Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-18

would be a party headed by the gentleman
from Upton (Mr. Cummins) denouncing
them az sharks, and thieves, and "bloated
bond holders" and declining to ever recog-
nize their right to the ordinary rules of
commercial dealings, and renewal of the
bonds and accumulated interest by forty
years extension of their claim against the
| State in funded BOND. / say, if this no
| tice had accompanied the offer TO borrow,
how much money could the State have
raised?
IF the men from whom we secured this
money, had been advised of the treatmen
in store for them, where would be your
capitol? Your railroad bonds? Your in
sane ayiums? Your Deaf and Dumb,
and Blind schools? A policy that approves
the payment of these bonds, and interest as
it becomes due, is policy moro than that
which would approve. sending the Gospel to
| the he2then-i. is much more. In the one
case a n oral obligation only exists! In the
other, both moral and legal obligation eK-
lists. The policy, Mr.. Speaker, that would
refuse to fund debt contracted for such
grand projects and holy purposes would
result in opening the doors ofyour asylums
for the unfortunate sons and daughters of
Tennessee, and turn then them out to
brook the cold charities of the world But
the cry of "bond-holders'" and "bond-
rings, "has been so repeatedly and earnestly
made, as to almost frighten the friends Of
the bill, If they can be frightened by that
kind of defamation! The enemies Of the
funding policy have studied the
matter of bonds, and bond-tolders so close
ly that they seem TO have taken kind Of
financial nightmare, and while laborirg
under its decisions, are actua'e3 towards
bond-hOlders some what like the Texasan
herdsmGn whose cattle we're about to perish
for salt, and hurrying by stage TO save the
life of his herd, fell in company with
number Of clergymer. Slumbering and
dreaming along, be happened to reuse up
just a: the clergymen were concluding
CO Iver alton about "Lors Wife, and
caught but the single remark, that "ttere
she stands a pillar of Salt" It. was
enough, he had heard "Salt;" the recollec-
ton of his furnishing and thirsty cattle con-
vulsed his mind, as he exclaimed "Oh, if
my cattle were there they would lick her
up in minuten
So cur opponents have but to catch a
single sound, and they go almost into
spasms they take the ',jelks," and ex-
claim "Bond-holders Ring" and the like
expressions. The gentleman frJm Upton,
(Mr. Cunmins) said 'pass this bill and Jet
the bond ring unload"
Now, have no doubt but that there is a
'bond ring" and it matters but little with
me how much they make, or what they do,
SO long as | can rise above their influence
and act for the best interest of my constit-
uents and the people of the State. But,
might not the friends of the bill retort by
saying reject this bill, and let the RAILROAD
Ring" riot in the exclusive luxury of max
| ing gain through the misfortunes, and de-
preclatiOn of the credit of the State. That
there are those who will profit by the pas
sage of this bill have no doubt. That
there are those who will profit if it is re-
| iected, there is and can be as little doubt.
And, here let me call attention to the re-
markable bill offered in lieu by the gentle
man from Monroe, (Mr. Martin.) know
that gentleman. He is an honest and
clever man. He does not intend to do what
the bill offered by bin would certainly do
! if passed into a law. Now, what does the
bill offered in lieu propose? have already
alluded to Rings. | have said there were
two, the emissarles of which meet you
wherever you go-whethec here, at
| the capitol, or about the hotels.
However, the Bond Ring has not yet asked
| the exclusive privilege of specializing in
| coupons of the State. Here is a PROPOSE
| ton presented in the shape Of bill, which,
| if passed, would amount in substance to
| Incorporating the Railroad Ring, with full
power to control the value of undue bonds
| and coupons, for the reason that under
| such law the railroad companies who are
! indebted to the State would be the only
| parties authorized to use them, and conse-
! Quently have the means of controlling the
market. 1t is q mOnstrous proposition.
Think, if you please, Of the great State of
| Tennessee throwing the protection of the
law around the Railroad Rings as wall of
defense between them and the rest of the
people of the State! Think of placing our
| obligations on the market under the cir
cumstances already detailed, and then think
of the State prescribing into whose
hands these obligations shall go,
and who shall be entitled to their
full face-yalUe, 10 the exclusion
of all others, and to the actual and positive
oppression of those who now hold these
coupon obligations. Mark you, the tax
payer, the citizen, and all individuals, are
required to pay their obligations to the
State in greenbacks, gold or silver; but here
the poor, weak, harmless, and defenceless
incorporated railroad ring is to be author
lied to paw its debts to the State, In the
past due coupons, that you say by your re-
fusal to fund, are scarcely worthy of consid-
Grafton. ..# r
Some have argued this question as
though every man who favored the bill did
50 in the interest Of "bond-ring." For
myself, desire to say, that am not one
of those who believe every body dishonest
who happens TO differ with me on public
questions. l do not charge, that those
against the bill occupy that position to aid
the railroad companies to buy up our State
bonds at nominal fgdres, and
thus pay off their Indebtedness
to the State with less thar
q song. Still everybody knows ,uAt to de
feat this bill will cause State bonds TO &C
down in the market to perhaps fly cents
, when The simple fact that one tranch Of
. the Legi . ure has passed it, with pros
pect of l. passing here, has caused oul
r bonds to 60 up in the market to S4a cents
D.. and the passage Of it will raise them to 81
9 cents before Saturday night. Aud YET
{ there are two sides TO this question.
q came here fsvoring and expecting to vote
e to iuud the debt. But, believing as l die
that there existed an organized effort to in
e Guide in this scheme the "Torbett issue
e and "war bonds, changed my mind. In
: deed, went so far as to prepare an argu
! ment against funding, which, by the way
/ without boast of myself or reflection upol
e others, think is decidedly better than any
K thing we have yet heard on that side of th
d question. But, on reflection, deliberatel
n concluded that no other disposition coul
n be made of the past due debt, an
It this bill having been amended an
IS hedged about so as to certainly prC
IS tect the people by the exclusion {