Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-06

time the debt of the State would not b
any nearer being hquidsted than it is to
day.
Mr.. Richards argued that the only way
to induce immigration to turn in this direc-
ton and to realize from the mineral wealth
of the State is to provide for funding OF
the States indebtedness and for the pay
ment of the interest already due on that in
debtedness. He was in no hurry to pay
the principal of the debt, for the reason
that he thought Tennessee would be in a
much better condition to pay that debt for
ty years from now than she is to-day; but
he cons idered it to be of the utmost impor-
lance that provision for the payment of the
interest already due should be made at
once.
Mr.. Mcdonnell, of Trousdale, held that
the honor and integrity Of the State of
Tennessee can only be sustained by the
adoption of some bill which will provide
for the payment of the principal and inter-
est of the States Indebtedness. He con-
sidered that it is species of reputation
for lax collectors TO refuse, In The settle
ment Of taxes, past due coupons owing by
the State, and he gave it as bis opinion
that if the legality of the question were
tested, the State could be compelled to re-
ceive these coupons in payment of debts
due the State. He strongly favored the
adoption of the bill.
Mr.. James explained the parentage ofthe
Funding bill, as Mr.. Snipes had said it ORR
ginated in New York at the hands of hold
ers of Tennessee bonds. He (James) had
drafted the bill from all the funding bills
hofo cd frxyn
tons of his own. He did not favor the
bill because he had introduced it, but be-
cause he believed it was the duty Of the
State TO fund her Indebtedness and make
provision for the payment Of the past due
interest on that indebtedness, at the earliest
day possible.
Mr.. Mccall said that it is well known that
there are bonds outstanding which were
issued in violation of law, and he was de-
cidedly opposed to paying those bonds.
He held that q State has the right to say
In what description of money, or funds
taxes due shall be paid, aud therefore the
State Of Tennessee could not be compelled
to receive past due coupons in payment OF
taxes. If this debt is funded, if the Comp
troller's report is correct, the interest, the
first time it falls due, will amount to ST.
$4,000; the current expenses of thu State
will amount to 100000 the school tax
$4,000; outstanding warrants SAFE, 900;
loan 100000; old Tennessee money out
standing SIS, 900; in serest on the permanent
school fund Sl32 900; making a total Of
So, 053, 900 to be raised when the first in
terest falls due, less $163,000 to be col
lected on privileges next year. If these
figures are correct, a tax of one dollar on
the hundred will not raise the sum re-
quired.
Mr.. Tillman considered this a question
pertaining to the honor Of all the people of
the State. He was opposed to infictiBg
upon coming generations debt of $z2,-
coo. 600, with an annual interest OF 81 ,320,-
600. He could not see that the State is
under any obligation to compound the in
terest on her past due coupons.
Mr.. Coulter (who was the author of the
original funding billy presented various
facts and figures by which he had been led
to favor the passage of bill to fund the
State debt, and which he had taken
from the Comptroller's reports. These,
he considered, fully set forth the expedien-
cy, and, indeed, the absolute necessity for
funding measure, both for the honor and
credit Of the State abroad, and the interest
Of the people at home.
Mr.. Hughes, Chairman Of the Finance
Committee, strongly favored the passage of
the bill before the Senate, which bill had
been recommended for passage by the COM
mittee. His speech was mainly devoted TO
answering the objections which had been
urged against the measure, closing by pre-
senting the views which had actuated the
committee in recommending the adoption
Of the bill.
The bill was then passed by the follow
ing vote:
Yeas-Messrs. Allison, Brandon, Coul-
ter, Hughes, James, Jones, Mcconnell Of
Blount, Mcconnell of Trousdale, Moody,
Patton, Richards, Richardson, Robertson,
and White-14.
Nays-Messrs. Hamilton, McCsll, Nc
Kenna, Morgan, SIN thsoD, Snipes, TiLIman,
Warren, and Speaker Lacey-9.
Adjourned Cat Z O'Clock P. NJ till 10
o'clock A. NJ. tomorrow.
Of .Ra-uaaankoffuaa