Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-06-08
CLARKSVIILE, TENN, SATURDAY, JUNE s. 1875
sPEECH OF HON. JOHN F. HOUSE.
OF Tennessee, I'm the House of Rep
resentaiives, Saturday, May
IS, 1878, On the State of
the Union

IS, 1878, On the State of
the Union.
Mr.. SPEAKER: We have elias
of public men in this country VIII,
seem to think that the American
people have but one mission remain
ing to them on this earth, and tha
is to provide the ways and means
for the payment of the public debt
Every other object and interest
public and private, is subordinate
and sacrificed to this all-absorbing
! and all-consuming idea. That ac
complished, we can all order oul
ascention robes, as nothing else
worthy our attention or effort will
be left for us to do in this world be.
low. In their opinion, the Union
was preserved for the alone purpose
of putting all its energies into har.
ness to create sinking fund. Ac-
cording to those men who have the
sinking fund on the brain, there is
but one class of the human race
whose favor it is our interest to
court and whose wishes it is our
duty to obey, and that omnipotent
class may be included under the
general term of bondholders. "Let
us hear the conclusion of the whole
matter: fear the bondholder and
keep his commandments; for this
is the duty of Congress and the
American people," Such is the
financial gospel which has been
preached from year to year by the
Treasury Departmentand faithfully
practiced by Congress.
Under the act of February %,
1862, all duties on imported goods
were set apart as a special fund to
be applied
First. To the payment in coin of
the interest on the bonds and notes
of the United States.
Second. To the purchase or pay
ment of / per cent. of the entire
debt of the United States, to be
made within each fiscal year after
1st July, 1862, to be set apart as a
sinking fund, the interest of which
was likewise to be applied to the
purchase or payment of the public
debt, as the Secretary of the Trea-
sury might from time to time direct,
the residue to be paid into the Trea-
gury of the United States.
Under the act of July IA, 1870, two
hundred millions of per cent.
bonds, three hundred millions of
Al per cent. bonds, and one thousand
millions of per cent. bonds, ma
turing in ten, fifteen, and thirty
years respectively, all redeemable
in coin, were authorized to be issued.
The Secretary of the Treasury was
to sell and dispose of any
Of these bonds at not less than their
par value in coin, and to apply the
proceeds to the redemption of the
500 bonds at their par value, or to
said bonds for five-tWen-
ties, par for par, the bonds to be
used for no other purpose whatever.
Under this authority the Treasury
entered upon the work
of creating a sinking fund. By the
terms of the law the sum of only
1882, 600, 900 was up to July, 1876,
to Oe used yet, according
TO his report, the Secretary of the
Treasury applied up to the period
named $658, 900, 600, showing he had
exceeded by the sum of 1926, 100000
the requirements Of the law in car
rying cut its provisions.
One would think, in view Of the
cry of distress that is borne on every
breeze and saddens every heart not
incapable of feeling, that some rec
would have come
from the Treasury Department to
stay the steps of the taX-gatherer
for awhile, to enable the people to
enjoy some rest from his demands.
When good and faithful servants
have performed not only their allOt-
ted task, but have done nearly
double the work that was given
hem to do, the hardest task-master
IS inclined to relent and proclaim
10 them a holiday. But no such
merciful and appreciatiye voice
issues from the Treasury Depart
nent. There the thumb-screWs of
contraction are still turned with an
rop hand. There the failure of
lbOstt eighteen thousand mercantile
within the last two
years, with liabilities aggregating
800 ,0GG 500, to say nothing of the |
wreck Of private fortunes belonging
@ those not engaged in mercantile |
ii commercial pursuits, seems to
laVe made no impression. The |
ali of commercial houses and the
rash Of private fortunes, like the
of trees in a great forest |
hrOuggs which the hurricanesWeepS, |
ave been beard everywhere in this |
Ountry save I'm the Treasury Depart |
nent at Washington. Deaf to every
tIler voice, and seemingly unmind-
ul of every other interest, the Sec |
etary of the Treasury keeps his eye |
n the sinking fund as the mariner |
aZes on the star by which he guides
is bark over the stormy deep.
ignoring wholly the fact that the
of this country have con-
to the sinking fund up
yar1}s of 1920, 100000 more that by
aw they were required to pay, the
secretary of the Treasury, in his re-
,Ort to this Congress, includes in
lis estimates the sum Of $37 900, 900,
n round numbers, to be paid by the
,eOple of this country to the sinking
und. Why not credit the people
With the amount thus overpaid, and
ct the sinking fund repOse for a
While on the laurels already won?
Does the Secretary of the Treasury
wish to crowd upon the backs of
his War-brOken generation the en-
ire burden of the public debt? Has
le no mercy on the tOiling millions
# his countrymen from whose over
trained muscles the money must
Ome to meet the demands of the
public creditor? Why keep the
of taxation upon their
rack to pay a debt not yet due,
When the money thus unnecessarily
'oerced from their pockets or their
is worth to them twice the
which the public debt is
These are questions
which the suffering people Of this
0untry are asking, and which they
gisi require their Representatives
q Congress to answer.
They mean that the fact shall be
c'OgRiizesd that there are some 9th
interests i'm this county that re-
u ne looking after besides the in
re ST of the bondholder. / have
, d. r9judiee against bondholders as
ch. The cry of the chronic dema-
,gue against men because they are
e WneEs of pubic securities
hich they have fairly bought and
i'd f W merits The cQptempt OF
-ery tGsaest man with sense