Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-08
SENATOR M,CAIE,s SPEECH.

In commenting upon the speech of Sena-
ter Smithson few days since, we took oc-
casion to oppose the scheme presented by
the Senator for the management of our
finances and the mode Of disposing of our
past due Indebtedness. We did this, believing
10 sill candor that the plan proposed was
unjust to the people of the State-the tax
payers of the country-and also to the hold
ers of our securities in the market. To the
former, in that the Senator would impose a
burden Of taxation which the people could
not sustain, and to the latter because it was
neither proper nor just, that the owner of
our past due obligations should be COMPEL
ed to hold them as dead capital, yielding no
Interest while they were being retired under
the slow fuuding;process suggested.
While the plan proposed by the Senator
from Giles was Objectionable because
of these features, it still aimed at a
Just and honorable course of dealing as be-
tween the State and its creditors, and while
it failed to remedy the evil Of the situation,
it nevertheless recognized the necessity of
doing something tangible and practical
without delay.
To-day we present to our readers the
speech of Senator Mccall of ObiOn, another
opponent of the funding bill which has
passed the Senate. From an inspection
and study of the Senator'S argument, the
Intelligent reader 3 will see that be is
opposed, not only to the funding biz of
Senator James and to the bin to retire the
past due interestsas suggested by Senator
Smithson, but also to any apd all other
plans, except such as would let the finan-
cial status of the State remain as it now
exists.
In the closesof his argument, be says ::
owe acknowledge the justice of the claims
of our creditors, but feel unable to meet
them, but when we become able we shall
certainly do So"
When will that prosperous day arrive?
VIII it be next year, when the debt shall
have increased one million two hundred
thousand dollars upon the present esti-
mates, or at the end of FIVE years when
that increase shall have. amounted to six
millions of dollarsP We ask the Senator
in all seriousness when will "our towns
and villages be populated, and when will
our country be filed with immigrants?''
Certainly not so long as we invite them 10
a State hankrupted and dishonored, with
her securities peddled about the markets of
the world at disgraceful prices and ruinous
sacrifices. When will manufacturers and
capitalists invest their fortunes and labor
among us to develop our resources? Ger
tainly not under such state of affairs as
would render them unable to raise money
by mortgage or otherwise, because of the
disgrace of their State credit. Certainly not
so long as such utterances as his are sane
toned by the Senate or House ofRepresenta-
tives of the General Assembly. To-day our
capitalists arelparalyzed in their efforts to
extend and improve their investments.
Our railroads cannot be extended because
the present companies, while they may be
amply solvent, are unable to negotiate their
bonds in the money market, although Sc
cured by mortgages upon unobjeCtionable
property, real aud'personal; and the intelli-
gent immigrant arriving upon our sea
coast has only to be made acquainted with
our financial condition as a State TO give
us at once and forever the go-by.
The ravages of the war have already
been obliterated, and the real and personal
property of the State exceeds in value any
figure heretofore reached in our financial
history. The floating debt of the State
consisting of Tennessee money, Treasury
warrants, loan accounts and other items,
including obligations of all sorts