Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-12


up, and nOn-cOncurred in.
NEW BILLS.
By Mr.. Smith-To authorize the city Of
Memphis to grant to the United States a
site for a custom house.
By Mr.. Logan-TO amend the 31st Sec
ton Of the revenue act passed March p,
1913, in regard to the oath Of taxpayers.
THE GOVERNMENT OF BIG CITIES.
Mr.. Quarles moved to suspend the rules,
to take up Senate bill 'to provide for the
better government Of municipal corpora
tions Of over 10000 inhabitants, to more
specifically define and restrict their pow
erS," in order to pass il on its second read
ing, which motion prevailed, and the bill,
after being amended so as TO fix the day for
holding the municipal election on the
Thursday after second Monday in January,
instead of june, was passed and made
special order for IL O'CLOCK Friday.
HOUSE BILLS on THIRD READING.
The following bills were passed: To fOs-
ter and encourage the raising Of blood
stock; to abolish the Office of Entry Taker;
to prevent pulling and tearing down fences;
to authorize the consolidation Of railroads;
to establish the Common Law and Chan
Gerry Court of Madison county; 20 change
the time Of holding the ChanceTy and Cir
cult Courts Of Warren, and the Chancery
Court Of Van Buren, counties.
THE RAGLAND FINANCE BILL.
At y O'Clock, Senator Ragland's bill to
reduce the bonded Indebtedness Of the
State, came up as the special order.
Mr.. Ragland said: The question Of pay
ing the pdblic debt is a most gigantic one,
involving, as it does, principles Of justice,
equity and self-preserVatiOn. The current
expenses Of the Government, for the years
1915 and 1876, as well as the interest on
the bonded debt, are to be provided for.
The Treasurer owes already 100000 Dor
rOWed money, which was required to pay
the January interest, and now, where We
are to get the required funds TO pay annual
expenses, debts falling due, is the question
which now agitates the public mind. Mr..
Madison held that bills of credit. meant
that circulating medium which was legal
tender.
Mr.. Ragland then quoted from the decis-
ions Of the Supreme Court in the case of
BriscOe against the Bank Of the Common
wealth Of Kentucky, to show that the war
rant on the treasury could not be held as
bills Of credit, and, therefore, were not in
conflict with the Constitution of the United
States. He said: The State would annual
ly save Sl50OO0 in interest, besides those
lost and destroyed, and these warrants
would serve as a circulating medium for
the people OF the State, would supply a
much needed want Of currency, and would,
therefore, relieve the necessities Of the
people.
The Senate took q recess until 2s30 p, n
Afternoon Session.
The consideration of Senator Ragland's
bill to redeem the bonded Indebtedness OF
the State was resumed.
Mr.. Hodges could see no relief for the
people in the bin. 1t was a measure by
which bOndhOlders could make millions Of
dollars by exchanging their bonds for "war-
rants on the Treasury" He did not un-
defstand hOwsthe people would be benefit
ed, or how these warrants could get into
the hands Of the taxpayer, unless it was
by purchasing them from those who were
so fortunate as to have bonds to exchange
for them at the price fixed. The warrants
would be the only medium Of value paid
into the State Treasury, which would en-
baTrass the State government for want Of
greenbacks to pay current expenses and the
interest on the public debt. General bank
ruptcy and ruin would ensUe if they gave
to the people circulating medium" which
would be subject to the whims Of succeed
ing Legislatures. Put such a system OF
fir ance as this into operation, and the in
terest will ReUer be paid.
Mr.. Blizzard regarded the measure as the
most important before the General Assem-.
bly,. 1t was for the veal or woe Of the
people of Tennessee. He was Of those who
held the views that this State was abund-
antly able to pay her Indebtedness. BE
did not know that he could vote for this
measure, on conditional grounds. The
very fact that the Treasury warrants were
to be issued to circulate as money mode
them ssbills Of credit The constitutional
prohibition did not reach the State, the
Union or the Planters banks, which based
their notes upon capital stock paid In
whereas the Treasury warrants now pro
posed would be due on demand and would
be based alone upon the faith and credit o.
the State. In fact, the bill meant nothing
else than another sale Of the people to the
bondholders. The debt was a trust fund
and wisely had it been provided that we Of
the present day should pay part OF it, leav
ing the balance to the succeeding genera
ton.
Mr.. Ragland asked-What do you pro-
pose to do with the interest?
Mr.. BLIZZARD said he was glad the hon
| orable Senator had prOpOunded that
question. As an honest man, he would
pay it every dollar when due. He desired
to ask his friend the same question.
Mr.. Racland-Yes, my bill proposes t.
pay it.
Mr.. Blizard-Will you vote a sufficient
tax to do so, if your bill fails?
Dir. Ragland-I shall vote as my
Judgment and conscience dictate.
Mr.. BLIZZARD, resUming, said 1t was no
the honest, tOiling men who were com
planning Of high taxes, but wealthy citi
zens and scheming politicians. The most
complaint came from districts where tnt
| greatest delinquencies in the payment o
| taxes existed.
Mr.. Jones thought that his friend (Mr
| Blizard) had, in becoming lawyer, spoiled
| the best preacher the State had ever pro
| duced. But sentiment did not pay debts
! The bill now before the Senate proposed L
put in circulation two and one-haf mil
! lions of dollars, to stop annually Sl,jOO,OO
! Of our taxes. 1t would give animpetus t
/ every industry. lie intended 10 NOle 10
/ the bill; and, to test the sincerity Of thOs'
vino opposed it with the cry Of "bond
holders" he offered the following:
Be it further enacted, that the Governor
Secretary of State, and Treasurer are here
| by designated and constituted a COMMITTEE
tor receiving sealed proposals from holder
of Tennessee bonds for warrants on tn
Treasury provided for under this act. Tn
| said committee shall, twenty days afte
II the passage Of this act, make publication
IN three newspapers, one in each Division
of the State, notifying the holders Of Ten
nessee bonds that they will receive scale
bids for said bonds, which are to be file
with the Treasurer for these warrants. o.
the day designated in their publication
the committee shall proceed to open sal
bids and shall accept those which are mos
IN tbe interest Of the State. The TreasU
rer shall receipt for bids filed under thi
section.
! The amendment was adopted.
Mr.. Logan said he was opposed to ID
hill. because be held that Treasury wal
rants would be "bills Of credit" and b
should address himself alone to that lega
proposition. He read from hel rs Con
mentaries on the Constitution, page Az