Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-08
SPEECH OF nh. MCCALL,
Delivered i'm the senate, ON the Fund.
ing Rfll.

DGlIN0EC0 IN NnC 6CAA@9eCS VI eAAo = ~ ~
ing Bill.
Mr.. SPEAKER: This is perhaps the
most important subject on which this Gen.
eral Assembly viii have TO legislate, and
from the number of lengthy bills which
have been introduced iD both houses, the
wide range taken by newspapers in the
discussion of this question, as well as the
debates on this floor, l feel conf
dent that the subject is very
well understood, and its magnitude
fully appreciated. If this be the true state
Of the case, then there certainly can be nc
better time to take definite action in regard
to this matter, and more especially as our
session is rapidly approaching its close.
No question has 50 fully engrossed the at
tention Of our people since they have been
etfranchised, as our public debt, and our
officials have been untiring in their Efforts
to give relief from our burthens,
only differing as to the mode
of accomplishing this purpose. The voice
and recommendation of those in authority
are certainly entitled to grave considera-
ton, and should only be disregarded when
the plain dictates of deliberate judgment
impels 10 that course.
We imagine every one in this General
Assembly, the Governor and the advisors
around him, are moved by an imperative
sense of duty, and an honest purpose to
promote the public veal. Actuated
myself by these motions, and feeling the
importance of the step, in its broadcast
sense, regret to say shall pursue course
ON the funding bill very different from Ehat
Of its author, the recommendations 'oi
the Governor and many gentlemen on this
floor.
lin this err, ! have consciousness
that the error is one Of the head and not OF
the heart. With me, the line of duty is a
plain one ana the course l feel
constrained to pursue one which
I can follow cheerfully, and | believe
I am subscribing the hest interest Of the peo-
Die of Tennessee under their present finan-
cial endorsements.
Startling changes seem to have taken
place In the minds Of many gentlemen
since the autumn of 1871. At that time
with the exception of her outstanding liza
bilities on account Of the sold issue" OF
Tennessee money and warrants on the
Treasury, (since paid in part) the financial
condition Of the State has not materially
improved.
iHThis may seem absurd at first view, but
such is not the case, for 1t must be remem-
bered that while our bonded debt and In
terest thereon was then said to be in round
sums $50 100000 and since then has been
reduced-thoee which are due from solvent
railroads excepted-to about So, 100000,
which will have to be paid by the State;
vet, upon examination it will be found
that most of the surplus over the present.
debt was then virtually Iquidated by The
sale of q number of railroads, on which
5ayments had been either made or well
Occurred, and hence notwithstanding Sigh
appreciation in Tennessee bonds and th'
payment of the over due warrants and th'
bid issue, still, we have staring us IN thu
face an immense sum of the ''new' or |" Tor
bett issue of Tennessee money which We
MAY be called on TO pay just about th'
time resumption of interest payment
on the debt proposed to be funded, ha
to be commenced. If it has to b
paid, (Which we trust may not be th
case) then it viii become practically pr
mary charge on the Treasury, having pre-
CADENCE Of ali other de0ts, WITH -tnes
Ecss before us. how can it be contehue'
hat our condition has so improved as
commend this measure to our support un
IN We can see our way ont Of some OF thes
Sificnlties by degrees, and without crushlh
o-1r neople in their domestic pursuits
Eould 4 feel confident that this ipegs
nov ar aTorbett issue" would never b
forced upon us, then might assent to, an
even urge, some such bill as this. ..
AGAIN. let it be remembered that VII
.ome there is no stopping point IN tn
drain uDon the purse of the people oil lei
nes9ee.
In addition to the certain and contingeI
liabilities. above enumerated, theg lnsi:
T1non Slate tax for common school pul
noses. all of which must be paid if It take
the last dollar in the State, and paid Ehe
we are the least prepared to meet the ta'
RatheTer.
To meet this sort of argument, and il
yeigle some into the support of this fundln
scheme, it is adroitly asserted that much II
lief can be had by calling in our outstan'
inc Indebtedness, and detect nleg
bonds and have them cast out. Well, tn
NAV be true, but it seems that 1t CONF
too late, when the source is consldere'
1t will well be remembered that 20
Brown gave it as his opinion, TO the SIT
General Assembly, that "fhe legislation
the last two years appears to me, (hln
precludes any discrimination in our bond
upon the presumption Of illegality in the
issuance" After referring to certain bond
the redemption of which had been forol'
den, be proceeds to say, "The bonds GU
standing. are, all of them, doubtless, in u
hands of innocent holders" and "the
considerations alone are sufficient TO q
tarmine that Tennessee must and Will !
deem the entire outstanding bonded oet
with the exceptions stated" Ihls was
1871, but in 1872, Mr.. Speaker, in the mes
ace of His Excellency, the Governor,
find the following: "If there be outstan
ing bonds, issued without authority OF Law
they can and will be detected, and throw
aside. We ought not to pay the principal
interest of such bonds"
So much for this.
Now, during the session of 1871, mys
and number of friends endesvofed to
through the House a bill forbidding =
reception of these bonds in payment
railroad debts, or for any other purPos
until the people, al the ballot box, when '
were elected to seats on this floor, cou
pass on this question of paying illegal al
spurious bonds. This proposition on
. receiyed seventeen votes; it fell lifeless
b. the clerks desk. Then, when millio
might have been saved by casting out su
bonds, the matter was disregarded-t
Ilfsith of the State had to be maintaine
Now, when perhaps, an half dozen bor
might be "cast out" 'the faith of
% State. does not interpose any obsta cies.
have ever been opposed to paying hle
debts, and am now, and so stated before
people who sent me here; but cannot
hurried into the support of this scheme
order to bring about at once the funding
these bonds. If they can be 'cast OUT
all it can be done when they are presen
by the holders, regardless Of funding D.
In regard TO the financial conditon
this State, can say, that while am res
10 sustain her credit, yet who can compi
o If she fails for time, when it is kno
that during the wa she was stripped OF
all her personal property. The North
States cannot complain of this, as they,
general sense, were free from debt. II
r when we complain of Tennessee not
iuR her debts, and falling to educate, Il
high time to look TO other quarters. II
Think, no man win, when be learns