Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-16
HOUSE.

McGaughey in the chair.
THE SENATE FUNDING BILL,
which had occupied the attention of the
House since Thursday, was taken up, and
Mr.. Mcfarland made an argument in favor
of funding.
Mr.. Jesse Martin offered, as a bill in lieu,
bill providing that past due coupons might
be used for debts due the State, in the same
way that bonds are accepted.
The ayes and noes were called for, and
while the roll was being called several
members, who had not previously spoken,
took occasion to make q kind of skirmish-
ing detour over the whole ground on which
the fight had been made, for and against
the bill. The Chair finally ruled discus
sion out of order, and the result of the
vote upon Mr.. Martins amendment was as
follows:
Ayes-Messrs. Beck, Brooks, Brown,
Cummins, Head, Jamison, Jesse Martin,
G. w. Martin, Fl. Z. Moore, Mulvihill, Nc
Campbell, Noblitt, OVerton, Riggs, B. NJ.
Tillman, Wester, Williamson and
Young-1S.
Noes-Messrs. Allison, Blevins, Board,
j. r. Bond, Bowden, Carues, Cottrell, Den
ny, Duncan, Eckel, Elder, Ferguson, Frier-
SOD, Harris, Haynes, Houk, Hughes, Jeup,
Keeble, Leach, Lindsey, Msgill, Motif,
McAdoo, McC blum, Mcfarland, Mcleod,
Orr, Patton, Peake, Pearson, Perkins,
Ragan, Ready, Russell, Rutledge, Snyder,
Steger, Tate, Trousdale, Turner, Washing
ton, Wood, Morley and Speaker Nc
Gaughey-45.
Mr.. Houk, Chairman of the Committee
on Finance, Ways and Means, now obtained
the floor, and proceeded to advocate the
bill.
We furnish an outline of his remarks:
Now, that the storm was over, let
the House take its reckonings; ascertain its
bearings, its longitude and latitude, that the
port might be safely reached. The State was
in debt and had not the present ability to pay.
How ca e she thus involved? Why, by is
suing bonds to complete the magnificent
Capitol in which her State officers did bust
ness, and in whichher Legislatures assem-
bled; to build the vast tissue of railroads
that permeated her and begirt her, and
gave quick transportation to market for
her valuable products; to build up her
institutions of learning; to furnish shell
ter and protection for those who could not
care for themselves, her poor afflicted lu-
natics, and the deaf and dumb within her
confines. These were some of the leading
purposes for which those bonds had been
appropriated, and yet, gentlemen would
stand upon that floor and say that the fight
was being made by advocates of the bill, not
for State credit and State honor, but for the
benefit ofthe plethOric purse of the bloated
bondholder.
These had cry-a savage cry-against
the "rings," the money rings, the bond
bolstered rings, and such, but what did the
bill in lieu of the gentleman from Monroe
and Loudon contemplate? Did it not sa-
vor of railroad interests? They were say
ing, "let the bill pass and the bonhholders
unload" let the gentleman's bill pass and
whose much benefited as the railroad
man, and whence could come any benefit
to the States credit?
After al, Tennessee was indebted to
bonds and bondholders, if you please, for
railways, turnpikes, life insurance and in
ternal Improvements.
They had been told that England funded
her debt, and she did, and why? Because
she could pay her interest IS she did, and
to-day English consols were the most popu-
lar investments in the world.
Let Tennessee fund her debt, pay her
interest promptly, and in forty years she,
Too, could fund at reduced rate, if she
saw fit.
Why was it that Mr. Boutwell, could fund
at per cent? Because he paid the interest
Cor the government did) promptly. What
W as it that gave States and individuals
credit? 1t was not so much their ability
as their acilIingness to pay.
tennessee money was worth more than
90c, while her bends were worth scarcely
more than SOC, because one was fixed
legal liability and the other was disputed.
The proper protection against the Tor
bett issue had been embodied In the bill,
and it was too late to cry "wolf" from that
quarter.
Here Mr. Houk regretted his physical
ipdisposition, aud further remarked that
after so much bad been said, and ably said,
by others, that he must content himself
with more hurried argument than be had
intended and had prepared himself to
make.]
They mi ht say that the State could not
be sued, as they were saying. He wanted
to know if Tennesseeans were going to
take position behind such a wall as that.
Surely not. The opponents of the bill
were always ready to say, ave spurn the
idea of reputation, and would spurn any
one that would advocate such measure"
Yes, they never get in a tight place in taeir
argument, but they REQUIRED to the position
that they were opposed to reputation. II re-
minded him of an old darkey preacher, who
in reply TO question by his master as to
how he always got out of his entangle-
ments, said swell, massa, you see when
ever l sees dat l 'aint gwine 70 come out
straight, [ Jest always shouts sGlorY =
GLORY = and 1 comes right out, fust rate"
They were complaining of taxes! taxes
Why, Tennessee taxed her people Less than
han any OF the States of the Union, except
two.
Mr.. Houk read here from Macaulay's
History of England, in the latter part of the
seventeenth century, to show that England,
although laboring under debt which her