Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-27

10 increase LI6 JurculCbtOu VI JUSTICES Oi
the peace in the. collection Of debts in civil
cases. Rejected.
A SALE RATIFIED.
Senate Joint resolution confirming and
ratifying the sale Of the Rome and Car
thage turnpike to John A. Fife and others.
COncurred in.
RATE OF TAXATION.
The special order being the consideration
of Mr.. Heads twenty-five cents tax resOlu-
ton, was taken up.
Mr.. Parker offered an amendment that
all debts now due, and that may fall due
this year, are declared null and void, and
that this year be considered as 4 year Of
jubilee.
Mr.. Spears offered an amendment that
the tax shall not be more than thirty cents.
Mt. NOrthingtOn moved to strike out
TWENTY-FIVE cents and insert forty cents.
Mr.. East said that a debt Of more than
twenty millions Of dollars was Outstand-
ING, and il dovolved upon the Legislature
to fix upon a mode Of payment. Various
plans had been suggested By which this
solemn responsibility should be met. One
member had ascertain what is the
sue to be paid annually and levy tax suf-
us quit paving all interest and raise a sum
sufficient to pay Our ordinary annual ex-
penses and produce a surplus to be applied
to the payment Of the principal alone"
another has said, 'Let us insist that CTR
bonds have been unlawfully issued and
that the present holders took them with
the knowledge Of the fraud, let US declare
them forfeited either in whole or in part,
and let US put the whole thing in htiga-
tiOn in our courts" another had said,
alet US levy such a tax as our people can
reasonably pay and reduce the expenses Of
the State government, thereby producing
sinking fund to pay the Interests" another
had said, a.let US repudiate the whole and
move on as if we owed nobody, and let the
bondholders sink out Of sight, and We will
raise a sufficient amOut 70 pay our ordinary
annual expenses.n
This, Mr.. East said, was no mere party
question. All the parties that Lad existed
i'm this State since the first issuance Of
bonds, had contributed to the creation Of
this debt and its subsequent management.
The party at present dOminan. N the State
had led the vanguard. If issuance OF
bonds was the question, that party had IS
sued the most. If funding was the ques-
ton, that party had funded the most.
If the issuance Of bonds was
the question, the Republican party
stood second; and for tie short time they
remained in power they Outstripped all
other parties in funding. The Democratic
party had followed in their footprints
Neither party could point to the other and
say, "vou did it, An analysis Of the
COmptrOller's reports showed the date Of
the issuance Of each bond, 20 that Il would
be foOl-hardy for one party to e5ads re-
spOnsibility OF shift the burden upon the
other. Democrats and Republicans could
stand on that floor and say, eve did it, We
ratified il, and We must meet it, No
longer than las year, each went before the
people of the State with platform which
gave no uncertain or ambiguous sound on
this question. The policy Of each party
was blazoned on the banner placed in the
hands Of those sent forth as the standard
bearers Of the people. He advised
them to either yield back that
banner unstained and untarnished, or fall
with It. No sudden emergency for seton
had come upon them since their election.
That man who would violate the allegiance
previously given by him to the people
SHOULD not be trusted. No bonds could
bold him and no party afford 20 maintain
him.
The number Of bonds issued between
the years 1888 and 1851 was small, but
they remained unpaid, and The accrued in
terest had several times been funded. a
large portion Of tie debt had been created
since the war, but the State had recognized
the legality ofthe issuance Of the bonds by
taking them at par il payment Of debts due
IL. having cancelled more than twenty mil
lions Of them. The bonds issued between
the wears 1852 and 1860 were issued
during an era Of banks and currency, and
in 1866 more bonds were issued
in an era Of plenty and excessive
value. The debt was originated in the
mere hallucinatiOn and not in fraud, and
thew should meet it like men. As the Con
prohibited the creation OF any
more bonded Indebtedness, they would have
until the crack Of doom TO pay this debt.
There were but two possible courses left
one to pay, and the other to refuse. 10
refuse and give no reason for refusing would
not be decent or respectable. The creditor
had said pay what they could; if they could
not paw all, pay some. A pOstpOnement
would make the debt heavier and heavier,
until they would begin to look upon it as
something too great to be carried, and
hence no attempt would be made TO lift any
part Of it. he favored a reference Of the
resolution and all the bills upon taxation
70 a committee; let them consider the sub
iect and report a bill covering the case.
p The House adjourned until 2;3O p. N.
Afternoon Session.
Mr.. TAYLOR advocated the adoption OF
the resolution, principally upon the ground
that the people were unable to pay high
er tax.
Mr.. Patton syOred a suspension iOf the
pavment Of the interest on the State debt
and the levying Of 25 cents tax.
Mr.. Orr asked-Was State credit all
myth, all sound and no sense? Was ma
tional and State faith worth anything, or
nothing? The proposed reduction would
not benefit the people very materially, but
It would be a ruinOus policy upon the part
Of the State. Il was the same policy that
had brought the people where they were.
The movement, be cOntended, had a ma
.iOnal significance.
Mr.. Cole spoke in favor Of a rate Of tax
alton that would pay as nearly as possible
he Indebtedness Of the State; that would
bring permanent relief, and not a relief
hat would drag to the earth the people Of
he State, in 1877. Reputation was one
hing and a partial failure, owing to ina
Dility to par all Indebtedness, was another
Mr.. Spears said that something must be
lone and done quickly, else the next gale
hat swept over the Southern country
would bring with it the sound Of repUtia-
ion.
Mr.. NorthingtOn opposed the resolution.
de said that the great oppression upon the
,eOple did not come from the State alone,
)ut from Federal, county and municipal
axation. and the improper management OF
heir own domestic affairs. he was in
avOr Of preserving the faith and integrity
IF the State, and believed they could do so
1v continuing the forty cents taxation, the
-eDort Of the State Treasurer to the con
rarv notwithstanding.
The House then adjOurnedttill Z P. II.
Might Session
Mr.. FiDlay entered a motion to recon-
,ider the vote by which the House passed
he bill to abolish the Quorum Courts.
AGRICULTURAL ASSOCIATIONS.
House bill providing for the reOrganiza-
ion of agricultural associations passed its
second reading and was made the special
order for next Thursday at P. II.
CHARITABLE AND LITERARY INSTITU-
TONS.
House bill for the benefit Of charitable
and literary Institutions passed second