Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-01-05
THE POLITICAL OUTLOOK.

THE POLITICAL OUTLOOK.
Speech OF Maj. VIM. J. Sykes at Pu-
IsskI, Monday, Jan. 4, 1875.
Fellow-citizens Of Giles county. Du-
ring the past summer a number of the citi-
Eens Of this county did me the honor to re.
quest me 20 be a candidate for Governor Of
the State at the recent election. To this
request | did not make any special re-
Spouse, because l had before stated, in a
letter which had been published, that
could not consent for nay name 10 be
brought forward as as candidate for the
nomination by the Democratic State Con-
ventiOn. highly appreciated the cOmpli-
meHt paid me by so many Of the pr0mi-
nent citizens Of Giles county, whom | had
known so long, and among whom / had
spent 50 mauy pleasant days, but then, as
now, considered the harmony Of the De
mOcretiC party as of more importance than
Iiy political elevation or that Of any other
man. | am here row to return you, in
person, my thanks and to consult with you
rs to the future. QeustiOrs Of grave in
terest are now before the country requiring
TIE most calm and thoughtful consideration
and l say now as l have said before, now is
a time in the history Of our State when
every man should freely utter his senti-
ments, and not leave the discussion Of poll
cal questions TO protested politicians only.
l am not making an address before you
as a candidate at this time, or as pTOspec-
tive candidate for any Office. / am opposed
in principle TO so much office seeking, aud
L have declined, again and again, TO permit
my name 70 be used as a candidate because
had repugnance TO the means usually
employed in seeking Office. II is not my
purpose to charge corruption, or the use
Of corrupt means, because J. do not. be
lieve this is often the case, and in our
State 1 hope never. Men who are constant
iy talking about 'rings' are often themselves
members of other s'rings''-men who be
lie7e all others TO be corrupt, are apt to be
themselves corrupt. II, however, corrupt
means should be used. let the guilty be
punished to the full extent Of the law, and
receive merited public condemnation.
But whilst l do not believe that corrupt
means are used, 1 think there is too much
eager desire to obtain Office for the sake Of
the emOluments, more than for the purpose
Of benefiting the country, which should be
the only motive inducing a man to aspire
20 political station.
CONDITION OF THE COUNTRY.
1t cannot be denied that these are trOuO-
lOUs times. There IS great scarcity Of
money. thousands Of persons are out Of
employment. the farmers need the means
to enable them to cultivate their farms pro-
perly; and there is a general stagnatiOn in
business. Why is this, and what are the
remedies? 1t will not do to attribute this
distressed condition Of the country to bur
densome State taxation, for if ali our State
taxes were taken of, we would scarcely
feel any relief. It is not high State taxa
ton which causes our want Of prosperity,
but want Of prosperity makes any taxation,
no matter how light, OneTOus. People who
are prosperous can pay taxes without feel
o ing them, but people who are not pros
porous, are oppressed with even small
taxes. The State debt Of Ten
nessee is much larger than it would have
been, had there been wiselegislatiOn even
since the war. The debt contracted b0-
tween 1855 and 1S69-the legality Of which
many doubted, is the main cause Of our
present financial difficulties. That debt
however has, by the Legislature Of 1869
and 1870, been legalized, and most of it is
paid, leaving as our present debt that which
was contracted fairly and legitimately be
fore the war with its accumulated interest.
At the last session Of the Legislature, an
act was passed known as the
FUNDING ACT
for the purpose Of arranging our debt.
When that act was passed the country was
in much more prosperous condition than
it now IS, and in determining the wisdom
Of measure we must look at the condition
Of things then existing, and not
form an opinion from the present state
Of affairs. That aCj, much as il
has been misunderstood and abUs I'd,
actually decreased the debt Of the State
1927. 5S2.61 up 10 the 1st Of October, 1874
The bonds and coupons which had been
due for years were legally bearing in
teresi from the time they were due, and
would have continued to bear it until they
were paid. The funding act cut of this in
tereSt and in having their bonds funded the
holders Of the bonds agreed to this saving
on the part of the State. The obligation
was as great to pay the bonds and coupons
with their interest before as since they
were funded. l shall not undertake to de-
fend all the details Of that measure, or to
say whether a more satisfactory one might
not have been adopted, which would have
equally as well restored the credit Of the
State, then at a very low ebb.
No man in the State who had no inter
est, either direct or indirect, in bonds, has
felt more solicitude for the preservation Of
State credit than I have, !Or l have cOnsid-
cred character. financial character, as the
Jewel of a STATE and the test Of her pros
peTity. IL is as dear and as valuable 10 her
citizens as the character Of a man is to his
children. The few dollars that might be
saved by refusing TO meet the obligations
Of the State. would be far more than lost
by the depreciation Of the individual credit
Of her citizens. This loss they would feel
in everything they had TO buy and in every
thing they had To SELL
I here take occasion to say that | do not
believe the charges which haze been so
freely made that the bondholdeTs used
money 10 procure the passage Of the Fund
ING Bill by cOrTuptIng members Of the last
Legislature. 1 say this because no man
has been able 10 sustain charges, AID it IS
unfair and unjust TO make charges which
their is no proof to sustain.
MORAL. OBLIGATION OF A STATE.
/ do not believe a State any more than
an individual has the moral right TO fail or
refuse to meet its obligations in order to
destroy is credit, and thereby depreciate
the valueof its securities for the purpose
Of paving them in at reduced rates. This
not only destroves the credit Of the State,
but effects the moral tore Of the whole
cOmmuniry-fOr whatever a State does pri-
yate citizens feel they have right 70 do.
RELIEF MEASURES.
|, however, recognize the existing COndi-
ton Of atlairs-the shrlnkage in tie value
OF every species Of property, brought about
by the contraction Of the currency and tie
want Of q sufficient circulating med
the terrible distress in the country, growing
oUt Of dr3uth unparalleled in this re-
giOu, which has almost caused a famine in
the land. In view Of this fact, is it not