Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-08-16
WHAT sIGHr HAVE BEEN.

This 1.-THE Funding) Law was passed
by the last Legislature. 1t was not a
party measure. Democrats and Re-
pubieans favored as well as opposed it.
1t provided for the immediate funding
of bonds and coupons already due.
Some S.. 100000 to $6,000,000 of these
bonds and coupons have been funded,
and the law, so far as they are con-
cerned, is an accomplished fact. 1t
provided that bonds and coupons yet
to fall due should be registered, and
might be funded by certain time.
This part of it, We presume. can yet be
reached by legislation. The funding
of these registered bonds and coupons,
being an open question, may properly
come into the approaching canvass for
Governor and members of the Legisla-
ture. Political parties viii have TO
either rePudiate or defend it. Like
Banquo's ghost, it will not down. We
notice the Democratic party, IN their
@ 1unty conventions. are not a unit on
thu subject. Ii will come up in the
State Convention, and Just how the diff
feullv is to be bridged we cannot see.
Delegates should study the provisions
OF the law carefully, and be prepared
to act i'm elhgently--BristoI Courier.
Our friend Of Bristol-on-the-Line
seeks to be honest and impartial in
this matter, bnt we fear he has been
misled by editors who, perhaps, never
read the funding law, and certainly
never understood it. His statement,
that the law is about accomplished as
to the funding of past due bonds aud
coupons. is:correct; hsi statemeutthat
bonds and coupons not due may be
funded in tie future, is incorrect. The
latter are registered only for the Pur-
pose of bringing each one under the
inspection of officials to scrutinize their
legality. Funding" means to renew
an obligation which has mStured, when
we find ourselves unable to ply. There
is no occasion to renew an obligation
that has not matured. 1t is true,
section IL gives the State the option, OF
renewing bonds falling due within the
next ten years, if she should find her.
self unable to pay them on maturity.
She has equal option to pay them and
to pay all her debts, within the coming
ten years If she is able. This clause
does not apply to coupons at all. 1t
may be repealed by the next Liglsla-
ture. if deemed proper, and it may be
re-enaeted by any future Legislature,
if it becomes necessary through inabil-
ity to pay the bonds when they fall
due.
We see no occasion for trouble in the
State Convention on this matter, if
delegates follow the advice OF the
Courier and study the provisions of the
law carefully so as TO be prepared to
act inteliigently Let them take the
law itself, and not the distortions of
some who seek to make it political
issue. The State debt is an ugly fact,
which riust be dealt with by any party
in power. It's management should be
considered without regard to any
cIques of railroad bears or financial
bulls, bat with au eye single to jns-
tice-justice TO the people and the
Observation-Disclosures honesty and in
telligent self-interest We should look
10 the future under our control, rather
than the past we cannot recall. 1t Is
hardly worth whileto condemn funding
when there ls nothing to fund and no.
body wants TO fund. 1t is not the part
of practical men 10 dwell on those sad
dsst words of all the earth ut might
have been. particularly when no one
hes vet told us VIVA. might have been,
or how it IN light have 1een.