1871-06-02
Ex.President JOhnsOn's Knoxville
+ra- Speech. ..f

Ex-President johnson delivered q
great speech at Knoxville last
Saturday before the Industrial Expo
sition. We copy from the Nashville
Banners report the following in
teresting summary of his remarks:
He commenced by saying. that
when young man he had been
called a demagogue for defending
the mechanic and laboring man, and
for expressing sympathy with them !;
that through long public life he
had never been without enemies
and prosecutors, and that nothing
had given them more constant food
than his origin and his occasional
utterances of friendship for that class ;
that lie to-day stood before his
brother mechanics by their invita-
ton, and that he was in condition to
speak plainly upon certain great
questions which involved the dearest
interests Of the mechanic and Ia
boring man. He had no hope these
utterances would be flee from
the charges which were always made
against him, but for this he had no
concern. Having performed the jour-
ney of political life, reaching the
highest place in the gift of the pco-
pie, and having retired, and asking
nothing, and wanting nothing, and
being conscious of having kept all
his engagements in life both public
and private, he could stand the per.
secutions of his enemies and could
afford to be called a demas ogue.
At the bottom Of every interest
connected with the laboring man WIS
the burden of our national debt
This was question which affected
all alike. The interest on this debt,
payable in gold, was Sl5O, COZ, 900 an
nually, which came from the people
by taxes. He laid down certain
propositions which he said could mol
be controversial: -.r..
First, That no people yet had evel
paid large war debt. .
Second, that no people were justi-
fable in making an enormous debt
and transmitting it to posterity.
He said the bOnd-holders had paid
for the bonds in q currency which,
as compared with gold, was two-and.
a-half or three to one. They had al
ready drawn this interest in gold suf.
ficient to pay of the money invested
The debt was beyond the ability OF
the present generation, and therefore
a compromise was both equitable and
necessary.
Mr.. johnson read at length from
one of his messages to Congress,
and elaborated the equity and justice
of the settlement therein proposed.
This plan is simply to pay every
year, to the bondholders, the $50
COO, 600 until the debt is extinguished,
which would take about sixteen
wears. In other words he proposes to
apply the interest to the eXtinguish-
ment of the principal, SO as to pay of
the debt in the present generation,
and he puts it upon the high ground
Of equity. Considering the amount
paid for the bouds, and the gold in
terst already drawn, he argues that
the settlement now proposed Is as
much as the bondholder is entitled
to. His illustrations and arguments
upon this branch of his subject are
said to have had an oyerp0wering eff
feet upon the audience. He drew
the picture of soldier entitled to 8
pension, who was compelled to take
It in deprecated currency, while
the bondholder was allowed gold
and of the same soldier paying taxes
as regularly as the seasons came, nc
matter how it oppressed him, while
the bondholder paid no tax at all