Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1874-11-28

happy division in the Democratic
party winch resulted in the election
OF Horace Maynard to Congress
from the State at large. Governor
Brown was reelected by q large
majority under the circumstances.
p, In his message to the legislature in
1873 he renewed his recommends
tiOn in regard to funding the bonds
and coupons which were due.
What else could be done unless
the State intended TO remain in i
suspended condition, with her cred
il destroyed and her prosperity Sc
rioUsly impaired! The people were
then not able to pay the bonds and
coupons which were due, and which
amounted to near six millions Of
dollars. An extension upon such
terms as were Obtainable, and which
would restore the credit of the
State, was all that could be done.
The Funding Bill was proposed and
q great popular clamOr was attempt
ed against il aud against Governor
Brown because he had done what he
said he would do.
Many condemned the bill without
| examining into its provisions, ma
]
! State, amounting to S27, 900, 900 was
! funded. Others thought the Brown
I low bonds were funded. Many be-
| lieVed the Funding Act created the
I debk when in fact it did not add
one Dollar to the debt OF the State.
I but saved on the bonds and coupons
sdy presented $S22, $50. 81 by not
I allowing interest on them after due,
which many considered very ques-
tiOnable policy. 1t may be said that
the State could have refused to pay
the bonds and coupons, aud could
have still further deprecated them.
So she can HOlg If the people have no
regard for their obligations and no
desire to preserve the credit of the
State. There is no more obligation
to pay the debt R0tg that there was
before the Funding Bill was passed.
That bill created no newer nor more
binding obligations upon the State
than existed before. If we wish
and intend to repudiate we can do
so nOtD as well as before the Fund
ing Bill was passed. That bill mere
ly furnished the pretext for men TO
advocate reputation who could as
well have done so before it was
passed.
We do not mean to censure any
who voted against that bill. They
thought bill better calculated to
preserve the credit of the State
might have been passed. There
was a difference of opinion among
members and none of them are just
ly liable to censure. Whether the
details of the bill that passed were
such as Gov Brown would have pre-
ferred we have no means of knowing
The principle of funding the bonds
and coupons which ware due and
which the people were unable to
pay, he undoubtedly approved
That the credit of the State has
not improved as much as was ex-
pected, arises from the fact that
prominent and influential men are
advocating total or partial repudia-
tion OF the State debt, and this, of
course, has caused a want of conf
dcnce N Tennessee securities.
1t is sometimes said that because J
We lost our property in slaves by !
the war that, therefore, we should /.
not and are not bound to pay our |
State debt. This argument, if argu- |
ment il may be called, would apply /
as we'll TO private as to public debts. !
In fact it amounts to this, that Tf
man contracts debts and after /
wards loses Unexpectedly portion |
of his property, he is rot bound to /
pay his debts.
For State to refuse to pay her |
debts in order that she may depre- !
ciate the value of them with a view /
1. nk =
as dishonest as for an individual to /
would lead to a destruction of all in |
diEidual as we'll as State credit, and /
would operate most disastrously up |
on the business interests of the coun- |
try. Wherever such doctrines meet /
with popular favor, there neith- /
er capital nor immigration will /
ever come, for it will be said that /
people who are insensible to pub I
lie obligations will be eventually SO |
to private obligations.
It is sometimes said that we are
paying compound interest. To pay /
compound interest, IS to renew every /
year. All that the Funding Act re-
quires, is that when q bond IS due and /
we are unable to pay it, We may re-
new for forty years If we wish, by
paving six per cent interest. Is not .
this fair, if we have any dispo-
sition to pay according to the con-
tract? 4 man who cannot pay his
note at maturity, is willing to renew
for a number of years, and pay six
per cent interest and considers this
sn accommodation. The interest can
be stopped at any moment by thepay-
ment of the principal. There is not
a debtor in the State who would not
be willing TO get such terms as the /
State got in the Funding Bill, and /
consider himself greatly relieved
thereby. Ii is sometime said that un- /
der the Funding Act, fraudulent |
bonds may be funded and thereby |
foisted upon the State. So far from /
this being the case, the Act provides /
that ''the provisions of this Act shall |
net embrace, but shall exclude any /
and all bonds known to have been |
stolen or purlOined from the State, or /
bonds which have been fraudulently /.
issued or obtained"
A great deal of the opposition to this /
Act, is from not understanding Its |
provisions, and some of it arises from
desire not to pay the debt Of the
State.
A great responsibility now rests up
on the Democratic party of the State
and upon the next Legislature which
represents that party. The Demo
Gratis have now carried most of the
Northern States upon the supposition
that the Democratic party in the
South, as party, intends to preserve
good faith, aud is determined to main
tain State and national credit. If 1t
should turn out that the Democratic
party were practically unsOund on this
question, which we cannot believe, and
should permit the credit of the State
to sink in its hands, nothing would
tend more to paralyze the efforts of
our friends in the Northern States
and to strengthen the Republican par
ty in these States, for nothing is more
sure than that no party which advO-
Gates or sanctions Reputation can ever
get control of this government. Gov.
Browns course on this question, as
well as on other questions, has done
much towards securing the brilliant
victories gained by the Northern Dem
ocrats in the recent elections.
PESITESIARY LEASE.
In regard to the Penitentiary lease
only a few words are necessary.
/ Whether the present system of peni-
tentiary management is the best that
can be devised, is not the question
now to be discussed. Gov. Browns
administration has made 4 better ar
rangement in regard to the peniten-
tiary than was ever before made.
The penitentiary had from its com
meuccment been 4 source of expense
TO the State. As early as 1853, Gov.
johnson in his first message said in
regard to it: Upon a close examina-
ton of all the the items properly