Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-27
THE STATE CREDIT.

from InS memphis appeal Marcn III
We are sorry for those members of the
Legislature who have persistently followed:
the lead of repudiating newspapers, and op-
posed the funding bill, even prosecuting
their purpose so far as to Vainly attempt to
render its provisions nugatory by refusing
in the revenue bill such tax as would meet
the current liabilities and the interest ac-
account. We are very sorry for them, es-
pecially those of the House, for two reasons
first, because they have set bad example
to LEGISLATORS in other States, and, second,
because in the debate which followed upon
their resolve to cut down the tax from fifty,
as it passed the Senate, to forty cents on the
one hundred dollars, thinking thereby to
confine the officers of the State to the pay
ment ofthe current expenses, they have
aired their ignorance. And they were 80
strongly of opinion that they had accom-
plsshed their purpose that they went about
boldly avowing their aim; that, since they
could not defeat the funding bill in one
way, they had in another that would be
thoroughly effective. They were so utterly
forgetful or ignorant OF the provisions Of the
funding bill that they did not deem 1t strong
in provisOry clauses looking to the interests
of the bondhOlders and the credit and
honor of the State. The words
and spirit of the first and
third sections Of that bill were lost upon
them, until Governor Brown yesterday, by
special message, enlightened and assured
them that their conduct and their votes, so
far from defeating interest payment, was
about to place the State in the opposite atti-
Jude, and that unless they fastened to make
provision, by the levy Of suitable tax, the
officers would be forced to apply all the
taxes to the liquidation of the interest as it
fell due, and let the payment of the current
expenses go by default. The Governor
was right. The third section of the fund
ing bill provides:
"That the faith, honor and credit Of the
State of Tennessee is hereby pledged for
the payment of said bonds at maturity, and
for providing sinking fund for that par-
pose; and for the prompt payment Of the
interest on said bonds, as we'll as the inter:
est on the registered bonds hereinafter pre-
Vided for, commencing with the interest to
fall due on the first day of July, 1874.
And 1t is hereby made the duty of the Treas
] aTer of the StGte to set apart for that eIctGs-
size purpose so much Of the reUenues as may
be necessary to pay the interest on said
| bonds, commencing lVitA the interest that
falls due on the first dag Of July, 1874"
How must the wise legislators have felt
when they yesterday had reference to the
latter part of this section and found that
sll their contemplate shutting and dealing
and stocking of the cards against the credit
OF the State was for Daught, and that they
were caught, to use slang phrase, ike a
"bad croWdo in the very act. What car
theY Say for the u selves? or how apologize
for an ignorance that, considering the fierce
ness with which they opposed the funding
bill, is inexcusable? The only thing they
can do is to atone for it by reconsidering g
their unWise forty-eent lax, and concur in
the tax bill as it was sens 10 them from the
Senate. The State demands this at their
han9a.