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


ter's winds and inclemencies of the wealth |
er. NO, sir; we were out of house and |
home; we knew not where to lay our |
heads as State. We needed and were |
compelled to have a home for the capitol. |
We had no money with which to supply |
this necessary want. Our fathers, to whom |
| trust will be ascribed equal judgment,
honesty, patriotism, and ability with the
present generation, conceived and carried
into effect the policy of issuing the bonds
of the State, which resulted in bequeath-
ing to us this grand architectural structure
in which we are assembled to-day, and
which has honored US with its fame
throughout every State Of the American
Union.
These are some of the bonds upon which
we are now engaged in an effort to provide
for the payment of interest. And be il
remembered, that these bonds, many of
them, were bought by the much abused
bondholders, not at a heavy discount, as
alleged, but at more than one hundred
per cent.-at more than their face value
at premium. But this is not all. have
said Tennessee was rich in sources Of un-
developed wealth. So it was. But our
navigable rivers were few and small.
Here we were, wasting, or rather idling
away our elements of wealth. The means
of REORGANIZATION among ourselves,
the different portions of the State and the
outside world, and transportation for our
commercial commodities must be had by
some action or other, and our fathers, for
whose memory trust we still have q lin
gering respect, resorted {. the issuance and
sale of State bonds, in order TO construct
railroad system by Which our greatness as
State could be developed and enjoyed by
their children, who constitute the people
of Tennessee. And here let me ask those
who would refuse to recognize and provide
for the payment of the interest on these
bonds, what would be our condition if the
magnificent system of railways that now
link us together in all the various direc-
tions and sections of the State was taken
from us and the old order f things restor-
ed? What would. be our relative wealth
and prospects for the future What would
| become of our trade and commerce? Wehre
would stand onr grand centres, like Knox
vile, Chattanooga, Nashville, Memphis
and other like prosperous towns and cities?
Instead of the prosperity in which they
ale now immersed and the thrifty popula-
ton they possess, the forest and the cane
brake would cover the place in silence
where they stand. Yes, gentlemen, it
was the "bloated bondholdersn whose
! money built your railroads, and ] may
| add, turnpikes, by which the State is bless
ed with the avenues of trade and. COM
merce, and crowned with the prosperity
which we see smiling around us wherever
we may go throughout the borders of the
State. sand again, il was by the money Of
the so-called "bloated bond-holder," that
your Asylums and State Institutions for
the unfortunate blind. deaf and dumb and
insane, were constructed and built up, as
so many monuments to the God-like
character of the authors of the plan
| those in whose minds and hearts the grand
purpose was resolved.
j appeal to you, the members of this
House, TO reflect for what noble purposes
this debt was contracted before you refuse
TO meet the interest and dispose of the
principal, in some equitable manner. And
here, lest l forget it in the futnre Of my
remarks, let me ask the members in this
House, what would have been the result,
IT. when we were poor, had no money,
and wanted to borrow, we had started tn @
agents OF the State out to sell our bonds
and procure the needed supply OF money.
with the speech from the gentleman from
Upton MIR. Cummins, in one hand dis
playing his invective against the "bloated- |
bond-holders, with all his nervous powers
of denunciation, and proposal TO sell |
these very men our bonds in the other. / |
repeat, and press this question, what would |
have been the result; and how much |
money wouldthey have gotten1Suppose the |
men who came to our relief, and furnished |
money to.supply our demand and thus |
lifted us from distress, had been notified in |
advance that when their interest should \
accumulate, ana their bonds fall due, and /
they should magnanimOusly come forward |
and say, that owing DO our financial mis-
fortunes they should not exact payment,
but simply ask that the obligation be re-
newed, there be a party headed by the |
gentleman from Upton ,(Mr. Cummins,) |
denouncing them as sharks, and thieves,
and "bloated bond-holders,u and declin-
ing to even recognize their right to the or
dinary rules Of commercial dealings, and a |
renewal OF the bonds and accumulated in |
terest by q forty years extension OF their
claim against the State in funded bond.
/ say, IL this notice had accompanied
the offer TO borrow, how much money I
could the State have raised
If the men from whom we had secured
this money, had been advised of the treat
ment in store for them, where would be |
your Capitol? Your Railroad system |
Your Insane Asylums? Your Deaf and |
Dumb and Blind Schools? A policy that /
opposes the payment of these bonds, and |
interest as 1t becomes due, is policy worse |
than that which would oppose sending the |
Gospel to the heathen-it is much worse. |
In the one case moral obligation only
exists! In the other, both a moral and |
legal obligation exists. The policy, |
Mr.. Speaker, that would refuse /
to fund debt contracted for such /
grand projects and holy purposes, would |
result IN opening the doors Of your |
asylums for the unfortunate sons and /
daughters of Tennessee, and then turn |
thausout tn bronx tha cold ohio ritiaa Of tho Il