Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-13

which was to be paid in bonds collected by
the "a tax collectors.
Mr.. Gibson replied that none but slarge
taxpayers could get the benefit Of this act
but when they got the benefit of it, it help
ed every man in the State. If there was
deficiency, the people would not grumble
and the Legislature would provide for it
de had consulted the best informed finan-
cier in the capitol, the Treasurer of the
State, who was of the opinion that they
could very safely take half Of the taxes in
bonds. Would the House deny the bond
holder the privilege of paying his tax in
bonds and coupons at sixty cents on the
dollar? The people of the State expected
them TO do something in this connection.
The House took a recess until 3 P. NJ.
Afternoon Session.
The consideration Of Mr.. GibsOn's bill
was resumed.
Mr.. Galloway claimed that the acts OF
the Legislature of 1866 and 1868 were lille
gal. He said that the State debt in 1850
was S4,000,000. In 1865 it was increased
by an addition Of $16,000,000 on account Of
and given by the State to railroads. For
the increase of the public debt between
1865 and 1870, the State was not legally
responsible, hat debt having been fraudu-
iently created. He wished TO put himself
upon record as favOring the payment in full
Of every honest debt, but he thought there
should be a thorough investigation Of the
manner in which the railroad bonds in
which the State was interested had been
disposed of.
Mr.. NOrthingtOn argued in favor of the
passage Of the bill, claiming that the State
would make money by going out into the
market and borrowing money, to supply
any deficiency which might arise in the
amount necessary to defray the current e x
penses Of the State, by this proposed re-
ceipt Of past due coupons in payment Of
taxes.
Mr.. Cummins wished to place his con-
duct upon party grounds He wished to
call to the minds of the Democrats present
the duty they owe their party, so that that
party may not be brought into disgrace by
their action. In this connection, he refer
red to the history of the Funding act and
the discussion which has been had thereon
since, and called attention to the fact that
the member from Campbell (Mr. Gibson)
had gone ~contra-wise, in the discussion OF
this bill, to positions he had heretofore as
sumed. He then, by permission of the
House, read extracts from a speech deliver
ed by Mr.. Gibson, at Knoxville, Sept. II,
1872, as follows:
"And now what is the condition Of your
State credit? States warrants are low
down in the market, and no buyers. The
honest creditors of the State present their
accounts TO the Treasury and are told that
the State has nc money. Our Judges
can't even get their salaries; u sheriffs,
clerks and ~jailers, and and State witnesses
are forced to sell their State claims
for a few cents on the dollar; there is no
State school in all this land; no interest
has been paid on the State debt since the
DemOcratsssat IN power. Everything now
is burdened with taxes. The revenue col
lectOrs are wTinging our money from US
and sendingi IL to Nashville, and still the
state has t. borrow money to prevent 60
ing 10 pieces. And what is more alarm
ing, while the revenue was promptly col
lected and paid over to the State, while
Republicans were revenue collectors, Col.
Pennebaker's report shows that these Dem
Ocratic revenue collectors " the State
over two million dollars.
''What would be thought Of a man who
threatened TO pay none Ofhis notes in order
TO give his friends a chance TO buy them at
a few cents on the dollar? Would We not
d~euOunce him as 70 for the penitentiary {?
And yet this is just what this Democratic
Legislature has done. .
"The great majority Of men who go to
the Legislature are regular dOugh-beads,
and vote just as they are told. The rail
road ring works with the leaders, and the
rest follow like poor little ignoramuses
"Gentlemen, all this shows criminal i'm
becility, or deliberate knavery. But they
call it Democratic craftsmanship. Laugh
teri
"And thus you see how these Democrats
have fulfilled their promises. Instead of
reconciliation, instead of letting ~bye-Sones
be b~ye-COnes, instead of clzsping hands
across the bloody chasm, these Democrats
have trampled upon the rights Of every
Union man. They have, in effect, de-
clared that no man ought to hold office
who has not served in the rebel army, and
filed the State offices with men who wore
the gray. Instead of being economical
with the peoples money, instead Of froWn-
ing down corruption, instead of furnishing
the bond-thieveS, they have Oeen far more
wasteful than the Republicans; they have
offered a premium for fraud. They hare
hunted down the b~0nd-thieyes, but, finding
the Democratic mark in their ears, have
f lied and refused 10 punish them. Instead
Of selling the railroads 10 the highest bid
ders, and thus reducing the State debt as
much as possible, they have privately and
secretly sold the railroads at a minimum
price and have almost given them away at
ruinOus sacrifice and in utter disregard Of
the public welfare"
Commenting upon this speech, Mr.. Cum
minis warned his brother Democrats in the
House from favOring the passage of this
measure, as it would certainly be used
against the party by the Republicans in the
next canvass, while it would certainly fail
TO benefit taxpayers to any great extent.
Very few residents Of Tennessee were hold
ers Of bonds, which were, in the main,
owned by spectators Of other States, and
as the bonds were now worth but fOrty-fve
cents, the passage of the bill would have
the effect Of furnishing a market tor them
at sixty cents. He was strongly opposed
to any measure which said, in effect, to the
States creditors, "Thus far will we go and
no farther; You can take this much on what
We owe yOu, or nothing" He would favor
a fair, mutual compromise with holders Of
State bonds, to which compromise said
holders must be perfectly agreed, as had
been done recently in Virginia. As for
the legality or ~illegality Of the debt created
since 1865, the proper way to meet that
question would be TO carry the matter into
the courts.
Mr.. Noblitt offered the following amend
ment in lieu of the amendment offered by
Mr. Lea:
BE it further enacted, that TO enable the
State TO retire one million of her bonds an
nually, and to pay the current expenses Of
the State, sixty cents on the hundred dol
lars is hereby assessed UrOn the values Of
the State to meet the demands of the first
sections of this bill, and if in collecting
this amount Of taxes would at any time
leave a balance in the Treasury, it shall be
the duty Of the Governor to advertise that
he will buy bonds, but shall not be allowed
to pay over sixty cents on the dollar for
such bonds"
The amendment was ruled out Of order
by the chair.
Mr.. Cooper said he considered the bill an
impracticable one, and he would therefore
oppose it He was not for reputation in
any sense and was willing for the tax 70
remain at forty cents i'm order to meet all
the Indebtedness Of the State. The speaker
took occasion, in this connection, TO pay a
high compliment to Col. Killebrew for his
efforts in the way of immigration, and said
that il each member Of the Legislature