Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-23

Of public credit, then, be truly so impor-
tant, the next inquiry which suggests itself,
is, by what means is it to be effected? The
ready answer is, By good faith; By a pune
tUGL performance OF contracts. States,
like individuals who observe their engage
ments, are respected and trusted, while the
reverse is the fate OF those who pursue an
opposite course.
Mr.. Speaker, let public credit be pros
trated and evils untold, undreamed Of, viii
flow in upon the State with its Dead
Sea waters, in which no industry can
flourish, for public and private credit are
closely allied, If not inseparable.
There is perhaps no example OF the one
fiOurishing, where the other languishes.
Slowly, but surely as mortal poison, are
these insidiOus attacks uponthe State credit
eating out the life Of this people. They
are leaving their deep, dark, ddmIliRg stain
upon the fair name of our glorious State,
and if / mistake not the head and heart Of
this peOple-if l have not studied their
character to little purpOee-this people will
sooner or later crush out, and ''damn 10
everlasting fame" this trifing with their
hottest rights. How wonderful these reck-
less thrusts at our credit! DistrUst, diSOr-
DER, want Of cOnhdence-a perfect Yrect Of
financial honor are the legitimate fruits Of
this policy. But we are told, MIR. Speaker,
that present holders Of our securities did
not pay full value for them-did not in fact,
pay more than half the face value of this
debt, consequently we are not bound for
this debt. This Is q strange conclusion
coming from older heads than mine, and
yet L dare here deny the proposition in fall.
Again let US hear Alexander Hamilton.
First Secretary Of the Treasury, on this
point: "FrOm this view Of the matter
which appears 10 be the accurate and true
one, il will follow that the arrears Of in
tereSt are entitled to an equal provision
with the principal Of the debt. To decide
otherwise would be unWise and impOlitic,
as highly injurious even to the original
holders Of public securities as ruinOus TO
public credit. Ii is inconsistent with
Justice, because in the first place it is a
breach Of cOntTdct-a violation Of the
rights Of a fair purchaser. The nature of
the contract in its origin is that the public
will pay the sum expressed IN the security
to the first holder or his assignee. The in
tent in making the security assignable, is
that the proprietor may be able to make
nse Of bis PROPERTY, by selling it for as
much as il may be worth in the market,
and that the buyer may be safe in the pur-
chase. Every buyer, therefore, stands ex-
actly in the place Of the seller, has the
same right with him in the identical sum
expressed in the face of the agreement, and
any other theory would be manifest in
Justice Thus speaks the greatest fnan-
cler that America has ever produced, and
bis words are conclusive on this strange
plea that comes in here.
Mr.. Speaker. will now close by last
appeal TO this House not TO Iepael this act.
How unfortunate that our fair fame as a
State should ever be questioned! How IN
fortunate that aWhisper Of her honor should
be heard on this floor, OF banded back and
forth on the hustings! Caesars wife should
be above suspicion and when a State
stOOpS to argue her "spOtleSs reputation"
then is her disgrace half achieved, and
s'FaIls from her Herveless grasp the shattered
Curbs her proud course and checks her high
career"
How 1 admired the strong metaphor used
the other evening by the member from Ma
rion (AIr. Spears), Then he represented the
State through her Representatives, naked
and shiyering on the bank Of q great river,
dreading to take the final plunge. Well
may we pause on the brink Of that awful
abysm, Once let those dark waters roll
over US; once let that boundary be passed
from which our very nature recOils, then,
sir. the work is done, and our State-GOd
bless her-falls away from the brigh sitser-
hood Of States and puts on the sackclOth
Of population and disgrace. Like King
Lear, cur STATE is left out in the pitiless
storms of winter and infamy, hunted by
his own household TO desperation. 1 be
lieve Cesar was marching against Rome
when he stopped on the banks Of the Rubi-
con, and when the little river was passed
"ROHs JrGS free no more Let US profit
by this lesson. Hard pressed we must be
for a time, but let Us never forget the honor
and fame OF our State. Adversely is the
iron school in which to try our souls. Let
us be true TO ourselves and never finch
when the day Of trial comes. As for my
self, 1 shall never, while reason lasts, by a
vote or word of mine, bring shame and
sorrow upon my State and people. When
desOlation and rUin comes and brOOds over
this land-when our thoTOughfares become
silent, cur trade languish, our cities depOp-
ulated and fallen into decay by this ill-ad-
vised policy, let it be said Of me, as it was
reported Of the old Roman,
go tell SyIla that you saw Caius Marius sit
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