The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-12-10
THE FUNDING BILL.

THE FUNDING BILL.
In his message to the Legislature in
1873 he renewed his recommendation in
regard to funding the bonds and cou-
pOns which were due.
What else could be done unless the
State intended TO remain in a suspended
condition, with her credit destroyed and
her prosperity seriously 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 re-
store the credit of the State, was all that
could be done. The Funding Bill was
proposed and a great popular clamOr
was attempted against il and against
Gov. Brown because he had done what
he said he would do.
Many condemned the bill without ex-
aiming into its provisions, many
thought the whole debt of the State,
amounting to $27 100000 was funded.
Others thought the Brownlow bonds
were funded. Many believed the fund
ing Act created the debt, when in fact it
did not add one dollar to the debt of the
State, but saved on the bonds and cou-
pons already presented 1922 ,5S2.61 by
net allowing interest on them after due,
which many considered very question
able policy. 1t may be said that the
State could have refused To pay the
bonds and coupons, and could have still
further deprecated them. So she can
ROlo, If the people have no regard for
their obligations and no desire to pre-
serve the credit of the State. There is
no more obligation to pay the debt ROao
than there was before the Funding Bill
passed. That bill created no more bind
ing obligations upon the State than ex-
listed before. If we wish and intend TO
repudiate, we can do so ROto as well as
before the Funding Bill was passed.
That bill merely furnished the preteXt
for men to advocate reputation who
could as well have done so before it was
passed.
We do not mean to eensure any who
voted against that bill. They thought
bill better calculated to preserve the
credit OF the State might have passed.
There was difference of opinion among
members, and none of them are justly
liable to censure. Whether the details
of the bill that passed were such rs Gov.
Brown would have preferred, we have
no means of knowing. The principle
Of funding the bonds and coupons that
were due and which the people were un-
able TO pay, he undoubtedly approved.
That the credit of the State has not
improved as much as was expected aris-
es from the fact that prominent and in
fluential men are advocating total or
partial population of the State debt,
and this, of course, has caused "A want OF
confidence in Tennessee securities.
1t is sometimes said that because 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 argument IL may be called,
would apply as well TO private as to pub
lie debts. In fact, il amounts to this,
that if man contracts debts and after
wards loses Unexpectedly portion of
his property, he is not bound to pay his
/ debts.
For a State to refuse to pay her debts
/ ia order that she may depreciate the
value of them with view of buying
them at reduced rates Is as dishonest as
for an individual to do the same thing
These doctrines would lead TO a destruc-
ton of all individual as well as STATE
credit, aud would operate most disas-
trously upon the business interests Of
the country. Wherever such doctrine!
meet with popular favor, there neither
capital nor immigration viii ever come
for il will be said that people who are
insensible to public obligations will b,
eventually so to private obligations.