Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-12
WHOLE No. 2,319.

: people, as a people, shall proclaii
y TO the world in the most solem
Q and positive manner that we wi
5 not pay our just and honest oblig
tion, because Of our professed inabi
| ity to pay even so insignificant
sum when compared to our gre.
t developed and undeveloped r.
| sources.
All, / can imagine with whf
shame and confusion those distinl
} uished gentlemen viii hang the
heads, and hide their faces, when i
their Jealous efforts in the cause Z
J immigration, they induce one hone,
immigrant to come and behold fO
himself; and with that State prid
characteristic of Tennesseans, the,
point the honest immigrant to on
magnificent railway system spread
ing like a network all over ou
State, and some of which declare
dividend of ten per cent. annually
and all doing thriving business
and then to our numerous turn
pixies running like threads of silvel
through valleys and over mountain
tops, which enable the thrifty farm
er to transport with ease, at all sea.
sons, to market at some convenient
railroad depot, the rich harvests OF
his kind and generous soil; and then
with a perfect burst of delight, SO
natural to every native son, they
hasten to present this grand Capitol,
an ornament to the State, perched
| upon her rock-ribbed eininence as
mistress of the commonwealth, en-
during as it was economically built;
and then with solemn tread they
approach the graves Of our distin-
guished dead, and announce with
an air of triumph that three ex-
presidents sleep in the bosom of
Tennessee, and long role of other
noted sons renowned for their
purity and uprightness of character;
and as they stand at the portals OF
the Hermitage, and survey the
broad acres, the historic mansion
and beautiful grounds, it is told that
this is the property of the State, and
claimed by her.
Overwhelmed by this magnificent
display of nature, and of art the
honest immigrant turns to this de-
lighted escort, and with a look at
once betraying surprise and sadness,
and exclaims with empasis, "truly,
this is a great State; see on every
hand unmistakable evidences of
thrift, wealth and prosperity, but
can it be that this great State has
repudiated her honest debt of only
81 800, 600; and is it absolutely true
that she is holding, and claim
ing, and using these great works of
art, and this tomb of her great war
rior and statesman, built and paid
for with her bonds, and then refuses
to pay these bonds, saying, claim
the benefits and expect my people
to enjoy them, but l am poverty
stricken, and can't, and won't pay,
and there is no law to make me %
And while this may be a picture
of the imagination, appeal to
every honest man in Tennessee
to-day to know if this Legislature
fails to settle this debt upon the
basis proposed, how far have de-
parted from what will then be the
real facts?
But, Mr.. Speaker, / have been
endeavOring to show for tojldt this
debt was contracted, and now let |
inc consider the mode and manner |
in which it was done, in order that |
we may further see as to whether |
this is just and honest debt, and |
one that should be paid. The sew
eral Legislatures that assembled in |
this State from 1880 to 1860, in an
swer to the wishes and demands Of |
a people struggling to inaugurate a
system of internal improvements,
passed various acts for the issuance |
of bonds in aid of this system. The |
very object of the issuance of bonds
by the State, with the honor and |
credit of the State pledged for their
was in the first place
to equalize the burdens upon all the
people, and in the next place to
thereby give such value to the
bonds as would cause them to real
Ize in the markets, at home and
abroad, something like theif face
value, and thus the people would be
aided in their great en-
and the wealth and pros
perity of the Stategreatly increased.
The bonds were issued and placed
upon the market, and and sold to our
people, and to Others, for from
cents in the dollar to
1ollar and five cents. And right
lere let me say that among the
many false statements and errone-
)us Impressions that have been
made by those who have written
md spoken upon this great ques-
ion, there is no greater or more
common error harped upon that the
ponds issued prior to the war were
,old at a ruinOus discount, when the
aw that authorized their issuance
'equired that they should not be
iOld for less than par. For the
market reports will show that they
we're sold above par, at par, and
never lower than ten cents under
)ar, and then only during the dread
ul financial embarrassments of 1857,
md there never was provision in
he great internal improvement act
passed in 1852 that required the
ponds at par, or prohibited their
ale under par. And stillthe people
lave so often been told that these
we're facts, by the uninformed
md misinformed, that their minds
AVE become prejudiced against the
states Indebtedness, and the senti-
nent of repudiatiOn has grown to
n alarming extent, whereas if the !
light of truth was permitted to shine /
n upon the real facts of the case,
would betO-day, what
hey have always been in the past,
eady and willing to meet their
ust obligations.
Then the bonds were issued by au- [
hority of the Representatives Of the [
,eople, at the demand of the peO- {
lie, for the good and benefit of the
Whole people, and put upon the
market and sold with the honor of [
he whole people pledged for their
,ayment, realizing almost their face
'alue, the money used by the State
nd her people to the greatest adj
-antage, and much of the property {
held by the State to-day,
nd the remainder sold by the State ,
nd applied to the payment Of her {
ebt, and the bonds purchased by {
ur people, and those beyond our
orders, who had confidence in the !
Onesty and integrity Of Tennessee I
ms and still after all this il is
ravely argued that it is not a just !
ebt, was illegally contracted, and {
ught not to be paid. Z
n oil fhnaa thinuq dn NOT aODGti- ! I