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

the swar bonds" and ssTorbett ISSUE" these
provisions having been drawn with my OWE
hand, assentedt 70 its support AID shall
vote for it with pleasure. take the re-
sponsibility of placing myself on record 10
this measure. Talk of changing If you
please !; all change, except the great invisible
God And now another word Interference
to bonds and bondholders. Tennessee is
not only indebted to the bOndholders'
money for her Capitol, her railroads, her
schools, her asylums and other improve
msnts, but the people are indebted TO the
bondholder and his money for life and fire
insurance, for ocean steamships, canals and
telegra BIS. Yes, it is the bondholders'
money that enables the merchant to procure
q policy of insurance against the misfor-
tunes which may overtske him in his bust
ness by the ravages of wind, waves, water,
storm, or the lightning of heaven itself.
Yes, it is through the money of the bond
holder that the widowed wife and orphan,
Otherwise left in want, ere enabled to sup
ply themselves with bread. 1t is through
the money of the bondholders that the un-
fortunate man who has lost all by the de-
vouring flames of an irresistible fire is en-
abled to restore his family to shelter and
provide for their necessities. The gentle
man from Upton (Mr. Cummins) referred
to the furding policy of England,
in thu speech delivered by him against the
present measure. He called our attention
to the warnings Adam Smith gave to the
English people against any repetition of
the policy of funding the public debt. As
listened to the soft elOquenee of the gen.
tleman, thought he had entered upon a
dangerous experiment in his invocation of
English history on his side of this debate.
/ wandered then, as wonder now, that 8
gentleman of his intelligence should dare
to wonder into the financial policy of Great
Britain to find presidents of disaster in re-
gard to funding and consolidating the whole
debt of a State, principal and interest, into
one series of bonds. 1t will be remembered
by those familiar with the subject, that
England began the policy of issuing bonds
and using her credit as early as 1892; and
tnat she commenced at high "a Of inter-
est, ten per cent, and afterwards consoli-
dated both principal and interest into the
world-renoWned English or British cons
at three per cent. interest. Aud it is ' Ill
known that these consolidated bonds are of
the most popular character OF invest
ment. Capital is constantly in search
of them. Now, we have been
cited to this experiment of England,
as the gentleman (Mr. Cummius) and his
friend, Adam Smith, have pleased to call
that great financial project; let us examine
the history of that policy, as portrayed by
England's great historian, Macaulay, and
see WHISTLER it will frighten US from the
support of this bill, or strengthen our con-
victions of right in making it the policy of
the State. Speaking of the depleted Treas
ury of England after the struggle of war
through which the kingdom had passed,
just previous to 1892, he describes the Cir
cumstances that inpelled that govern
nient to adopt a financial policy, and
the surroundings were so strikingly
similar to the situation in which we find
ourselves to-day, that call special attention
to them and ask their particular c0nsidera-
ton by the House. Referring to the sub
ject, on page 2S7 of volume 4, Macaulsy
says: "Still, however, the estimated rev.
enue was not equal to the etimated ex-
penditure. The year 1892 had beQueathed
q large deficit to the year 1893, and it
seemed probable that the charge for the
year 1893 would exceed, by about five hun
dred thousand pounds, the ehargefor 1892"
Here let me call the attention Of the House
to the striking fact that we too have just
passed through the scourge of war; that
the year 1872, aud the years preceding has
to the year 1873 alarge deficit"
and the debt now due and demanding at
tehtion, very largely exceeds our estimated
for many years to come.
Macaulay continues by saying, "taxation
both direct and indirect had been carried
TO an unprecedented point" and here in
this particular the analogy fails, because our
people are not heavily taxed, as
[ will show directly, bat then the parallel
Is resumed in the concluding words of the
"yet the income of the State still
fell far short of the outlay. II 1gGs necessG
ry to deUise something"
This fits our case exactly. Our income
will fall far short of meeting aud disburs-
ing current expenses, and paying this sccu-
mulated interest. And applying the Ian
guge just quoted, sit is necessary 10 devise
something.
[ToBE CONTINUED