Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-10-07
WE reprint from the Memphis An.

peal portion OF the speech OF the
Hon. w. j Sykes, delivered lately al
| Huntirgdon. The regulators are
very anxious to quote the authority o.
the Revolutionary fathers on their
side, but an examination OF the origi.
nal documents always vindicates the
memory OF the dead from any such
imputation
Major Sykes in the course of his re-
marks had the following to say in re-
gard to the opinion held by Mr.. JEFF
ferson in regard to the creation of pub
lie debts:
You have doubtless often heard it
said that Thomas Jefferson did not be-
lieve one generation had the right to
bind another, and that bonds issued
by one generation were not binding
!. upon the succeeding generation, and
might with equity be repudiated. Mr..
Jefferson advanced no such ideas, as
| will show you from his letter which
have IN my possession. Mr.. Jeffer-
son did think and say that one genera
| tIon should not contract debts to be
paid by succeeding generation but
he insisted that this principle should
be applied to debts hereafter to be
contracted. Nowhere In all his writ
lngs can be found the doctrine that
debts heretofore contracted should not
be paid. The doctrine that was ad-
vanced by Mr.. Jefferson, in the shape
of a question, was answered conclu-
sively by Mr.. Madison.
Mr.. Jefferson, in letter dated Sep
tember 6, 1889, says The interest of
the national debt of France being, in
fact, but two -thousandth part of its
rent-roll, the payment of it is practical
bic enough and SO becomes question
merely OF honor or of expediency.
But with respect to future debts, would
1t not be wise and just for that nation
to declare In the constitution they are
forming, that neither the Legislature
nor the nation itself can validly con-
tract more debt than they may pay
within their own age, or within the |
term of thlrty-fOur years and that all
future contracts shall be deemed void,
as to what shall remain unpaid at the |
end of thirty-ionr years from their
date This would put the lenders,
and the borrowers also, on their |
guard.
La this letter nothing is indicated I
as to the invaIidity of contracts already
made, but his whole argument is evil
IDENTIFY intended to apply to future con-
tracts. L believe, and always have be-
lieved, that no debt should be created +
without at the same time making pro-
vision, as Andrew johnson expressed
it in his inaugural address, in 1853, Ito
meet the annually acoruing interest
and principal as they fall due" Mr..
Madison replied to this letter of Mr..
Jefferson, In a letter dated at New
York, Feb. 4, 1890, he said IF the
earth be the gift of nature to the living,
their title can extend to the earth in
its natural state only. The Improve
n,ents made by the dead form debt
against the living, who take the bene-
tit OF them. This debt cannot be 9TH
erwise discharged than by a proper
tionate obedience to the will of the
authors of the Improvements But
case less liable to be controverted may
perhaps be stated. Debts may be in
Cured with a direct view to the inter
est of the unborn, as we'll as of the
living S1ch are debts for repelling a
conquest. the evils of which descend
many generations. Debts may
be incurred by governments princi-
pally for the beLefit of posterity,
such is the present debt Of the United
States. In these instances, the debt
might not be dischargeable within
the term of nineteen years. There
seems then to be some foundation
in the nature Of things, in the rela-
ton which one generation bears to
another, for the descent Of obliga-
tions from one to another Equity
may require it. Mutual good may be
promoted by it; and all that seems in
in stating the account be-
tween the dead and the living, is to see
that the debts against the latter do
not exceed the advances made by the
former.
According to the doctrine of Mr..
j eferson, even as expounded by the
advocate of reputation, our debt is
still binding because thirty-four years
have not expired since the debt was
contracted: But as | have shown you
from Mr.. Jefferson letter, he intended
that principle to be incorporated in
the Constitution, and to be applied
only to future debts and future con-
tracts. Neither Madison, Jefferson,
nor Washington ever advo-
Gated the reputation of a public debt,
and such a charge does them very
gross injustice.