Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-10-17
Major sykes Address.

Maj. Sykes came forward and SAID III SUD-
stance:
Major Sykes Address.
You have heard much said in regard t.
the Senatorial question. 1t is not my pur-
pose, either directly or Indirectly, to dis
cuss that question. Our object should be
to secure a sound Democratic Legislature,
and then the members, after consulting
their constituents, can determine what
man they should elect to the Senate. They
will doubtless select a man of ability, in
tegrity, and high order of craftsmanship,
who will represent the Democratic and
Conservative sentiment of the State, and
who will command respect, and exercise
influence. in the National Council. But
enough on that subject.
The Democratic party of Tennessee has
A NOBLE RECORD
in regard to the management of State af-
fairs since 1870. do not mean that there
have been no mistakes at all. That never
was and never will be the case with hu-
mainly; but l speak of the general results
with perfect confidence, because 1 know the
facts sustain me. The Democratic party
found on the 1st Of January, 1870, a debt
of S43, O52, 652.25, as appears by ComptrOl-
Ter Pennebaker's report, made Oct. 1,
1870. This was less than the zeal amount,
because he estimated the Bank Of Te1nes-
see notes at only 81, 500, 900, when, in fact,
they were over $, 100000.
On the list of January, 1872, they had
reduced this debt to SS3, 100, 93S.S7. CSee
Peunebakel's report of October, 1871,
page s.
SALE OF THE RAILROADS.
Mr.. Pennebaker, in his report for October,
1872, page Il, says: ''The sale of the de-
linquent railroads has diminished our debt
to point perfectly manageable with wise
legislation" In truth, the debt of the
State, January /, 1873, was only $780,
32,2O6.
The insolvent railroads were sold most
iudiciously, for more than they would
bring to-day, after subtracting the amount
expended on them by the companies that
purchased them. They had been a source
of expense TO the State, says Mr.. Penne-
baker in his October report, 1872, of $500
per day, and the State was very fortunate
inselling them for S6,59SOOO, and thereby
preventing an increase Of the debt up to
this time by sS,65O,OOO, exclusive of accu-
mulated interest on the bonds.
THE GREAT ERROR
in legislation from 1865 to 1870 was in is
suing bonds to insolvent railroads-those
short and Improbable lines which never
could make the State secure. The amount
due by these insOlvent railroads on the 1st
Of October. 1865, (see Hatchet's report,
page 22,) was $685., 121. On the LIST of
October, 1870, it was S2O,951, 6s6.46. (See
Pennebaker's report otthat date, page g.
1t thus appears that the debt of these in
solvent railroads was increased during these
five years, from 1865 to 1870, by 5,O1S,565.
This accounts for our large State debt.
If there was any interest paid between
1865 and 1870, it must have been by the
sale or
INTERROGATION OF BONDS.
Most of the interest was funded under
the funding laws of 1866 and 1868. A con-
siderable portion of the interest due by sol
vent railroad companies was paid by the
companies themselves, as Comptroller
Blackburn states in his report of October,
1856, page sixty-nine, and pages eight and
twelve of report of 1869.
l have now shown, if there is any truth
in these official reports made by Republic
cans, that the Republican party is respon-
sible for the greater portion Of our State
debt. The Democratic party has made
malicious sale of the worthless and unpro6t-
able roads, and thereby, as Mr.. Pennebaker
saws, diminished the debt to a point per
fectly manageable with wise legislation"
| will not argue the question of repudia-
ton, either partial or total. l have shown
the glorious record the Democracy has
made up to this time, and which feel con-
fdent it will maintain.
| was a member of the Legislature in
1853, and voted against the bill granting
State aid to railroads, but | am not willing
TO admit, as has been said, that bonds were
illegally issued and improperly sold
before the war. Andrew johnson and
Isham G. Harris were our Governors then,
and | cannot believe that they, with the
railroad commissioners appointed by them,
would permit such things without making
it known to the people in some of their
messages.
Mai. Sykes then discussed the Civil
Rights bill for short time, and closed his
speech by mging upon the Democracy Of
Rutherford not 10 permit the aspiration OF
any man to divide or distract them. Let
us close ranks and march in solid column,
with drums beating and banners flying, to
glorious victory. (Applause.)
COL. SAVAGE
was then introduced by Judge Burton IN a
neat and appropriate speech. He made, in
many respects, the same speech as at Co
lumb;a and Franklin. He was very severe
ON Elk President johnson, and said that the
reason johnson was u2Eilling to meet
him was because he knew that he (Sayage)
had military and civil record that could
not be assailed. have served
nv country in every var Hom
the Seminole war, in 1886, until the pres
ent time, and have shown my love of coun-
try by exposing my bosom to the storm Oh
battle, while Andrew johnson was enjoy
ing office in easy and secure places. i
| ha-e known that man for twenty five years,
end watched well his course, and re-
markable fact in his history is, that he has
never been known to speak well OF Co
| temporary statesman, even of his own par
ty, so entirely selfish aud envious is he.
He has never spoken we'll Of the liv-
| ing. and seldom of the dead. Mr..
| Johnson is discussing the State debt, which