The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-04-04
THE PUBLIC DEBT.
Col. colyar Answered by Hon c. G
Smith, Of Clarksville.

at that place between the gentlemen
named:
at is understood that Mr.. Col
var is seeking the nomination fol
Governor at the hands of the State
Democratic Convent tion whenever il
may meet. Judge Smith, on the
other hand, announces his settled
purpose not to accept any office Oh
nomination for office at the forth
coming election. The two gentle
men had been antagonists as mem
bers of tho lata Ge-epal Assembly
at its called session of last winter,
and their opinions were well known
beforehand. Mr.. Colyar was known
as opposed to the State debt at the
present time and as having CON-
blned with the repudiators to defeat
all efforts at compromise of the
debt. He does not, like the avowed
repadiators, deny the validity of
the debt, but pleads the ruined and
impoverished condition of the coun-
try as an argument that the people
are unable to pay it. Judge Smith,
on the other hand, recognizes the
obligation of the people to pay the
whole debt, principal and interest,
and gladly receives the proposals
of compromise made by the commit
tee of bondholders at the called
session as offering an opportunity
to settle the liabilities of the State
honorably and without seriously
burdening the people,
The debate was opened by Mr.
Colyar. He began by affirming
that the State debt was only drop
in the bucket compared with the
whole burden now weighing down
the people, and on this pretext wan
dered into a wide DEPRESSION on the
routine OF Federal politics, arguing
on the subject OF the conversion of
bonds, the demonetization of silver.
the resumption of specie payments,
etc, ETC., in WHICH he took the same
side as not OILY all Democrats
South take, but large portion of
Southern Republicans also. The
connection of all this with the pay
ments of the State bonds was not
made very plain, but, If there was
any explicit position taken us the
result of it at all, it was that as the
holders in general Of the Federal
bonds were trying to cheat us, we
ought to cheat the holders of our
State bonds to make up for it. If
we have misstated his position we
beg his pardon; that was the near
est we could come to making sense
of it.
He then came to the proceedings
of the called session and ad
mitted that he and those he worked
with had Intentionally defeated the
proposed cornpromise, giving as his
reason that the question ought to
be referred to the people. He said
that Judge Smith had stultified
himself by voting against an amend
meIt of his to the effect that a tax
should be raised to pay the credi-
tors Of the Bank of Tennessee and
the workmen to whom the State was
indebted for working on the rail
road, ETC., etc. He was very vehe
ment in denouncing those who
would raise a tax to pay a lot of
New York bondholders, but not to
pay the honest workmen and inno-
cent depositors, who were Tennes
seeans. He then closed his argu-
ment by declaiming that the liber
ties of Great Britain had been
crushed out by debt, and that our
liberties must go too if we allow
ourselves to be bound by the same
chains,
Judge Smith then took the floor.
He began by sweeping away the
mass of irrelevant matter. He said
that all these questions in Federal
politics were matters OH which he
and his antagonist agreed and were
no subject of difference between
them. Doubtlessly the public cred
itors did their best to improve their
original bargain, but on that head
the only conclusion was that we
ought 10 hold them rigidly to their
original contract and ngidly fulfil
our own. The question now was
not about tive-twenties or ten-for-
ties, but about repaying the money
which had been borrowed To con
struct our railroads and turnpikes
ard build our capitol; that our debt
incurred for these purposes was a
serious burden 10 us he did not
deny, but disputed the allegation
that the State, especially this coun-
ty, was in a condition OF unexam-
pied destitution as compared with
other periods. He went oyer the
census returns and the reports of
the Agricultural Bureau and showed
by well authenticated statistics that
Tennessee was producing more at
less expense and getting better pri
ces.for it than before the war. We
will not now give this unanswerable
array of figures. They have many
of them appeared before in these
columns, and Col. Colyar himself is
aot stranger to them; they have
been produced before in answer to
his unfounded statements and he
has never answered them. He con-
tinues making the statements as if
| they had never been refuted. but