Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-29
THE PROFKST.

The following is the full text OF the
protest of the anti-funding members OF
the house of representatives, which We
publish in order that our readers may
be intelligent on both sides of this impor-
tant question:
Mr.. SPEAKER-Ws the undersigned,
members of the house of the general as
sembly of the State of Tennessee, ask
most respectfully the privilege of enter
ing our solemn protest against the pas
sage of "Senate bill No. 2ll, entitled an
act to fund the past due bonds and cou-
pons of the State, and to sustain the
credit thereof" We protest not only
against the passage of the bill, but the
manner in which it passed. While we
recognize in parliamentary law the right
to call and sustain "the previous ques-
tion,p which is known and styled in the
quaint language of the day, "the gag
law of majorities," when intended in
good fo & TO put an end to useless dis
'6Gssion; yet when it has the effect, as it
did in this case, to suppress facts, instead
of making them manifest in argument;
and when used, as in this case, by a
se-counted majority, not to prevent
enlightened discussion, it at once be-
comes to be not only an
ODIOUs FEATURE IN LEGISLATION,
bat breeder of discord, which may I'M
fortunately run through and poison the
subsequent proceedings of the body.
Especially will this be true, as in this
case, when the majority deliberately
muzzles the minority, on subject Of
deep and vital interest to the people of
this commonwealth. Such a course
alienates the members, and often creates
a breach, which for the time stands in
the way of concert of action upon minor
points, and may ultimately destroy that
harmony of feeling, and unanimity of
purpose from which wise legislation
alone can be expected. In the spirit of
forbearance, and with a becoming
charity for the errors and mistakes in
Others to which we are liable, We desire
to briefly recount
THE FUNDAMENTALOB OBJECTIONS TO THE
BILL IN QUESTION:
First-Its friends, as we believe, have
deluded members on this fl or by mis-
representing the true grounds occupied
by its enemies. 1t has been insisted.
too, that the converse of the funding
is reputation. This we
deny. We insist that the question at
issue is not, as some insist, shall we pay
the State debt or not? but it is, how
shall We pay it? Debate was cut off,
and the true question was not fully dis.
cussed, hence this our protest.
Second-It seems to be sort of force
bill, or eoercive measure, the legitimate
end of which is thought to be the adop-
ton of another assessment law, and
another revenue law, whether the people
want them or not. We insist that the
funding scheme should follow the adop.
ton of the assessment and revenue laws,
and not Uice rerSd, as the case now
Third-If the purpose was not to force
the adoption of two other acts by put
ting this through under whip and spur,
then we protest against the funding
scheme as a reckless adventurer, be-
cause it is renewal of our State obliga-
tons without the means, either in hand
or in sight, to comply with the promise.
Fourth-In the heat of debate ex-
treme views were assumed, and the
carried by a total misunder-
as to the amount of money ac-
tually needed to meet the demands.
Fifth-To declare for funding without |
the means to meet the interest in future. |
and to pay the current expenses of the |
State government, is, as we verify be-
ieve, wrong in principle, and in its ope-
-ations the effect will be to present |
fraudulent device Though not lnten-
-ionaD, by enabling the present bond |
holders, who are appraised of the situa- |
ion, to unload at high figures while the
ide serves; and those who have agreed |
o deliver to the State her bonds, or who |
nave the option of doing so in payments |
If debts now or hereafter due, will be |
enabled to buy the bonds at low figures. !
IN other words to fund and then fail to |
comply with the renewed obligations |
viii have bad effect, inasmuch as |
ponds viii advance for time, and then
all below what they are now.
THE FUNDING BILL
IS passed, has two arbitrary provisions,
which demand special mention, viz:
First-On about five millions of bonds,
hat bear five, and some five and one
ourth, per cent. interest, 6y contract, the
interest is increased to six per cent.
ojtItoat consideration.
Second-The sum which the holders
If the bonds are required to pay in or
Ter to bring themselves within the pro-
risions of the law, to the outside world,
las the appearance of repasdidtion; or,
What is worse, Legislative blaek-maiP'
or the benefit of the State, Apd what
hus appears must be considered real,
lnless the funding scheme is in the in
crest of the hondholders alone, who
rave agreed to pay that sum (which
mounts to many thoqsandsl as o bonus
or the benefit of the bill.
NOTE To THE TREASURER.
Believing that the figures presented
" the advocates of the bill, on the basis