Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-17
UNION AND AMERICAN.
TREASURY WARRANTS.

Mr.. JamIsOn's Plan TO Pay on the
States IDdebtedness-SPeee OF Rep.
resentafiVe ]. ]. OdeII in Its Favor.
Mr.. Speaker: l would prove recreant to
those have the honor to represent, were l
to sit silent when question Of such vital
importance 10 the citizens Of this great
commonwealth is being discussed. While
1 am the immediate Representative of Sui
livan county, ] am not sectional in my
views. At all times, when consistent. with
my duty, 1 have on tEis floor supported
measures introduced by gentlemen in the
interest and for the convenience of their
constituents, Each and every one will
bear testimony to this fact. l do not be-
lieVe that ! have any enemies in this body,
and l know that l cherish no ill-will to-
ward a single one here. But Mr.. Speaker,
and gentlemen, do ask for relief; nv
people demand it, and 50 do the tax-ridden
Of this great State. Now, sir, ask the
question, how much national currency has
been isSued2 Six hundred million, and
four hundred million Of the amount named
is taken up annually in taxes, State, county
and municipal. The greater portion of the
remainder goes into the hands of railroad
rings, bondhOlders and spectators, leaving
the people almost destitute and without
sufficient means to carry on a legitimate
business. / appeal to you, gentlemen, to
pass this bill, and give the people that re-
lief for which they are so loudly calling.
Ny people are asking for money, while the
constituents of the gentleman from Gibson
are clamOring for corn, corn, and
thus We find the whole State aroused.
Under the national banking system,
the common people cannot get money IN
less they pay about tWenty-fOur per cent.
No farmer can pay such rates, because but
few of them make more than three per
cent in their agricultural pursuits, after
paying the high taxes that are now i'm
posed BY the national and State govern
ments. The gentleman from Meigs has
great fear about the cOnstitutiOnalitY of
this measure. He need not be alarmed:
there is not a single doubt as to its cOnSti-
tutiOnality. To show you, sir, that it is in
harmony with our Federal Constitution,
refer the gentleman TO the Legislative Acts
Of the State of Alabama, which I hold in
my hand. Here are the acts passed in that
State during the years 1866 7l-'T2. They
issued tax certificates, and to-day they have
a circulating medium with which all are
satisfied. The faith and credit Of that
State is pledged for the redemption Of that
paper. 1t is worth one hundred cents on
the dollar in that State, and ninety-eight
cents on the dollar in the city Of Nashville.
No one has ever questioned their cOnstitu-
tiOnality. Mississippi has done the same.
l submit, is this not enough to chatter the
arguments Of the gentleman from Meigs?
Now, sir, I desire TO call the attention of
the House to the law laid down by Kent
concerning the article Of the Federal Con-
stitution prohibiting the emission of bills Of
credit by the States. In his Commentaries,
page 440, he says that instruments issued by
or in behalf Of a State, binding il to pay
money at a future day for services actually
received, OF for money borrowed for pres
emf use, are not bills Of credit within the
meaning Of the Constitution. Suppose,
sir. that a hole had been cut under this hill,
and had remained open at either end.
Suppose a cat had gone in, and at each side
a dog had been placed; l ask, Mr.. Speaker,
what would become Of that cat? Like the
gentleman from Meigs, it would be in a
snare.
In conclusion, I ask the gentleman
from Meigs and the enemies of this
bill, to read from Kent. But the
gentleman, in his argument, was
very careful not to read the
law to which call your attention. No, it
does not suit him aSd the enemies of the
people. I ask you, in the name Of the
people, to pass this bill and relieve them
from financial trouble. This bill, as you
are all aware, proposes to change the bond
ed Indebtedness Of the State, which Is in
terest-bearing, into a Notwithstanding
debt. 1t would save to the people nearly
eight hundred thousand dollars matter
of no small consideration to the citizens Of
this State. And, aside from this, it would
give the people a circulating medium, with
which they could pay their taxes and great
" relieve them from the heavy embarTass-
ments by which they are surrounded. The
people Cemand the passage Of this bill,
and l appeal to members on this floor
to come to their rescue. The national
banking system does not benefit the COM
mon working class; they cannot pay the
heavy interest demanded on loans, and, by
an act Of the Congress Of the United States,
there is only two dollars and sixty cents Of
circulation allowed per head to the people
of the State Of Tennessee. Therefore, sir,
it is plainly perceived by the members
upon this floor that there is not money
enough in the State to pay the interest up
on our outstanding bonds, and the current
expenses of the State Government.
Mr. Speaker, little do you know how
hard il is for the common men in the rural
counties to get even a small amount.
Money is so scarce that many farmers, con-
sidered well to do, do not handle fifty dol
lars in year. Talk to me about main
tanning the faith and credit of the State,
without a circulating medium! Pass this
bill; relieve your people; it is a duty you
owe, and why hesitate ? If you would pre-
serve the credit of our State, pass this
treasury note bill; save the people from
ruin, and 1 shall be satisfied. If not, / am
willing TO cast my vote to erase the bonded
debt from record. Call me a repudiatOr, if
you will; 1 am responsible for my course
here, and think it better to hurt a few Of
the bonded arTistOcTacy than ruin our peO-
pie and tax future generations, making
slaves of ourselves and children to uphold
in wealth and ease the bOndhOlder Of Wall
street. l am ready to do my duty, call me
what you will. But, Mr.. Speaker, l have
done, believing, as l do, that if the bill IN
der consideration passes, our people will
have secured the relief they So much de-
sire.