Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-05-27
STATE FINANCES.
Hon. James e. Bailey's Speech at the
Olympic Theater Last Night.
The Payment of Our Public Obliga-
tiOns Strongly Urged.
From the American of the 18th.


From the American of the 18th.
According to previous announce
ment, James E. Bailey, of Clarksville,
made an address at the Olympic Thea
ter, last night, on State Finances, to a
considerable and attentive audience of
representative citizens, who appeared
to be deeply attentive and interested.
Col. Bailey was introduced to the
audience by ex-Goy. Neil S. Brown,
who in a few pointed remarks, an
nounced himselfopposed to Reputation
in all its forms, and to all repudiators
from constable up. Col. Bailey spoke
of the magnitude of the question he
was about to discuss, the most moment
Gus ever presented to any country. He
alluded to the magnitude of the debt.
and to the accumulated interest He
spoke of the manner In which we have
permitted this debt to grow year to
year, and asked, do you manage your
own business in this way? do you suffer
your own obligations to accumulate in
this manner? Itwould result in bank
ruptcy and ruin. To change it will
demand economy. 1t will demand
sacrifices. Every good work demands
a sacrifice. No good can be accom-
plished without suffering some incon-
venience and hardship. It is to our
interest to meet this question at once.
The interest of the State is but the in
terest of individuals, and it interests
us deeply that this question be settled
now. Shall we listen to those who cry
hard times, who say we are not able to
pay, who demand delay? The only
time to begin work is now. You are
to be interested in National politics,
and contest is coming in which the
people of Tennessee, in common with
the people of the whole country. will
be involved in a great struggle to set
tie national questions and to determine
who shall be President. Shall we lose
our local and domestic questions, which
touch as most nearly, in this great
strife? Shall we not rather consider
and settle this most momentous of all
questions Ia our deep solicitude
upon Federal questions let US not lose
sight of these great Interests at home
which demand our most earnest con-
sideration.
The speaker then presented at length
the origin of the State debt.
He said: Il came to Nashville
thirty-eight years ago. 1t was a tri-
fling and Insignificant village, visited
it as a school boy. 1t had no stately
mansions or magnificent business
houses. It's square was Surrounded
with wooden buildings, its streets un-
paved and the population about 5000.
Nashville was then just beginning the
eystem Of turnpikes which have con,
tributed to building up the city and
the surrounding country. The credit
of the State was used in this work and
it's bonds secured the surplus capital
of other communities to aid in build
ing up your prosperity. In l83I-2, the
world was moving on around you.
In the North and in the South, other
States we're projecting, building rail-
roads and connecting themselves with
the world by these great commercial
highways. The people of Tennessee
felt the necessity for keeping pace with
the world, and the credit of the State
was again invoked. The bonds were
put upon the market and, upon faith
in the honor of the State, capital was
advanced and your magnificent system
of railways was built, making Nash
Vile wealthy commercial mart, the
pride as we'll as the Capital of the
State. These bonds were put upon the
market and sold at prices, as the books
of the New York Stock Exchange
show, from 1852 to 1859, varying from
par and above to SO cents and after
the panic of 1857, some from 80 to "a
cents.
He said it had been falsely asserted
that those bonds had been sold at
prices greatly below par. The speaker
then spoke of the bonds issued since
the war. and showed that but 81. 900,
900 were outstanding, and OF these
S2.5O0000 due from solvent roads.
He also showed what part of the State
debt arose from funded interest, a
measure which was an accomplished
fact which it was not necessary to dis
cuss.
He said that in 1869, in a Legisla-
ture elected by the people, an unfor,
tunate policy of reducing the credit OF
the State had been Inaugurated for the
benefit of the railroads, by which tn ey
were permitted to buy bonds Of any
series to pay their indebtedness to the
State. Under this act most of the
h onds issued since the war had beer
re tired.
He spoke of the Constitution tc
VIII ich we all appeal for protection
aga nst oppression. The people o
Zen. nessee were a law abiding people
They had done justice to others. The!
had demanded that the citizen shoulC
do ius tice to the citizen. Under op
pressit IN they and the whole South haC
anpeaLed to the Constitution and it
gnarani les. With what a poor grace
would Z tennessee now work iDjustic,
unon those who had advanced capita
! unon faith in her honor and the justic
| of her people. Our people, when tn
/ fury of war had passed away, have ap
peaIed not in vain to the people of tn
North to arrest the strong hand of op
nression. 1t now behooved US to d
| that iustice we had asked of others.
The Constitution of the Unite,
! States forbids the States to pass la'
iulpairing the obligation of contracts
and our State Constitution contain
the same provision, and moreover
nroyides that the courts shall be ope
to him in his lands, goods or reputa
| tion. and a remedy by due course Q
\ law. and right and justice shall be ad
ministered without sale, denial or de
| Law. And, again, it provides that n
mans property shall be taken or aI
nlied TO public use without just com
nepsation therefor. This is the Con
stitution whose protection We invoke
] Its letter, and certainly its spirit. Dc
manded of US to do justice, and