Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-18
SPEECH OF JUDGE HOUK.
DeIiyeTed I'm HOHse of Representa-
tiyes March 10, 1873, ON the senate
Finding Bill.

DeIiyered I'm HOuse of Representa-
tives March 10, 1873, ON the Senate
Funding Bill.
Mr.. Speaker: do not understand, nor
can l see the necessity for so much excite
ubent of the character e7inced by members
on this floor, when we are engaged, as we
now are and have been for several days
mast. in The consideration Of one Of the
most grave and certainly most important
TO the people of the State of any question
that can or will be presented for our COZ
sideration as legislators of a great State.
WHY become more excited, more ike
Jockeys around the race club, than grave
and digiified Representatives Of the people
celebrating over questions OF State? ap-
neal TO menters If the House to lay aside
passion and prejudices, and let us all rise
above personal considerations, and pecu-
liar pIeferepces, and act together for the
common good? As to myself, long since
learned through the viciss tudes Incident to
worldly contact that 10 one individual
could have his own particular way about
everything. That being so, as MIR. Web
ster once said, now that the storm has pass
ed by, that the waves of undue excitement
have ceased to lash their furry around us;
that the hurricane of passion no longer
RACES in our midst; that the lightning stroke
of sarcasm, wit and satire, not to
say irvCciVe has lost its appal-
ing glare, let us take our reckonings,
ascertain our bearing, find our longitude
and latitude, and see for ourselves, and I'M
derstand, if possible, one Of another,
whether we are drifting into the port of re-
ITclnr,Cr Cr. the haTh0T
honesty, credit and future prosperity for
the S. ate and people. after taking calm
survey oflhe situation, looking TO the facts
and circumstances by which We are sur
rounded, what, ask, gentlemen, is our real
condition? true statement Of the case
presents lis in debt to the amount Of S4,-
958, O353G past due coupons, this much of
our public deb having matUIed, and the
holders asking that something other than
Reputation be done in that behalf Here
we stand face to face with our creditors.
They hold our obligations now due IN the
sum Just st ted. ow, if we can pay this
liability, that is all not only good, but very
good. Can we do ii? No sane man will
insist that the people are either able or
willing TO bear rate OF taxation suncieDG
to paw this now due debt. Hence, if any
lining is OODE, Ii UlAob NC O~lAOtbAAAE, OLLIl
than paying it in present cash. But tie
question comes up here, whether or not 1t
is our duty as a Legislature TO make any
provision whatever for its settlement. The
opponents of the funding bill have present
ed ali sorts of arguments except those OF
logic and force. However defective others
views presented may have been, one
position on the part of our enemies, has
been made Enthusiastically plain and GER
tain. | allude to the manner and matter
of their references to the "bloated bond
holders" s'boud-IiDgs," spectators" and
like characters. As l understand the posi-
ton of gentlemen Oh the other side of this
question, it is to have the bondhOldeTs just
where they low are, with our debt due and
no provision to pay it, and without any
declaration on our part thai it shall be
Hereafter paid. And many reasons are as
signed why this state of things should be
permitted to lemaiD. Some OF the argu-
ments presented were directed, as l under
stand them, more against the ownership OF
property by the citizen and the eXactiOn OF
taxes by the government than against any
peculiar or general feature Of the funding
bill before the House. AS it is asserted by
some, whose zeal has certainly outstripped
their knowledge, that our creditors are an
unworthy and undeserving set of "bloated
bondholders" and ring men, it will not be
out of place, Mr.. Speaker, to examine for a
few moments and see for what purposes
our bonds were issued and placed in the
market. The State of Tennessee, great in
territory, great in soil, great 10 the posses
sion of inland water power courses and
beautiful rivers, great in mineral wealth.
in a word, great in the en-.
ioyment of so many sources
of undeveloped wealth, that heI
future actual wealth and accumulated pop.
ulation was then, as it now is, beyond the
capacity of mathematics to compute. Ii
this condition our young State began its
career-poor at the time, but certainly rich
in the years to come. We had nc capita
in which to transact the business o
State. We had no place in which the L G.
islature, the law making branch Of the gov
eminent, and other State officers could inC
shelter from the storms and rains and sun
shine of Heaven, nor take refu e from thu
winters winds and inclemencies Of tbt
weather. No, sir; we were out of hous
and home; we knew not where to lay on
head as a State. We needed and were com
PEELED to have home for the State capitol
We had no money with which to supply thi
necessary want. Our fathers, to whom
trust will 5e ascribed equal judgment, hon
esty, patti iotism and ability with the pres
ent generation, conceived and carried int
effect the policy Of issuing The bonds of tn,
State, which resulted 10 bequeathing to u
this grand Srchi' ectural structure in which
we are assembled to-day, and which ha
honored US with its fame throughout ever
State of tie American Union. Thee ar
some of The bonds upon which We are nov
engaged in an effort to provide for the piy
ment Of interest. And, be it remembered
that these bonds, many of them. wer
bought by the much abu' ell bond-holders
not at a heavy discount, as alleged, but a
more than one hundred per cent-a
more than their face value-st premium
But this is not all. l have said Tennessee
was rich in sources of undevelopad wealtl
So it was. But cur navigable rivers weI
few and small. Here we were, wasting,
rather idling, away our elements of wealtl
The means Of inter communication amor
ourselves, the different port OBS of the Sta
and the side world, and transpoftatic
for our commercial commodities must
had by 80 act On or Other, and OF fal
ers, for whose memory | trust we still ha'
lingering respect, resOrted to the issuan
and sale of State bonds, in orSer TO co
struct railrof system by which our gre'
ness as State could be developed and e
ioyed by their children, who constitute t
people of Tennessee. And here let me a
those who would refuse to recognize al
provide for the payment of the interest {
these bonds, what would be our conditit
If the magnificent system of railways To
now link US together in all the vario
directions and sections of the State W