Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-27
UNION AND AMERICAN.
OUR BONDED INDEBTEDNESS.
The Proposition to Pay 1t Offin
Treasury Warrants.
Speech Of Hon, y. j. NOblitt, of
Lincoln. in the House
Feb. %, 1875.


Mr.. Speaker; 1 would beg the indulgence
Of the House for a short time to hear me
upon the merits of the bill now under con-
SideratiOH. Yea, hear me. l plead not
alone for myself or The people that imme-
diately represent, but for the great masses
of great State; and net only for them.
but for generations Vet unborn. Nv plea
is for freedom,
Then, sir, The first question that presents
itself to our minds is the caption Of the
bill. That, sir, is a recital in a very brief
manner o. its nature, character and objects.
1t is useless 10 trespass upon your time in
discussing the nature and character of the
bill. 1 take it that the bill itself is sufi-
cient upon those points.
The points that L shall endeav0r 20 i'm
press upon your minds is the necessity Of
its becoming a Jaw, and, in so doing,
think the object will be fully attained. The
first question to settle-is there any neces-
sity for changing the character of our liza
bilities? To US this seems so plain prop
OsitiOn that IL needs no arguments 10 con-
vince the intelligent mind, be he taxpayer
or otherwise.
You all know that the taxes Of this coun-
try have been gTievoUs for years, and they
have become so great an incubus upon the
prosperity Of the country it can not long
remain and we maintain a republican form
Of government. Tie funding law and
bonded system is the pandora's box from
which thrse-fOUths Of the evils flow, that
our people complain Cf. The bonded sys-
TEN is suicidal policy to republican in
stituJiOns. Its tendency is to ceutraliza-
JiOn, Il drives money out Of its legitimate
channels aud causes an UNEQUAL distribu-
ton of currency, drives it into bonded
rings and mOHupOiies and into morbid
speculation, enabling ShylOcks 10 realize
Legitimate and enormous interest upon
their sOUlltss demands.
Bonds ale cankering the foundations Of
liberty in this country. They are driving
the agricultural, mechanical and meTcan-
tile interest into bankruptcy and poverty.
Sir, it is not my design to array one class
Of society against the other, but these are
facts that can not be denied. envy not
the man that lives in his splendid man
sion and rolls in all the lUXuEes Of life;
neither DO [ despIse the man that lives in
bis cabin and boasts Of nothing but the
number Of his children and love Of coun-
try. Let him be honest, let him be noble
either is the handiWOrk Of God.
You will allow me to mention in this
connection, for the purpose Of satisfying
our friends that oppose this measure upon
constitutional grounds, that written con-
situations are like money or anything that
is used IN place of or for money; they are
both creatures of civilization; they are
both made for the people that use them.
Gold and silver are regarded as the stand
ard Of values by all civilized nations.
Each stamps upon its coin its national
value, but this value is regulated between
the different natiODalities by weight. Then,
sir, We take it that nothing is money ex-
Cept the art Gle thattis recognized by the
common consent Of nations as money, and
that is coined gold and silver. And, as
most Of our wants are artificial or such
that grow ont Of the habits Of civilized
life, all people have endeavOred to meet
that demand. The fastidiOUs meet it III
directly; those that are not 50 fas,idiOus
say they are either naked, hungry or cold.
Then, sir as we advance in civilization,
our wants are augmented in the same direc-
ton. We have to produce more and to IA
Ciitate tie transfer Of the necessities Of
such society. We have to have more Of
the means of transfer, which is called
money or a circulating medium. But, sir,
we soon find that there is not enough OF
this 10 meet the demands of civilized s0cie-
ty. and intellect and reason are called upon
TO devise some means TO meet the demands
Of civilization. Then, sir, what have We
10 dO9 We have GOT to learn to make the
distinction between the natural wants OF
70 man and his acquired or artificial wants.
These artificial wants are the Injuries OF
life, and 10 demonstrate this fact we have
but TO read about one Of the first Legisla-
lures of the State. In the annals Of Ten
lessee, page Zy7, by J. q. NJ. Ramsey, We
find that their civilization was more simple
than ours they useL fax thread, deer skins
and fur skins as a rgulating medium,
which was receivable for all dues and taxes
for the State. These articles were used by
our forefatheIS as a circulating medium.
To show you that such an issue as that
authorized BY this bill is not in violation
Of the Constitution Of the United States,
refer YOU 20 the acts of Alabama of 1866
81, page GIT, the acts Of 1865, pages p
and .. and the acts of 1871 and 1872,
pages II, L an l3. The currency thus IS
denominated ;aX' certificates. They cir
Culate as money, are used by the people OF
the State as money. and the faith Of the
CLaae IS IslEll-Gu AAL LLAsz4l ACNASAAAt ilANAAs
Now. sir, the next question that arises is,
Does our circulation demand an increase?
We answer in the affirmative. We assert
from statist cal and official authority, that
Tennessee has twO-thinds less circulating
medium than Size had before the war, and
that she owes more than three times as
much Is ahe did then. She owed
about seven millions before the
war. and she row owes over twenty
one millions. She had a clrculaJ-
ting medium Of ten millions before the
war: she now has little over three mil
lions and a quarter. Out Of this circula-
ting medium she has to pay the annual In
terest upon her bonded debt, which is over
one and q quarter million dollars per an
mum. Add to this her internal revenue,
which she paws on whisky and q baccO,
making two millions tifty-One thousand
seven hundred and fOrty-eight dollars.
This leaves, when we have paid our an
nual taxes, only SgT5,S45 as a circulating
medium 90 meet our personal liabilities,
run the State government, pay county and
municipal taxes. Our annual products
amount to about one hundred and forty
millions: hat is about Sill to each inhabi-
tant, and every dollar Of that amount is alb