The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-04-25

Extracts From His Speech Delivered
in Franklin April !, 1878.


1t is not my purpose in coming here
to-day to speak to you on the subject of
our States Indebtedness. In the COM
ing campaign that subject promises TO
be the prominent feature, and | shall
leave its discussion TO those who. aspire
to offices having cognizance of the mat
ter and to the people who elect them.
There has been time when as n MEM
Der of the lower House Of the 10th Cen
eral Assembly of Tennessee l assumed
the province of determining this ques-
ton for the people whom represented.
The record l then made is to me, and 1
believe to my constituents, a satigfacto-
ry one, and If the occasion demands or
the necessity arises / shall under no
circumstances hesitate to give my rea-
sons for the course l pursued / was
one of those who believed it to the best
interest of the State TO compromise her
public debt at the lowest figure that
could be obtained, and holding to these
views / voted In accordance thefewith,
though | could not and would not have
voted for any higher tax than the limi-
tation imposed by the platform OF the
last Gubernatorial Convention, and
upon which made my canvass in my
county.
But my countrymen, IL my experience
has taught me anything Il has taught
me that our distress Is not of domestic
source, and your legislature has no
power to relieve the distresses of the
people. The capitol of your State is
not the forum in which TO obtain re-
dress from the wrongs and grievances
which have so long oppressed this
land of ours and Is daily becoming
more onerous and oppressive. Ifit had
been, Gel tainly some relief would have
resulted from the legislation of the 40th
General Assembly of Tennessee. 1t
was during that session that your taxes
were reduced from 40 cents to 10 cents
on the 500. The Penitentiary, which
for a period of 81 years had been a bur
den and an expence to the State, was
leased for a term of years az $4,000 per
annum. That leverage given 10 the
usurers and money-lenders of the coun-
try, affording them a means of grind
ing the debtor class and taking advan-
tage of their necessities, known as the
conventional interest law, was repealed,
and thus shut out, it is hoped forever,
the most certain and absolute means OF
ruin our people ever permitted. 1t was
during the regular session of that As
sembly that the first appropriation for
future current expenses, In the history
of the State, was reported and passed.
Hitherto it had been the custom TO per-
NIT the Governor and his cabinet OIL
GERS to issue and authorize the is
suance of warrants upon the Treasury
ad libitum, and the succeeding legisla-
ture make their appropriations In ac-
cordance. This has always been In di-
rect conflict with the express require
ments of the Constitution, which says:
"No money shall be drawn from the
Treasury but In consequence Of appro-
priations made by law" besides being
liable to the grossest frauds. As one OF
the results of that system inaugurated
by the 10th General Assembly, / have
made a calculation by which find that
the total amount appropriated and
saved by the 10th General Assembly
for the years lS77-S was the rise OF $29l,-
600 less than was appropriated for the
two years preceding. But in spite
of this there Is observed no tangible,
visible relief among the people. Indeed
SO oppressive and distressing have be-
come the affairs Of the people that repu-
diation Is openly advocated I'm every
county almost in the State, and IL can
not be denied Is fast gaining ground.
In 1868 when first made my home In
Middle Tennessee, taxes we're annually
levied sufficient TO pay current ex-
penses, more than double what they
are now and nearly sufficient 10 pay the
interest on the entire bonded debt
which then amounted to the rise OF
nearly $40,000,000. Yet carry your
mind back TO that period and you will
find prosperity existed everywhere, la
Dor received a just reward, farming
products were sold at fair prices, me-
chanics received good wages, lands
commanded large prices, and the cry OF
reputation was nowhere heard through
ont this land. Men who then, after a
year of toll, paid current expenses and
taxes, laid up a comfortable sum for In
vestments or any emergency that
might arise. To-day after the toll and
sweat of 365 days, you find the laboring
man absolutely unable to pay current
expenses and his taxes, and when he
lays himself down TO rest IL Is not 10
sleep but TO think and wonder from
whence IL 10 come the supplies for his
family for the next day or week.
In 1870 a man In my county (Gilos)
bought large tract Of uand almost Ia
sight Of Pulaski, for which he paid cash ESQ
per acre; few days since under necs asity Il
sold 70 the highest and best bidder that
could be obtained ut tl2 % per acre. This
Is one Of thousand instances almost, In my
own county and coming under my own per-
sonal observation Mortgages and trust
deeds are every day being executed, register
cd and foreclosod on terms invariably ruin
Gus 10 tho debtor. No one will buy his land
or property conveyed in the mortgage be-
cause no one can raise the money 70 pay for
IL a fair price. Ia fact It has come 70 the
point that execution ola mortgage OF trust
~. l. INT lss. mn a. - ffa trafrrl-
ment which il certain 20 result In destruc-
ton 70 the maker. AT the close Of 1855 20
thoroughly were the American people living
on the cash principle that there was scarcely
q mortgage on n farm in Giles county or IN
this section. Private business paper gave
no employment 70 the banking capital Of the
country. The banks bad oLo half their
means invested IN Government securities be-
cause there was no private paper 70 discount.
There were scarcely any business failures,
mono among the farming classes. labor
ard capital were employed, the country wa
expandinr, 400 900 Immigrants coming an
nuaIiy 70 give ~ new life and vigor. IN
fortunately however, a. that very time our
chains were being forged, and we arc to-day
out realizing their shacklcs.
The speaker here took up tho history Of
Federal financial legislation from tho ume
Hugh Mccullough succeeded Mr.. Chase Ia
1865 70 the present, showing that the system
then inaugErated and since prnetieed ,'has
well nigh han-strung the whole nation and
cost Us more than the war" This branch of
his speech was very elaborate, and allowed
that be had bestowed much thought aud
study upon the subject.
Now, my cOuntryme en-, a. ! said before. the
STATE Legislature heretofore or hereafter 10
be elected has no jurisdiction rndcF which IL
can Afford relief 70 the people. They may
compromise your State debt a. 90 oonts. sS1,
10. or II please wipe 10 from the face 81 She
earth; the difference Ia the condition Of your
legislation, win scarcely Be noticeable one.