Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-09-22


position to what they term sthe Ubiquitous
funding bill passed by the late Democratic
Legislature" This, when we consider the
aniecedents of that party, anu she eOnnec-
ton Il had with the measure in question,
is the most shameless declaration. From
1865 TO 1869, they paid less than $500, GOO
Of the delJts of the Stale. They Squan-
dered the revenues upon the militia and in
support Of horde of Vulturcs who preyed
upon the State, and funded inStead of pay
ing, the public debt. They funded as q
rule; we funded to meet an emergency.
The funding bill is no longer living issue
b fore the country. 1t has been executed,
and both parties are pledged to sustain the
credit and pay the obligations of the Sale.
The Republican party in its prOnuneia-
mento of principles at Chattanooga, in its
fifth resolution, declare s'that We favor the
payment Of the public debt, both State and
NATIONAL and in the same sentence de-
clare opposition TO the iniquitOus funding
BILL" r.i-.ls
How can this be reconeiled2 There are
but two ways Of paying government debt,
one is by funding, which is only renewing,
and the other is by taking up the past due
debt loith money. They are opposed to
funding, and therefore they must favor an
immediate payment in money-that Is, they
mean TO say, if they had been in power, in
stead of FINDING, they would have raised
about 81, 090, 900 by taxation and paid off
the pastl due debt. [laughter.l To do
this, and meet the annual interest and
current expenses, they would have levied a
State tax at the rate Of about per cent on
your property. Less than this would have
been insufficient.
Bit charge and am prepared to prove that
that party was not opposed 10 the measure.
The candidates for Governor in both OF my
canyaSSeS, agree with me that the past due
debt must be funded. Aud when the bill
did pass majority of Republicans in the
General Assembly voted for it, and if am
not mistaken, their organs advocated and
approved the measure. More than this,
that party had; when iii possession OF the
State Government, passed two funding
bills, much less favorable to the State,
under which many millions Of our debt
had been funded.
The General Assembly has been arraign-
ed and held up to the ridicule Of the people
Of the State for the funding bill, aid that
too, in face Ofthe fact that in the canvass in
which il was elected, that measure was the
most prominent, and not opposed by a
journal or politician in the State. If the
measure was iniquitOhs, its supporters are
infamous, If that measure, pr 3idiDg for
the funding Of less tlian $7,000;00O,
Of a past-due interest bearing debt into six
ner cent. currency bonds is infamous.
What language will characterize in just
terms the act Of the Congrers of the United
f,faa r,aaaoI h. hall uofa On
the 18th dat nf April 1865, and approved
by the President on tine 18th day OF April,
1865, under which S9O0,000,000 of gold
bearing six per cent. interest bonds were
issued 10 take up nOn-interest bearing and
currency obligations o. the Government?
More than One-half Of these $500, OOO, OOOO %
six per cent gold bonds were issued TO
take up obligations Of the United States
Governments that bore no interest, while
the remainder took up Stiis'Tions that
were bearing a currency interest.
The act does not limit the amount of
these bonds TO be issued, nor the character
nor description Of them. All this is con-
fided, by the very terms Of the act, TO the
Secretary Of tlIr Treasury, ~he is moreover
to dispose OF these bonds ''eiIh- !
er i'm the United States or elsewhere, to |
such an amount, IN such manner, ana AT /
such rates as he may think advisable, iOr |
lawful money Of the United States, etc, |
etc. the proceeds thereof to be used only |
for retiring Treasury notes, or other Obli-
cations issued under any act b. Congress"
Was ever such power, either in Europe |
or America, conferred by law upon one /
mau, as this act conferred upon Secretary |
Those who passed and con-
spired to make il the law, escape the voice |
of cersure, although its effect has been to |
increase the annual gold Interest. You |
have to pay S54,0OO,O00, while the friends |
of the funding bill of Tennessee, who adj |
ded nothing to your burdens but dimin-
ished them 81, 124,242.61, are de- !
nounced as infamous, Laughter.l |
The Democratic party funded a State
debt of over S43, 100000 HHhen it aeceded |
to power. The Republican party from |
1865 to their election from office, more than |
doubled the State debt
Let us see what the Democratic parts |
has done. The following table, showing |
the financial condition of the State, speaks |
for Itself:
-