Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-28
PUMPING FANCIEs.

eve have generally regarded the
UNION AND AMERICAS as the faithful
exponent of Democratic principles, and
have always been willing to concede Its
ability and great influence as a party
organ, but when it assumes to make the
advocacy of a measure, concerning the
policy of which the best Democrats in
the State differ, test of orthodoxy In
the Democratic church, we are inclined
to question its infallibility and to repu.
date its authority. We are not more
interested than thousands of others who
have been acting with the Democratic
party; nor so much as those who have
always worshipped at its shrine; yet we
hope it is not intended to make such a
test In the coming canvass.
We claim no infallibility, nor Other
form of independence of our fel.
lows. The above shows a mere misun,
derstanding between friends who seel
the same objects by the same identical
means. We, with the Manchester
journal, ''hope it is not intended to make
such test IN the coming canvass. "
This is precisely what we have depre-
Gated, and we have denounced only
those who seek to reopen this funding
issue for the purpose of dividing the
Democracy. We have heretofore en-
phatically disclaimed setting up that
law as a crucial test of party fealty,
either on the one side or the other.
And now comes the Dresden Demo
erat with the following programme:
"The funding parties in the State
say that the funding question is dead
issue, and that the assessment act is a
necessity growing out of 1t. We APP
prehend that the man who is elected to
the Legislature from this county will
have to stand upon this platform:
Il. A reduction of the taxes to an
amount that will. defray the ordinary
current expenses OF the State.
so. A repeal of the clause in the
funding act that requires the Treasurer
to pay the interest of the State debt In
preference to ordinary State expenses.
"Our people are unwilling to repudi-
ate their Just obligations, but they do
not feel that they are able at the
present time to pay interest upon bonds
of doubtful legality, and for which they
have received questionable considera-
ton"
This seems plain enough, but if We
our West Tennessee
confrere. we shall be glad to stand cor
rected. We understand this phrase,
ordinary current expenses of the
State" to exclude one cent for either
interest on the public debt or sinking
fund toward paying the principal. Be
fore we believe that our contemporary
means exactly this, we viii wait till it
comes out still more plainly. In the
we viii mention two items
for its reflection. 1t demands of legis-
lative candidates that the clause of the
funding law requiring the State Treasu-
rer to meet the interest account before
current expenses, shall be repealed.
Has the question ever occurred to the
Democrat, Can this clause be constitu-
tionally repealed? Would not its re-
peal impair contract already consum-
mated with every man who has funded
his bonds? Would not its repeal in
volve the State in costly litigation, re-
sulting in the vindication of the exist
ng clause, with damages? Would not
,he States own courts so decide? We
nope all viii understand that in moot
ng these questions, we are not pre-
ending to decide the law of the case,
which is the function of courts. We
nope also that we are not understood as
this particular clause of
he funding act. We merely in
list that the funding measure,
this clause, is to-day helaw,
md that the Democrat might investi-
pate the possibility of repeal before
Legislative candidates to ad-
-Ocate it.
Secondly, it is stated that the peo-
lie do not feel they are able to pay
interest upon bonds of doubtful legali-
y" Is this really the status of the |
Iebt now outstanding, and being eth
r funded or registered? Wequestion
hat there is now outstanding one bond |
f doubtful legality. Such paper, |
moving its origin, is the first to seek
exemption. Those who accepted and
hose who issued it were equally anx-
ous to cancel it. The BrownlOw bonds |
lways rated lower in the market, on
ccount of the doubt that hung over
many of them, and railroads found 1T
economical to buy up that particular
lass to iquidate their Indebtedness to
be State. Whether the law allowing
his process was right, is question IN
yhich neither the present Administra-
ion, nor the last Legislature is an
olved. 1t is the old unquestioned
ebt, contracted before the war, that
Constitutes the bulk of the burden left
S. We can easily conceive that some
abroad companies to-day, may be
nxIous to depress Tennessee bonds,
nd so buy them up the cheaper to
-ipe out their debt. Some magnates
{ that class are very mad with
themselves that they did not
train their credit in other directions
ONE years ago, to buy up the bonds
t fifty cents on the dollar. 1t would
ave been a grand stroke of railway
diplomacy. But can we afford to let |
he credit of the State go back to its
Srownlow ebb for the benefit of these
who failed to utilize an OPP
brought on by the calamities
{ war and misrule: Shall all pros
ects for internal improvement and de-
elopment stand still, to give a few
o,.,,,,,.o hong On oDport1nitv IN r,r,ofit |