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

but these words are 80 common
place that they are engrayen
on each Of the thousands Of bonds issued
by the State, and have long since been dis
regarded and are practically meaningless.
1t is true that it Is noble to educate the
young, that it is polite to discipline the
children of our people and fit them to be-
come citizens Of our great State, and that
it is generous and just that the State, who
may demand the services Of each OF these
children for her defense, should so educate
and prepare them as to render them ell
Gent; but at the same time it is also hon.
orable and honest for US to discharge in
full obligations which we owe and to fulfill
promises made to our creditors.
There is no grdand of law or of morality
upon which we can longer delay to make
provision for our past due debt and our an
nual interest. The "New, or Torbett, Is
sue' question, which the Senator Tugs in,
is not upon us as yet. Even if the present
suits should be decided adversely to the
State and its interests, the result would not
be felt in years of this time. The
question will not be heard in our own Su-
preme Court until another term, and can
not be finally decided until it has reached
and gone through the Supreme Court ofthe
United States, and even if decided adverse
" to the interest of the State, the issue will
be to very large extent absorbed in the
settlement of the indebtedness due
the Bank of Tennessee, and never prove
direct charge upon the Treasury.
As we have before stated, we can now, with
a moderate tax resume payment of interest
upon our bonds, and every consideration of
policy and good morals require that it
should be done. The Senator himself says
that elf he could feel certain that the new
issue of Tennessee money would never be
forced upon lis, then he might assent to
and urge the funding measures" Upon
this uncertain hinge hangs his measure of
Justice to our creditors and honor TO our
State.
Would it not beSwell then to reflect that
the question of new issue is not upon US,
and is virtually postponed for years, and that
in the meantime we can prevent the accu'
mutation of four millions of indebtedness
If hereafter the new issue is forced upon
the State then il Twill be time to provide
against it. It is not certainly sound policy
TO await the result without effort on oul
part. Rather let us grspple more earnestly
with the present problem and when that il
disposed of, let us await with hope and
confidence the events of the future.
The Senator sees proper to arraign Gov
Brown for his inconsistency, as he states it
between the recommendations made by hin
TO the 37th and 3Sth General Assemblies
The Senator will find, however, upon ;
careful reading of the two messages refer
red to, that there is no inconsistency il
them such as be imsgines. Gov. Brown
in his first message took the position tina
E the legislation of Tennessee since the adop
ton Of the Constitution of 1870 had virtu
ally decided the question of the acceptanc
or Reputation of the several series of bond
issued, and this proposition is equally 81
firmed and used as basis in bis last mes
sage; but he has never, as charged by tn
Senator, favored the recognition of an,
bonds stolen. or fraudulently obtained from
the State. These have already been inter
dict ed by the General Assembly, and Will
under the funding process, as recommend
! ed by him, these bonds would be thrown
out. So also does the Governor propose u
} exclude such bonds as may prove to b
fogeries and issued without authority o
law. he has never favored the funding
or recognition of such bonds.
Is it not little inconsistent in the Sen
ator to refuse to recognize certain bonds by
voting to fund the interest upon them ant
yet to allow them day after day to be pait
into the Treasury with their accumulated
interest. Why does not the Senator, iron
his place, in behalf of his constituency and
the people of the State, demand the repea
of the act allowing such bonds to be pait
in by railroad companies. Has be intro
duced any such measure7 The Senator
plan is evidently, do nothing, do it earnestly
do it continually. The Senator's speech
abounds with many protestations of good
purpose and faith. These may be usefu
in the next canvass, but we would recon
mend the striking Out Of that portion which
SAYS, "The State credit is in one ssnse :
humbug and men pirate about it who ir
their daily transactions would swindle theil
best neighbors, and when you see such {
one you may watch him. The public good
demands that such man should not be Al
lagge." This language will not suit his con
stituency. The good people of the river coun'
ties can not endorse it, but they will rejoice
to know that the funding bill has
already passed the Senate and viii
soon pass the House, and as q
result already apparent, State credit is
reyiying, her securities advancing, and beI
future Frightening. Their State pride will
make them glory in knowing that wherever
the flag of the Union floats, the State Of
Tennessee has no finger Of scoEn pointed al
it as one of the twin sisters of liquidation
but rather that she is known as the third
born of ''the original thirteen" the giver Of
three Presidents to the Republic, whose
climate, whose fertility of soil, whose rich
ness in minerals, whose educational facili.
ties, whose agricultural, manufacturing and
commercial prosperity, and whose STATE
CREDIT are the boast of her people every
where.