The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-07-18

thews, Dr.. Grant, and
Others.
Monday was stirring dag in Pu
laski. There were eight speakers
to be heard, ard most of the
day and part of the night was
occupied by them. First Col
Burch spoke in favor of recog
nizing the validity of the State
debt, and providing for its adjust
ment. He made an elaborate and
comprehensive argument in favor
of re-establishing the State bank,
brought up a strong array of facts
and figures in support of the wis
dom of such policy, quoted state
ments and opinions from the high
est authority as to the profits to be
derived from such n scheme, advo-
Gated a change in the State consti-
tuition, so as to authorize it, proposed
a repeal of the ten per cent. tax
upon private bank circulation, and
proposed to make the bank a depos-
tory for all public funds. This,
with the repeal of the resumption
act. the issuance of more green
backs, and other needed federal leg
islation, would Tighten the burdens
of the people enable them to ad-
just the State debt without burden
some taxation, and place them on
the road to prosperity. This is a
brief and necessarily very imperfect
report of his speech, which was in
deed very able, and was listened to
with marked interest and attention.
Capt. w. p. Tolley of Lynchburg,
being present. accidentally replied
to Col. Burch. He jocularly
announced himself for Governor,
along with other small fry mem
bers of the Legislature. He did
not class Col. b. that way, however.
lie had been omptroller-the sue
cessor of Hobbs! However, he
dared to take direct issue with him
on the State Bank scheme. He ar
gued that it was not only absolute
ly impracticable as was admitted by
Implication in Col. BIS argument,
the insurmountable obstacles being
first the unconstitutionality, the ten
per cent. prohibatory tax &c, but
ridiculously absurd, because when
simmered down to the condition of
n system of deposit, the state hav
ing no capital, and without capital
no bank could invite deposits. But
even if possible that the public
could be induced to deposit in such
n bank, from whom would the prof
its on this system of deposits be
derived? Answer: the very people
to whom 1T was proposed TO furnish
relief by this system, which is
equivalent to robbing Paul to pay
Peter. After thus opposing Col.
BIS wild scheme, as he regarded 1t,
he turned his attention to the i'm
mediate question of the State debt
arguing that there was no authority
in the constitution of '34 for the is
suance of State bonds, and that
the law purporting to create the
debt had been violated in several
particulars-notably in the act of
1859 passed by the Center Legisla-
ture, Under a state of duress, which
violated the positive terms of tue
contract by foreclosing the mort
gage upon the roads and forcing the
latter to sale % years in adj
vance of the possible contingency
or conditions upon which the
mortgage was to be foreclosed ac-
cording to the contract. Hence the
people of Tennessee not only have
the equities of the issue upon their
side but also the law of the case it
self. And from all this he deduces
the full measure of our ability to
pay, and if it has been reduced to a
question of inability rather than
ability to pay, the people of the
State are not responsible for that
condition. The money power of
the country is responsible for hav-
ing DESTROYED all values OF property
leaving nothing with a value
except money, bonds and stocks.
Instead of following Col. b.
wild scheme he eNhorted the people
TO rally to the Greenback standard
for relief. He however must not be
construed as advocating any new
party. He stands upon the demo
cratic platform only. The only
hope of the country is in the sue
cess of the Southern and Western
democracy in the next presidential
contest, and more greenbacks.
The next speaker was Hon. L. I.
Taliaferro, who was drawn to his
feet by repeated calls from the audi.
euce, at the close of Capt. Tolley' 5
speech, and briefly defended his leg
islative record from assaults made
by Mr.. Tolley.
Then the large crowd adjourned
to the East side of the court house
where Hon. w. S. McLemore, can.
didate for Circuit Judge, Capt Geo
Taylor and Laps. ID. McCord, candi'
dates for Attorney General, present.
cd their respective claims. The
discussion grew a little warm as be
tween the two latter, and was very
interesting,
Next Hon. Noble Smithson, eX-
State Senator from this district
came forward in response to calls
and delivered a speech in favor Of
the greenback movement.
After reading the platform of the
National G.eenback party and read
ing Mr. Cooper's letter of June II
1873. addressed to Congress as ex
planning the platform, Mr.. Smith
sen in Substance said The finan.
oial condition of the country Is
alarming. The greater portion o
the manufactures are closed, those
that are running are running on
half time and half wages; laborer'
are unemployed and when they dc
get employment it is at starvation
wages; the people are deeply II
debt; what they have TO sell vii
oring nothing; Pie RAeat crop is
failure; the cotton crop is bad ano
viii bring nothing when gathered
times will be harder this fall thar
ever known before.
The cause of this distress is tn,