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

1t was published to the world for each and
every man concerned to read. SO it was
the duty of the purchasers to find the law,
and not the duty Of the State to go and
show it to them. Again, upon the face OF
this bond now hold in my hand, which is
ond of the series proposed to be funded,
there is no payee. Ii the owner sue the
State, he must insert his own name or the
name of the railroad to which it was issued.
If he insert his own name, be becomes as
the original owner and entitled only to the
equities in the case. If he insert the name
of the railroad, there is no Presidents en-
dorsemenL on the back to make it negotia-
BILE; so he must sue in the name Of the
railroad. and in that case woRld be only
entitled to the equities in the case. Why
the payee was left out l know not, but if
fraud was intended toward the State, and
now it fall upon their own heads, they can
not grumble.
In reply 80 the argument of the gentle
man from Dick son, and others who urged
the same, "that these coupons stand upon
the same footing with notes of hand be-
tween private individuals" l would only
say, the same courts they refer to and the
Supreme Court of the United States have
decided, time and again, an innocent pur-
chaser os litigsted note is only bona tide
holder in so far as the money he actually
pays for the note. So, in the highest courts
of the land, turn it or twist it as they may,
the State is entitled to her equity in the
case.
When they are driven from every srgu-
ment taken, they cry out honor, honor.
Mr.. Speaker, don't use it as an argument,
but Lave always thought, and the more
investigate the matter the more l am con-
WINGED that the bondholders are the last
men upon Gods green earth to ever cry out
honor to the State OF Tennessee. And
W Juld say further, in so far as the State has
been cheated out of these bonds, and now
in so far as we fund and compound the in
terest upon their face, just so far we make
ourselves parties to the fraud first enacted
upon the State.
Again they urge, ''if we don't fund it
will drive immigration from our borders"
l appeal to your practical judgement as
men, will any man invest his capital among
us when he sees you are funding the inter-
est of your debt year after year, compound
ing and piling it up, and by so doing giving
fresh mortgages, not only upon your lands
but upon the scalps Of your chiidrene In
my humble judgement funding will drive it
away, and not furding will bring it here.
If this hill passes, when you go back to
your people aud they ask you what you
have funded, can you tell them? No. For
there is no man upon this floor who knows
to-day how many bonds are TO be funded
by the provisions Of this bill. And If it
passes retrenclsnlert and reform are at an
end in Tennessee, for no matter how ex-
travagant the future administration Of this
State may be, if you cry economy to
them, they can hurl back at you the an
swer, "Oh, 1t is nothing, 1t can be funded, /"
pointing with the finger Of disdain to your
example set hers.
Mr.. Speaker, 1 am opposed sto funding
upon principle. 1t was wrong twenty years
ago, and it is wrong to-day. 1t is danger
Gus to Republican governments, and antag=
onistic to the liberties Of the people. 1t
must be checked in Tennessee, or ere long
| it will be a scorpion she clasps in her EN-
brace whose poisonous sting will paralyze
her springs of action. Why not check it
now?
1t is popular at present, for we see but
few of its evil effects, but through the dim
vista of coming years, II this policy is
pursued, see bonded monopoly reared
here In our midst that will hold in its iron
grasp and chain down the true interests OF
the people.
It gives power to the few to rule the
money, and whenever and wherever in the
history of the world the policy has been
adopted, it has ended in the ruin OF Tree
governments. N
1t is popular to-day in America, but all
over the land we see the shadowy foot
prints of this evil growing into mighty
monster, and when the grand issue IS made
between them and the people, they Will I'M
mask their batteries and hurl shot and smell
at the foundation of the government
These, gentlemen, are few reasons why
I oppose the bill. There are others, but l
will not weary you. Thank you, for your
strict attention.