Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-03-22

Minority Report OPPosInsthe Pas
sage OF Ihe Fnn1ing Bill.

sage OF the Enn1lng Bib.
In The tennessee House of Repre-
sentatives a few days since, Mr..
Brown, of Shelby, from the Commit
tee on Finance, Ways and Means,
made the following report:
Mr.. Speaker: The undersigned
begs leave to submit this, minority
report from the Committee on FL
nance, Ways and Means. in regard
to Senate bill No. 211, the funding
bill.
The passage of this bill, in our
opinion, would be most uuwise and
impolitic at this time. We are lust
beginning to clear away the embar-
easements incident to the redemp-
ton of the old issue of the Bank Of
Tennessee, and the question of our
liability for the new or TOrbett is
sue, remains to be determined, and
in case the State should be held La
bic or bound therefor, we are pre-
pared to cay the State will be over
whelmed with underlined millions
of debt receivable in payment of
taxes.
| Bank OF Tennessee as an officer,
both before and during the time the
| Torbett issue was put In circulation,
we have no hesitation in saying
| that there are no means, either from
books of the bank, or otherwise, by
which we can arrive at a proximate
estimate OF the amount of that CT ?
culation yet outstanding.
We are confident, however, that
it is much larger than can now be
ascertained, and we unhesitatingly
assert that there is no means Of I'M
Outstanding the magnitude OF
the issue, except through the
channels of redemption, or the
filing of claims with the author
tiles Of the State. by those who
hold this paper. But enough is
known to authorize the remark that
the already tax-ridden people OF
| Tennessee are not in q condition a
assume any new obligations, or en-.
ter into any contract involving them
and their children in millions oil
additional Indebtedness which they
can never pay, and must result, IN
our opinion, sooner or later in bank.
/ IL
Again, the passage of this bill
Will increase the annual interest
charge against the State fully three
hundred thousand dollars per an,
mum, and in the impoverished and
tax-burthened condition of our PEG
pie, we submit that Tennessee can.
not bear up under any increase o.
her present burdens. We may pass
through the difficulties of the mex
two years If we economic and hus
band our resources, but If reckless
and rapid increase Of our debt b;
made as proposed in this bill, theT
our State win go down under LOAD
Of debt, which our people can nevel
pay. We do not understand how
the credit of the State, or the con
dition of the people can be improv
ed by adding So, 200, 900 contingen
or positive liability to the presen
conjectured enormous debt or abou
$21, 0OO, 900, as shown by the Comp
troller's report of January l, 1878
We oppose this funding bill for tn
further reasons, viz:
1. 1t gives no better security t,
the creditors of the State than tine,
now hold go
2. In our opinion, il viii be i'm
possible for the State to meet tn
new obligations created by said bill
at maturity, and our credit thus i'm
paired, the bonds of the State will
in the next two years, be hawked i
the markets of the country at
nominal, If any value
8. Because it proposes to fastel
an incubus in the way of debt upo
the children of this State whic
viii make them the hewers of woe,
and drawers of water for bond
holders and capitalists for. fort
years to come, and leave them the
precisely where we stand to-day.
4. Because we regard il who'll
unjust to fasten q debt of ST., 900
600 upon our little children, an
their postsrity though it may ten
porarily stop the cry of ''Shylock
, at our heels for the last pound G
flesh, and thus relieve the prou
sons of Tennessee from their obi
cation to pay SIS, 100000 which the
now justly owe, and should pay q
the earliest practicable moment.
For these reasons, and many 9th
ers, We are compelled to disagree
with the majority report recon
mending Senate bill No. 211 for pas
sage. Respectfully submitted,
JESSE I. BROWN.