Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-04-02

Why is It, we are asked, that the United
States can fund It's debt at four per cent It is
simply because 1t is we'll known that the interest
will be pad2 rl.tE#t...rf
1t not because the United States are any bet
ter able to meet the liabilities they owe than is
the State of Tennessee. But il Is because the
United States has all the time paid its interest 10
the very day.
And who ever heard of any lack of energy on
the part of the Government in providing for the
payment of the interest because the bonds were
sold in the market during the war for less thar
full value. In my opinion, If the debt is funded
in forty years from this time, Tennessee will be
able-yea more able to meet the accumulated
interest and principal, than it is now TO make
payment of single years interest. And what
ever may be the result, believe the debt can be
refunded at not more than three per cent.
The question has been propounded why Ten
nessee money (old issue) is worth ninety cents to
the dollar, while State bonds are only worth
about eighty cents of their face value? This is
not a perplexing question: It is easy of solution,
but can be better answered by examining IL in
connection with what has been sprung as q legal
point IN this controversy. 1t is assumed by one
side that past due coupons bear interest the
other side deny that they do. Now do not care
q cent whether they do or not bear interest AS
matter of law, think they do bear interest.
But rise in this matter above all technical rules
and regulations,
place our obligation to dispose of the debt
which we owe on higher and broader and more
Just principles than the cold FLOODED logic Of
figures and the bugaboo of compound interest.
The question before us is not whether the debt
will be made larger or smaller; it is a question
of right and justice. And what shall we do and
how shall we meet III The reason our past due
coupons and bonds are not worth as much in the
market as Tennessee money, grows out of the
fact that in reference to the 'old issue of the
Bank ofTennessee there is no dispute on the lia-
bility of the State. 1t has been judicislly de-
termined that the State is liable, and the Legis-
latnre has recognized that liability. But in re-
gard to our bonded debt the case is very diff
terent.
Parties have been constantly fuctuating
And. while l do not allogs there is single
member here in favor of Reputation, yet we all
know It has been threatened at various times
since the war. Now, here is q Legislature al
most equally divided, so far as political senti-
mentis concerned, with Democrats, Independ-
ents and Republicans-no party-in fact hav-
ing majority. Would it not put our creditors
at rest forever the Legislature to give legisa
tive recognition TO the validity Of our bonds,
and thus declare the purpose of the State to pay
them? Then the question propounded in re-
ference to the relative value of bonds and "old
ISSUE of the Bank of Tennessee would be an
swered by our bonds advancing in the market
and If we do our duty by paying the interest
commandnga premium. Mr.. Speaker trust
the House will indulge me long enough TO refer
to the argument that the State can not be sued
and therefore we have the bondholders in our
power-we can pay or not pay, as we like, and
remain free from judicial annoyancel Sir has
it come to this 2 Will the grand old State Of
Tennessee the sound of whose name makes our
hearts swell with pride? Yes sir, wherever
we go il is our boast that we are sons of Tennes-
see. And can it he possible that we will now
cover her name with blot, with stigma, if not
| of reputation itself, of the high-handed act
! that she proposes to screen herself behind an
iron wall oflegal protection constructed by her
own Legislature?
l beg of you, gentlemen. not to commit this
suicidal act of refusing TO provide for the pay
| ment of the debt of the State simply because the
| State can not be sued
know gentlemen disclaim any affinity for or
intention of reputation, and / do not charge to
| the contrary,
But ! have been very much reminded bytheir
argument on this subject of the old darkey
e eS yh BEING by his m Ss1S how
when preaching, replied: well, massa, when
l sees dat ant CRIME TO come out straight, i
jess jump up and shouts Glory Glory and
| comes right out fust rate" So it seerns to me
| with some of our friends on the opposition side
of this question. They argue against funding
uGtil they feel themselves in n tight place in re-
gard to the State debt And in order to get out
all straight they jump up and disclaim any pur-
darkey shouted glory lMr, Speaker, promised
| to revert to the question: but / have neither
strength nor inclination to say more than that,
as l have heretofore stated on this floor, Ten
nessee pays very small taxes. There are but two
States in tho Union that pay less, while thirty
four pay more And we all know national
taxation is nothing. / doubt whether there are
half dozen men in this House who pay United
States taxes. refer TO this to show that the cry
about high taxes is uncaed for. 1t will continue,
though, as there will always be those who expect
to succeed by making political capital ont OF the
prejudices of the people
Now Mr.. Speaker in conclusion, let me again
appeal to the pride Of Tennessee.
Let us forget the angry passions OF debate,
and link our shields together in behalf of the
future grandeur and glory of our State. AS we
have been proud of our nativity in the past, lot
Ms commit no act that will tarnish the fame that
attaches to the namo of Tennesseear. We wiz
soon pass to the heresfter-men die, but as i
have said States are immortal and live forever.
Let us bequeath to our children the same good
~ heritage that we received from our fathers.
1 have done, Mr.. Speaker, and it has been my
purpose to do my duty to myself my constitu-
ents, and my God. ] trust the consequences
with the Judge of us all. .....