The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-01-10

time. In his canvass Of % speeches
he had pledged the people he would
not go above a 40 cents tax, as
fixed by the State Democratic plat
form, and he was elected under thai
promise. He found by calculation
that tax of 30 cents would pay
the interest on the funded bonds
and leave small sinking fund. He
considered that the people had more
at stake in the settlement of this
question even than in 1861, and he
found that an acceptance of this
proposition would release her
threatened integrity from jeopardy
and not infict a greater burden than
the people could bear. He stated
hat investigation revealed that
there were only $3,S00,0O0 Brown
low bonds outstanding; that the
war interest which was so much de-
cried-perhaps justly, it being the
practice OF our courts to release
from war interest guardians, ETC.
amounted to only 100000; and
that the interest upon interest made
by the funding act of 1873 did not
exceed 81, 100000. Even accepting
these as fraudulent issues, still the
bondholders offered to release US of
more. Jno. II. Savage was the only
man he had ever heard question the
validity of the debt, and Mr.. j. J.
Ford of DeKalb was the only man
he had heard to say that if it came
to it he would go home and canvass
for reputation. There could be no
question Of the validity of the
bonds, and he had found upon in.
vestigation that from 1852 to 1860
when these bonds were being issued
that they were quoted upon an av-
erage at 81! cents. The State
therefore got almost par. There
were two bills came in from the
Senate-one at 80 cents with 4 per
cent. interest-and the other at SO
cents with a graded interest from 4
TO per cent. He voted against
both, not because he disapproved Of
them, but because they would be
void if passed. Our bond is our
contract and we are bound for the
| full face if the holder does not re-
lease in part, and if they had at
tempted a compromise at any less
figure than proposed by the holders,
1t would not have been binding
upon them and it would have been
a dead letter. He was reliably in.
formed they would not accept a less
rate. His letter to the bondholders
last spring suggested that the prop
osition most likely to be accepted
by Tennessee would be the market
value of the bonds with low inter
est, but they did not see proper to
make such a proposal and he had
no right or power to try to force
| them to it, which would have been
practical reputation to that extent.
The legislature therefore failed TO
agree u ION any compromise. and he
predicted that unless the so cents
compromise was accepted, either
the whole debt would be paid or the
whole repudiated. The principal
opposition to the compromise was
based upon the inability of the peo-
pie to pay. He appreciates to the
fullest extent the poverty of the
people, he is acquainted with their
griels and burdens, and as between
them and the bondholders, he is al
ways with the people; but at the
same time, if we admit the validity
of the deDt our cry of poverty can
do US no good, lnr it goes on in
creasing at the rate of $4,000 a day,
and ii we leave It unadjusted, it is
evident that we will either have to
repudiate it in all its enormity or
contiscate the peoples property to
pay it. This very cry of poverty is
the strongest reason why we should
have availed ourselves of the propo-
sition and thus lift our burden. He
counseled the people to send to the
next Legislature men pledged to
vote for this 80 cents measure. He
could not believe that Giles county,
which stands with the highest in its
reputation abroad, will vote for re-
pudiation. No calamity could be
more dire. He thought he had done
what was best for his people, and
while he was no candidate for re
election, he could not believe but
that Giles county would maintain
her own integrity and we'll merited
renown by sending men to admin
lister State affairs who would care
for the honor and integrity of the
State, and he expressed his abiding
faith in her willingness and deter
mination to assist in upholding the
right and see that justice shall pre-
vail
B. F. Matthews, Esq, is again at