Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-29
COL. JAS. X. BAILEY ON STATE
FINANCES.
An Able and Patriotic speech.

finances overshadowed all other Ques-
tions in importance to the people Of the
State of Tennessee. This is but one
of thirty-seven confederated States,
widely separated in geographical posi-
ton, with different industries, and to
some extent with widely differing in
terests and policies. We may, or we
may not, be able to impress upon the
forty millions of people inhabiting
this country our views of the policy
that shall control the government OF
the United States in regard to curren-
cy, specie resumption, protective tar
ifs, and the many other questions
that are daily subjects of discussion !;
but in so far as the separate interests
Of the State can be controlled by the
action of the Legislature, the people
of Tennessee, and they alone, have the
right to speak--and for veal or for
woe, they can give direction to their
own affairs.
We have too long delayed to take
vigorous action in regard to our State
finances. We have suffered interest
upon our public debt to go unpaid,
until it constitutes more than one
third part of the whole debt, and if we
shall much longer be indifferent to
our own true interests and the just
claims Of creditors, we will be driven
to levy taxes so burdensome to the
citizens that their only relief will be
through the disgraceful measure of
reputation. Indeed, we have already
heard it said that our taxes are too
grievous to be borne that we are
bankrupt, and our creditors shall be
compelled to accept part of what is
due them, or else shall have nothing.
Col. B. said take it for granted,
fellow citizens, that you are honest
men, earnest seekers after the truth.
and anxious to do what is right, and
that you will not be seduced into do
ing what is wrong by simple conside-
rations of self-interest. Ifyou be con-
troIled by such base motives, then an
deed IS Democratic rule O fuiture, and
Republican gorernmeRt a cheat and a
fraud. For yeu are yourselves the
triers of the question whether you
will pay the creditors of the State
You sit to-day as the judges to decide
between yourselves and those who
claim to have just demands against
you. From the decision you may
make no appeal will lie to any earthly
tribunal, and reversal of your action
can come only from your posterity.
But, nevertheless, your Judgment will
be rendered, not TO these claimants,
but to the whole civilized world, and
men of other States and other nations
will pass upon it, and will approve OF
condemn as it shall be in accordance
with the eternal and immutable prin-
ciples of justice.
Col. b., proceeding, said The ques-
tons then to be considered are wheth-
er the State owes a debt? was it con-
tracted according to legal and consti-
tutional forms 2 has it conferred upon
you benefits and are you under NOR
al obligation to pay it?
By referring TIC the report of John
G. Burch, Comptroller of the State,
made to the Legislature in Jan. 1874
we find that what is claimed to be the
public debt of the State, may naturally
and properly be divided into several
classes.
First, bonds issued to create a cap
ital Tor the Bank of Tennessee, to pay
for stock in turnpike companies, to
pay tor the Hermitage, to build the
State Capitol, and for other internal
improvement purposes, under laws
enacted before 1852,
Second, bonds issued before 1861 to
aid in building railroads, by authority
of the act of 1852, known as the Gen
eral Internal Improvement Law"
Third, bonds issued under the acts
of 1866 and 1868 in renewal of old
bonds past due, aud in payment Of
coupons that fell due upon old bonds
after January, 1861.
Fourth, bonds issued from 1866 to
1869 inclusive, for internal improve
ment purposes.
Fifth, bonds issued under the act oil
1873 4, in renewal of old bonds past
due, and to fund interest unpaid upon
bonds of every class.
Sixth, interest upon bonds of every
class, that became due in July, 1875
aud January, 1876.
Now, which of these classes of bonds
have been illegally or unconstitution-
ally issued?
All were issued by authority of acts
of the Legislature of Tennessee by
the representatives of the people, and
with the appreciation of the people
except as to portion of those issued
IN the period between 1865 aud 1869
to which the speaker said he would
refer again. In the Legislature that
enacted the laws authorizing the bonds
to be issued were to be found the
ablest men that Tennessee has pro-
duced, and the bonds were signed and
sent out to the markets of the world
by Cannon and Polk, by Jones, Neil
Brown, A. V. Brown, Campbell,
Trousdale, Andrew johnson, and
Isham g. Harris; no one of whom
was rebuked by the people for being
unfaithful to the high trusts conferred
upon him. No person has ever ques-
toned the constitutionality of the
laws under which our Governors acted
in signing thsse bonds. No one to-
day will question the binding obliga-
ton that rests upon the State TO pay
them. No opponent Of State credit
will propose to leave these questions
to the courts of our own State, presi-
ded over by Judges elected by, and
responsible to the people. Then, fell
low citizens, have | not the right to
demand of you, as triers of this ques
ton, a verdict that the debt was legally
contracted, and should be paid, unless
there be some other ground on which
payment can be refused?
Proceeding, he said The debts of
other nations, and indeed of the gov
ernment of the United States, have
been created by keeping up standing
armies and armed fleets, by expensive
wars, and too often, in ministering to
the extravaganza of rulers.
But the debt of Tennessee was Gre
ated in the interests of peace; in the
endeavor to improve the condition and
to promote the we'll being of the peo-
pie themselves. Not one dollar was
expended on fleets and armies; not
one cent was wasted by your rulers in
prodigal living. All this money, or
nearly so, has gone to the building of
yoHr capitol-that beautiful work of
art, the pride of the cOuntry-to the
building of turnpikes and railroads,
and all these we have now left; they
are here to-day for our use; they to-
day contribute to our comfort and to
our prosperity. They have doubled
the wealth of the State, and in all
time to come, will bestow wealth upon
US and our children. Blot them out
of existence, and we would be poor
indeed your tobacco and your wheat,
your cotton and your corn would, as
IN the olden times, lie for months on
the banks of the Tennessee and the