Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-10-29
THE FUNDING Law.
The Auditor of the Bin Tells what He
Knows About It-s0me Centre Shsts
TeIIingIy Put

that am the most infamous OF all tina
infamous Legislature, for | introduces
the fiInding bin that was passed by tha
body. #
| Fellow-citizens, am patient man, bu
| am not quite so patient as the Irishmal
thought old Billy Rockhold was of my oil
home in Sullivan county "a voice 'olS
Sullivan, you mean,). Yes, that sound
more natural. They vote the Democratic
ticket up there, you know. Old Billy haC
had a very severe attack of smallpox anC
his face was fearfnlly SCARED. NY Irisl
friend met him and said:
sfGood morning, Misther Rockhold sur
We must be the patientest mon that eve
lived in the wurTuld."
''Oh no, Pat, job was the most patient
man."
II don't behave a dommed word of it
sur. Sure Job nor the lave of them would
\ sit still like yeZ did, and let the sap-suek
ers pick your face full of holes and moi
spake word" [Laughter.1
| Now, fellow-citzens, / could stand il
| pl city well while the sap-suckeis camt
around with their little pick, pick, pick
but when the wood-peckers came alOns
with their twir-rer, twir-rer, pop, pop, ant
the yellow-hammers with their pom, pom
pom, bang, bang, | thought it was time fol
me TO interpose an objection, and l have
made up my mind that no man shall at
tack these measures of State policy without
| hearing from me whenever am in his vi
| cinity.
Now what is the funding bill? As
stated to you little while ago, the policy
of sustaining the honor and credit of In,
State was advocated by all parties from
Carter to Shelby, and those of us who were
members of the Legislature went there in,
structed by the people to do the best We
could to accomplish this great object. We
knew that the interest on the State debl
was unpaid, some of the bonds were due
and we felt that the people demanded of u:
to sustain the credit Of the grand old Vol
unteer State, and preserve her fame unfair.
nished by any stain of reputation. Act
ing under this impression, sustained by the
unanimous voice Of the press Of the state
including the KnOIrale Chronicle and the
Nashville Bulletin, urged on by such lead
ers of the Republican party as BrownlOw,
Maynard and Freeman, and encouraged by
every Democratic leader in the State, for
they supported either one candidate or the
other, we adopted the ''infamous funding
BILL" and how much do you think was
funded? Not quite six millions, including
past due bonds.
A CASE IN POINT.
Now, was this wrong? Suppose one of
you owes, let me say Gen. Dibrell, hun
dred dollars. He borrowed the money five
years ago and promised to pay the interest
semi-annually. This he has failed 10 do,
and now Gen. Dibrell wants his money.
But the man says, II cannot pay you now;
/ have property and resources which can
make the money from, but | have not got
it now" ''Very well; then you owe me
now thirty dollars of interest; just give Inc
a new note for $3.50, and | will give you
more time. You have youth, energy, re-
sources, and, aboYe all, honesty, and will
not press YOU"
Isn't that honest? Isn't that right ?
And if it is right between individuals, why
isn't it right between the State and her
creditors, for the State is only an aggrega-
ton of individuals. That is all there is of
the "infamOus" funding bill, and if there
is man within the sound OF my voice who
will say that it is not right and honest
would like to hear from him. A pause
and no answer.l
There are distinguished men now going
about the State denOuncing these measures,
who were informed of the fact that they
were pending before the Legislature, aud
raised no warning voice against them.
''Where was ROderick Dhu, whose bugle
blast were worth ten thousand men?''
They knew then that we were carrying
out the instructions of our constituents to
the best of our ability, and l think they
ara doino tho hnnacfr- 90 h. 10
Injustice in supposing that they have so
soon forgotten the instructions they gave
us.
FellOw-citizens we cannot too FIRMLY in
sist upon the fundamental truth that the
mainIainance Of the fair fame and public
faith of the State and nation. is the very
FOUNDATION STONE OF OUR PROSPERITY.
Let the quickSands of reputation and
violated faith swallow tins foundation stone
and the whole edifce falls to the earth in
ruins You all know how necessary it is
for a man to maintain his individual honor
and credit. 1Ou may say that you have no
need tol borrow anything, but there are
times and occasions in the life of every
man when his existence may depend upon
the credit which is given to his promises
and to his plighted words. And when these
are forfeited, TO what pitiable condition is
man reduced. Vattel in his Laws of Ma
tiOns quotes from Grotius' History of the
Disturbances in the Netherlands to the eff
feet that:
aIn 1896 Philip IL declared himself bankrupt
under pretenSe that an unfair advantage had
been taken of his necessities. His creditors
loudly exclaimed against his conduct, and as
serted that no confidence could thencefOrward
be placeC either i'm his word his treaties since
he interpOsed the royal authority 10 supereede
them. He could no -Onger find any one who
was willing TO lend him money; and his affairs
suffered so severely in consequence that he was
obliged 10 replace things on their former foot
ing, and TO heal the wound which he had given
to theipublie faith"
Yet we find now, in the South, a few
distinguished public men openly or covert
" advocating reputation of the obligations
of the State and nation. Right here, let
me read to you, as a conclusive answer 10
their arguments, what Vsttel says in his
treatise of the Laws of Nation upon this
point:
"5215. When a lawful power contracts in the
name of the State, II lays an obligation ON the
nation itself, and consequently on ali the future
rulers of the society. When, therefore, prince
Tor a legiSlature) has the power TO form a con-
tract in The name of the State, he lays an Obliga-
ton on all his successors, and these are not less
bound than himself to fulfill his engagements.
s'LOans contracted for the service of the State,
debts incurred in the administration of public
affairs, are contracts in all the StrictneSS Of law
and obligatory on the State and whole nation,
which i Indispensable bound to diSchaTg
those debts. When once they have been con-
tracted by lawful authority, the right OF the
creditor Is indefeasible. Whether the money
borrowed has been turned to the advantage OF
the State OF sguaudered in foolish expenses, is
no concern of the person who has lent it; he
has intrusted the nation with his property, and
the nation Is bound TO restore IL 10 him gain
il i much tie worse for her ii she has com
mitted the management Of her affairs 10 i'm
proper hands,
We have seen the marvellous transmuta-
tion of the Bald Eagle of the mountain
into a mOckinC bird, prOclaiming in syren
tones the sweets of reputation, and crOak-
ing, raven-like, the hardshipS of paying our
honest debts, but We can hardly believe,
after this great man has been six years in
Congress and could devise no relief. but.
on the contrary, continually proclaimed the
praises Of the great Republican party for
preserving the credit and paying the debt OF
the nation, that now, all at once, revela-
ton has flashed upon him, like the light
ming playing around the ragged edges OF
the clouds, and that he is TO become OuT
financial redeemer.
We in the South cannot afford to favor
reputation or endorse regulators. In the
first place, it is not honest, it is not right.
In the second place, it is the surest policy
to secure our political aud financial ruin.
The Republican party have tainted us
with reputation, and have made the
money powers of this country believe that