Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-10-07

article was based, viii call your attention
10 speech / made in Gallatin, and re-
port Of which was published in full in the
UNION AND AMERICAN Of Sunday two
weeks agO,in which speech advocated pre-
eisely the same ideas advanced in my Chat
tanooga speech, and for which am now de-
nouncedas a repudiatOr. / had been calling
attention to the high rates Of taxes, hal
referred 70 the advertisement of 1000 par
cells of land in Memphis, and an immense
number in Nashville. Are the people to
have no relief? We had pledge made by
State convention recently, which passed a
resolution Obleeting to an increase of taxes.
think taxes ought to be decreased. /
would say pay your many expenses, and if
there is nothing left, let your boDdholders
wait. Now, how many men are there who
are unable TO pay their debts when they
fall due? and yet these men would not be
called 'repudiators." | have said this and
still say it: If the thing is pressed so that
the citizen is crushed to the earth with a
burden Of taxation, would have the bond
holder wait little, or do the best he can.
[APplause.l
STATE NATIONAL DEBT.
Ii seems TO me that high taxes, and eX-
travagance I'M your government, State and
Federal, has an immediate bearing upon
the industries OF your country. How does
the matter stand now? Why is it that
when you have paid your taxes and yearly
expenses you have nothing left? saw in a
Memphis paper, recently, elereR columns Of
list Of lands and lots TO be sold in that
county for taxes. Taxes in Memphis upon
lots were four per cent. last year, The
county and State tax was two per cent.
more, making total of six per cent. The
statiei:cs show that the money invest
ed in agriculture does not pay more than
three or four per cent, and large proper
ton Of farming lands in the State are be-
ing sold for taxes. We hear it said that
the people Of Russia have, until recently,
been in a deplOrable condition Of seTfdOm,
but if the present state of things continues
IN this country, you, too, will soon be re-
duced to the condition Of serfS.
When the people begin TO talk about
these things, the political leaders say ''pay
your taxes, uphold the plighted faith of the
country They say they are going 70
bring about retrenchment and reform. They
talk about reducing the salaries of the judi
ciary. but no relief need be expected in
this quarter, though the expenses Of the ju-
dietary ought 10 be cut down. We find our
State owes about SIS, OO0, 600, and We will
not discuss the subject Of how the debt was
crea'ed by fiithless public servants. How
much will the interest on this debt be At
6per cent? IL is sl,aOO,0OG There are
some old men here to-day, who remember
when our entire State expenses were not
more than S50O,O00 per annum. Look at
your papers of this morning and you will
find the bonds OF the State quoted al fifty
cents on the dollar, thus making the interest
Ihaye named amount 20 twelve per cent. ON
the amount invested by the bOndhOlders.
Then they have arranged TO fund the
bonds. They would not take coupons in
payment for taxes, but say, ''ciIt on your
coupons, put them in your bonds, and well
promise to pay il forty years after date.
That's what they call funding, and we find
that the result will be the making Of per-
manent debt-One Ofthe ways of enSlaying
a people. At the end Of forty years you
have Daid SGO,OO0.OOO interest ON the State
debt. and have the principal yet to pay.
You cannot pay this debt, and TINS it be-
e~mes Uerrisnslnt, and is inflicted upon
vOur children aud cliidreH's children.
What right have YOU to do this? Take the
Federal, State aud corporation debts, and
we owe about S40J0,0OD, 600 more than
tiie entire debt Of Great Britain. II was
one of Mr. JelEeTsOH's axiOms that no gen
Grafton had right 70 iTcyg debts which 90
beyond that generation.
But they ask chow are you going 20 re-
in5s taxes p | would say pay Interest
only mon what the bonds cost the holders,
which is not more than So, 800, OOO, and that
would cut our sun1al interest down from
sk5OO. OOOto the sum Of $4,000, and that
would make a great deal Of difference with
our tax-payers. We suspended paying in
tsrest on our State debt for five years, and
whv eifi va not do it again, until we get
batter able? Is it reputation when we
don't pay for want Of ability.
There YOU see is a single item OF slJO,-
900 annually that | would save, and Their
if we could cut off something from the Ju-
dietary, there would be something saved
there. At the time of the Revolution, we
had a population in the United States OF
shout 100000 and our taxes were one dol
lar pr bead. How much of the CONT
mental wal debt was paid? But very
small part, and We. our fOTefathers were
not called regulators. III one decade
taxes were increased to about two dollars
per head: then they became three dollars,
ard at the close of our last war the debt oil
This country was about S127, 100000. This
debt Gen. jackson went TO work to extln-
guish, and he did extinguish t.
You must have periods in governments
as we'll as among individuals, when all
these cords must be cut and The nation
freed. If lam repudiator, Washington,
/ Hamilton. Jefferson and Jackson were re-
indicators. The colony of New England
naid her debt of E2,20O,OOO with one
! twelfth of that amount in silver, and ' IT.
| oinia Maid her debt at the rate OF one dol
| lar for one thousand, and yet they call me
A repudiator. and talk about Stokes anc
Hawkins. ILaughter.l think l am II
yerv good company when / advocate meas
ures which have received the sanction o.
sucb men as Hamilton, Washington, anC
all those. IApplause.l
During the rebellion the government re
sorted to the use of its credit for means u
carry on the war. How many OF those
nresent who were in the Confederate ser
| vice would lie willing to be saddled Will
! The immense debt Of the COnfederaey? No
| many. I nudge. but it was the same ON I'll.
other side. Gold ran up 20 S2.o5 and meI
bought mp a large portion OF the bonds OF
| which we are now paying six per cent. IN
terest, were bought for 30, 40 and 10 cent
on the dollar.
As the government now stands, where l
| all the money? A million and half to e
| ont annually on the State debt and you
proportion Of SIOO,COO,O0O TO meet eacl
wear. No wonder you suffer Whei
YOUR crops are short. tell you
NV cOuntrymen, the people nee'
| champiOns-tbey need somebody Z
| look after their interests. Once maxi
a permanent debt, aud this people are N
longer free. Take S2,2OO,OOO, 900 and VIVA
wo1Id million or two do, out Of that
| What would few thousand do in buyini
| A leeislature9 Il is said, but | hope IL
not true, that ''eyery man has his price.
| tell Won, it is time you were intereStln:
| Yourselves in this matter, and sending
men to represent You who cannot b
bought.
NATIONAL RANKS.
Mr.. johnson then explained his Objec
tions to the present National banking sys
TEN, saving that bankers receive 10 pc
cent. on the capital invested in their bIisI
ness. and in the exigencies Of trade, mucl
more sometimes.
A yoice-s.a man gets out of paying take
| on money invested in Government bonds
| too, don't hep"
| Nr Johnsou-Yes. sir: thank You fO