Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-19

have to confess your mistake in this mat
ter. So let US fund this debt, and those
who are now opposing it viii see that Ten.
nessee will sustain it, and thrive under it
much letter than they now suppose. AS
England "was given over; and again the
strange patient persisted in becoming
stronger and more blooming in spite of all
the diagnostics, and prognostics of State
pt,v sicians," so will Tennessee continue
TO prosper nd grow richer and greater, and
more powerful. As England again and
still again funded the o1ot until it now
makes millions upon millions CT pounds OF
sterling, and becomes richer all taHe time,
so We will see Tennessee, instead of beg
CARED and bankrupt society as predicted by
the alarmists of this House, be cable to
meet all her obligations"
We VIII see Sin every county waste
places turned into gardens; in evs-v city
new streets, and squares, and markets, more
brilliant lamps, more abundant supplies of
water; in the suburbs of every great seat of
industry we will see villages multiplying
fast, each embosorhed in its little paradise Of
liIacs and roses" And while politicians
were making false predictions of ruin in the
midst Of prosperity, England put in opera
ton her railroad system, which has greatly
blessed and enriched her.
And now l will conclude my quotations
by one which ask the gentlemen opposed
to this bill to remember. It is this: sit can
hardly be doubted th0t there must hare
been some great fGlLGcy In the notions Of
those toho uttered and of those tCh0 6eIiered
that long succession of constant prediction
so signCLLy .fGLSiJied by q Tony succession Of
indispttd6Le facts. They enormously
imagined that there was an exact analogy
between the case Of one individual who is
in debt to another individu IL, and the case
of a society in debt to part of itself, and
this analogy led them into endless mis-
takes about the system of fund
ing. They were under an error not less
serious teaching the resources Of the coun-
try. They made no allowance for the
effect produced by every experimental
science, and by the incessant efforts OF
every man to ret on in life. They saw that
the debt grew; and they forgot that other
things grew as well as the debit "They
greatly overrated the pressure of the bur
den; they greatly moderated the strength
by which the burden was to be borne"
Could anything more appropriate be
written? l think not, and shall pass from
this part of the discussion. But leaving
England, let us come nearer home:
Why is it, we are asked, that the United
States can fund its debt at four per cent
1t is simply because it is well known that
the interest will be paid?
1t is not because the United States are
any better able to meet the liabilities they
owe than is the State of Tennessee. But
it is because the United States has all the
time paid its interest to the very day.
And who ever heard of any lack Of ener-
gy on the part Of the government in pro-
viding for the payment of the interest be-
cause the bonds were sold in the market
during the war for less THAI 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 pay
ment of q single years interest. And
whatever may be the result, I believe the
debt can be refunded at not more than three
per cent.
The question has been propourded why
Tennessee money Gold issue) is worth
ninety cents to the dollar, while State bond;
are only worth about eighty cents of theiI
face value? This is not perplexing ques-
ton. 1t is easy OF solution, but can be
better answered By examining it in con
| nection with what has been sprung as {
legal point In this controversy. 1t is as
sumed by one side that past due coupon!
bear interest; the other side deny that they
| do. Now do not care cent whether they
do OF not bear interest. As a matter of
law, think they DO bear interest. But ]
i rise in this matter above all technical rule:
and considerations.
l place our obligation to dispose Of tn
debt which we owe on higher and broade
and more just principles than the cold
bIooded logic of figures and the bugaboo OF
compound interest. The question before
us is not whether the debs will be made
larger or smaller, it is question Of righ
and justice. And what shall we do? anC
how shall we meet il? The reason oul
past due coupons and bonds are not worth
as much in the market as Tennessee none,
grows out of the fact that in reference to
the cold issuen of the Bslk of Tennessee
there is no dispute on the liability Of tbs
State. 1t has been judicialy determined
that the State is liable, and the Legislature
has recognized that liability. But in regsr
to our bonded debt the case is very differ
ent.
Parties have been constantly huctuating
Aud, while 1 do not allege there is a single
member here in favor of reputation, ye
we all know it has been threatened at vari
Gus times since the war. Now, here is 1
Legislature almost equally divided, so ia
as political sentiment is concerned, witt
Democrats, Independents, and Republi
cans,-no party, in fact, having a majority
Would it not put our creditors at rest for
ever for the Legislature to give Legislative
recognition to the validity of our bonds
and thus declare the purpose of the State
pay them? Then the question propounde,
in reference to the relative value Of bond
and "old issue' of the Bank Of Tennessee
would be answered by our bonds az
: Vancing in the market, aud If "
do our duty by paying the intere!
: commanding a premium. Mr.. Speaker,
r trust the House will indulge me lon
; enough to refer to the argument that th
State cannot be sued and therefore We hay
} the bondholders in our power-we can pa
or not pay, as we like, aud remain FIRE
from judicial annoyance Sir! has it con
2 to this? Will the grand old State of Tel
t nessee, the sound of whose name make
1 our hearts swell with pride! Yes, 81
. wherever we go it is our boat that we al
} sons of Tennessee. And can it be possib
: that we will now cover her name with
t blot, with a stigma, if not of repudiatio
) itself, of the high-handed act that she pr
f poses to screen herself behind an iron wa
of legal protection constructed BY her ow
. Legislature?
t | beg of you, gentlemen, not to comm
this suicidal act of refusing to provide f.
g the payment of the debt of the State simP
: because the State cannot be sued
l know gentlemen diselaim any affinit
s for or intention of Reputation, and
f not charge to the contrary.
r But have been very much reminded b
= their argument on this subject of the Of
a darkey preacher who, being asked by b
: master how he got out of his entanglemen
s and hard places when preaching, replied
o s'Well, massa, when sees dat / ant gWlr
3 to como out straight, jess jump up an
t always shouts Glory! Glory and COM
: right out fust rate! So it seems to u
. with some of our friends on the opPos
= ticn side of this question. They argu
= against funding until they feel themselves
5 a tight place in regard to the State deb
: Aud in order to get out all straight, the
= jump up and disclaim any purpose OF rep
diation on the same principle the Of
r darkey shouted glory. Mr.. Speaker,
u promised to revert to the question, bat
80 1, fr,aliT of