Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-03-15

Deducting the Confederate Mill
tary Board bonds, 1921 900, will
reduce the debt including interest
bearing principal, and pon-interest
bearing past due coupons, to lit
tie over $15,OOO,OOO. These bonds
appear in every official report as
part of the just debts of the State.
A portion of the 50, 100000 past due
interest, which it is proposed to
fund that interest may be paid on it
as we'll as on the principal, was Gre
ated from them. But these bonds
are null and void, because in direct
conflict with section four of the
Fourteenth amendment to the Con-
stitution of the United States, which
says:
Section 4. But nei-
Their the United States, nor any
State, shall assume or pay any debt
or obligation incurred in aid of in
surrection or rebellion against the
United States. All such
debts, obligations and claims shall
be held illegal and void.
This is plain provision of the
Federal Constitution. But is pro-
posed by the funding ring? The
bill which has Just passed the SEN
ate by vote of IA to 9, provides for
funding not only the $5,OOO,OO0 of
past due interest, but also the s.
791 900 bonds issued for the Confsd-
crate Military Board, and whose as
sumption is expressly prohibited by
an amendment to the Constitution
of the United States. Unsophisti-
Gated people will ask: Why, at a
time when interest on the principal
of the public debt cannot be paid,
should members OF the Legislature
not only demand the assumption of
interest on interest, but also the
funding of nearly $6,0OO,0OO in def
ance of the Constitution of the
United States? Unsuspecting tax
payer, we, too, have asked the same
question; we ask it to-day; but the
echo of our words is the only an
swer. "Thc honor of the State" is
mumbled by some who are lending
their votes and influence to this
monstrous iniquity. Patriotism,
which DR.. johnson not inaptly term
ed 1.-THE last refuge of 4 scoundrel,"
demands it, meekly reply others,
who seek to blind the people by as
surfing them that the proposition
looks only to funding the Just debt
of tho State that should Justly bear
interest. The Confederate military
bonds, amounting to S5,79l 900, and
that portion of the past due inter
est accruing from them, should be,
as proposed by Mr.. CummIns, ex-
cluded from classification as part of
the public debt. That this princi-
pal is illegal, and null and vOid-in
q word, does not belong to the debt
the section quoted of the Four
teenth Amendment is proof. And
the principal being illegal, the inter-
est on it is necessarily illegal. The
Just debt, then, is: first SlO,OOC,O00
bearing six per cent, or 5000 an
nual interest, and second: portion
of the So, OOO, 900 past due coupons,
which do not bear interest, but
which the bond jObbers propose
shall do so. II the scheme, which
was crowded through the Senate, be
adopted by the House, let the peO-
pie prepare to pay interest during
their natural lives on these items:
First: 100000 900 just debt, now
bearing interest; second, 100000
not now bearing interest, and a por-
ton of which, being interest on
Confederate Military Bonds, is not
a legal debt; and third, 1921, 600
bonds issued expressly for use by
/ the Confederate States Military
Board, and whose recognition and
payment as part of the public debt
are prohibited by the Federal Con-
| stitutiOn. II the funding ring,
which plays for a high stake, and
is leaving nothing undOne TO influ-
ence the Legislature, carry its point,
! there will be interest TO pay on just
and unjust principal, and on just
and unjust interest, on S24, OOO, 600 in
round numbers, or, at six per cent,
| 81 ,26O, 600 a year, instead of 5000, 900
on the 100000 of Just interest
bearing debt. Ii seems likely that
this gigantic robbery viii succeed.
BOnd-holders are working for per
manently fastening on the State
nearly S6,OOO,OO Confederate war
debt at per cent, and TO compel
the tax payers 10 shoulder over
| $500 900 a year additional in the
shape Of compound interest, know
how to employ many solid, peTsua-
sive arguments which even United
States Senators and Representatives
find il i'm possible to resist. Oakes
Ames managed Congress beautiful
"; and the Cakes Ameses now how
ering about the Tennessee Capital
with mysterious arguments which
psuSa men to retire at NIGHT sinh