Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-08

power should cease, and such is the senEi
ment of the country; at least it should
be. Since the war, as before, there
has been an anLiquated set Of politi.
cans who have assumed to control
the destiny of this State; but the time has
C )me when they must know that their polit-
ical days are numbered. The people intend
TO rule regardless of politicians. As mem.
Der upon this floor, intend 10 do my duty,
let the consequences be what they may.
came here under no special pledges save
those to do right; these pledges l intend to
redeem, and this the country shall see.
/ have spoken of the recommendations of
toe Governor presented in his message to
the present General Assembly, and these 1
have no reason to assail further, than that
they contain direct contradiction to those
presented to the last General Assembly.
There may be struggle between bond
holders and railroad men. On this subject
disclaim any knowledge. If suspicion al
taches to any one, 1t Is to those who are at
tempting to bull the bonds, and make them
sell for more than their value in the mark
ct. Those who are for funding should re-
member this fact and learn that SUSPICION
attaches to them, if to any one so far as q
speculation in the securities of the State is
concelned.
The only object, so far as know, of those
who desire the defeat of the funding bill,
Is not 10 defeat the payment ofthe Just liza.
bilities of the State, but TO prevent the pay
ment Of spurious obligations, and the con-
version of q non-interest bearing debt of
about 100000 into an interest bearing
de t.
The State credit is in one sense hum
bug. Men pirate about it who in their daily
transactions would swindle their best
neighbors, and when you see such a one
you may watch him. The public good de-
mands that such man should not be at
large. or -l
The constitution says no more bonds
shall be advanced in aid of internal improve
ments, and hence we think no more noise
need be m ide about the credit of the State
on that account; but, however, some who
care nothing for the credit Of the State ex-
cept so as if aids them, may deny this to
enable them to get another grab at tie
Treasury. rC-
Without meaning to reflect upon any one,
only say what have uttered in good
faith, and my 7ote will be cast now, as they
have heretofore been, for what ]
think is right, and those who are now
hanging around the Senate as lobbyists
may influence come member, but can
say in good faith, that | believe such will
not be the result. But to say the least,
the charge of the "Bond-holder's ring" is
as well supported as the charge that there
is "Railroad ring"
1t is well known that at the conclusion OF
the war, the State of Tennessee was in a
helpless, PROSTATE and impoverished con-
dition-her property had been taken du-
ring the war and she was rot in such con-
dition as to present to the people Of the
world her true intent and purposes. This
was 50 of most of the States of the South,
and when parallel is attempted to be pre-
scented between the State of Tennessee and
the States of the North, it is self-contradic-
tory, and falls far short of what a rea-
sonable mind would conclude as to the
facts in the case,
Now by way Of showing her condition,
and as the strongest argument we can pre-
sent against this Funding Bill we give
the following figures, and think
that they should show conclusively that
this bill ought to be defeated. The interest
on So, 100000 as the State debt is 81 $780,
600 annually:
Current expenses per annum.. 100000
School tax at ! of per cent per
annum l0U,OOU
Outstanding warrants. ..... 47o,OOU
Loan account. 100000
Old issue tennessee money!. I0,VUU
Interest on permanent school
fund. 1oz,UUU
Making total Of. ,.......... 5, O53,O DOC
This is the sum certain which must be
paid on the day upon which interest pay
ment is resumed Now one additional OBJ
lection to the funding of the debt is that
$b,000,000 will be made interest bearing
which now bears no interest, and this sum
amounts to, at least, 100000. But stat
ed the total amount to be $,O53,OO0 that
the State was liable for under this funding
scheme, less Sl63, 900 to be collected from
privileges, leaving balace of S2,S90,00O to
be provided for by an annual taxation. To
meet this not one dollar on the one hun
dred dollars of property will answer, after
leaving out the Losses and cost
of collection; besides this, the
State may be compelled to pay
the new issue Of Tennessee money, estims-
ted at not less than S3,0O0,000. And il
this be the case, then our annual revenue
to be provided cannot ba less than s., $780,
900; and if the whole amount of outstand-
ipg new issue of Tennessee money were to
be nraasented as was the old, then proVis-
| ion might have TO be made for the imme-
date p27ment Of 35,s10,0a0. Now, if the
time has come when this sum should be
paid it is high time to pay all hass.siiiiIes OF
the State, regardless of their origin, which
proposition we utterly repudiate. 1t is well
known that the bonds issRed since the war
as well as those issued during the rebeilion,
are fraudulent and illegal, and great many
of them should be set aside.
The Governor says all good bonds should
be Maid, and SO say we; and we, as well az
the Governor, are opposed to paying sp1'
rious liabilities. The question is, how car
these spurious obligations be ascertainedi
He saws by system of registration; bu
we think a bad bond would indicate The
Same on its face, and therefore no regis
tration is necessary, We think thu
| honda and coupons thereto attached, shoul'
remain lust as they are for time, and WI
say this from the fact that we feel unable Z
pay them now.
When the question of the payment Q
the old issue of Tennessee money-th
loan account as per the Comptroller's re
port-the annual Current e2penses-th
outstanding warrants as indicated BY tn
Comptroller's report, and other lncldenta
expenses are settled, and above all the ques
ton of the payment of the new issue Q
Tennessee money, then it will be high tlmi
to look to the funding of the deot. Tn
whole question is one which plays into tn
hands of the bondholders, and even If tn
charge of "railroad rings" is preterre
against the opponents Of the bill, still W
can disclaim, in defiance of contradiction
any connection with such scheme. an
hurl back the charge upon the parties VIII
made it. If the "Funders" are not fo
shouldering the liabilities Of the bondholC
ers then let them keep quiet, as the "ant
Funders" are for what they consider to b
to the interest of the people. ga.
No man can now insist that these bond
were legally issued; and here we refer t
many issued since the war, and all bill
} which propose to pay them, regardless
series or numbers, are fraud, and all me
10 anywise acquainted with their issuanc'
from personal knowledge or otherwise, car
not deny the fact.
Every man of intelligence in Tennesse'