Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-03-29
ABSTR ACES OF THE SPEECH ON
TIE STATE DEBT
Delivered in the state Senate On
| the 18th HUst. by the Ezon.
j. w. Clapp.

n III y Atts A4A y e-'fNNAe 49, fAAs
ter, no abStruse questions to defe
mine, but simple question Of la
and fact. Does this State owe Il
bonds to which her great seal
attached? If she does, what disp,
sition does she intend TO Inake
regard to them? That is all. Dos
not this necessarily imply two pa
ties who have rights and Interest,"
who should be represented and COZ
sidered2 When there Is u dehtOl
there must be a creditor. If tn
debtor has his rights, the credito
must have his. There never was
contract where all the rights an
| liabilities were upon one side. Gu
creditors have been held up t
odium, and every offensive epithe
applied; and those who dare to stan,
here and assert that they have right
which we as honest and honOrabl
men are bound to respect, have beer
4 treated in the same manner. NOl
have here upon your statute-bOol
! a law which has been standing 70
years and up TO this day, which
requires the guardians of minor
and orphans to invest the money
belonging to those children in bond.
of your State.
Mr.. Chairman, we are sitting here
now as judge and jury, Occupylna
middle ground between the Stai'
and the creditor, and unless we re.
spect and represent his interest, he
has none. Gentlemen greatly mis-
understand the position that some
of us occupy when they suppose we
are in favor of what they call high
tax. | recognize distinctly that the
debtor has his rights as well as the
creditor; that the main policy of law
is a recognition of the fact that the
creditor shall not drive the debtor
to ruin; that there is a stopping
place where the arm of the law is
stretched out to interptSe in behalf
of the man who is willing to give
up ali the law requires him. The
question with us, then, is one ui
liability and inability. We must
consider both of them. But ! am
opposed to putting before the people
any proposition that does not meet
the necessities of our people in their
shattered pecuniary circumstances,
and at thesame time will be accepted
by the creditors.
The bill introduced by yourself,
Mr.. Chairman, comes nearer meet
ing with my approval. The objec-
ti0n to that Is fixing a basis Of
settlement which the b0ndh0lders
said they would not accept. Whilst
1 could accept many of the pro-
visions of the bill by the Senator
from Davidson, there are some that
/ cannot. | have the same oblec-
tions to the bill of the Senator from
Bedford.
The speaker said he would submit
a bill of his own, which provides
for a settlement at 60 cents in the
dollar, with the 3 per cent. interest.
After a review of the bill of the
Finance Committee and the other
bills, he said:
shall do all / can to bring about
some. settlement of this question
before we go home. l don't claim
to have more courage than belongs
to the average mani think have
enough to face any responsibility
w AtlNtl -OOlALS AAtsOAA O0L Il
have not the courage to return to /
my constituents and tell them we
have been here more than three
months spending their money dis
arguingand wrangling over
this question, and then return to
them empty-handed, as was done
two years ago.
He then read certain proposed
to the finance bill,
among them one to submit the ques-
ion to a sworn judiciary. He never
mad a right or claim he was afraid |
20 submit to law and Justice. An |
Interested party is always disquali-
led from sitting as judge in his own
,ause. / am willing to submit this
question to the Supreme Court OF
his State, and / have no doubt the |
are willing to do the |
anne.
Addressing himself to the able |
md ingenious argument of the gen.
leman from Sumner, he said his |
'riends no doubt herald it as a
riumph. / recognize its ability. l |
also take it for granted that the |
has exhausted the subject. |
He has brought before us all the |
ources of information, / dare say, |
which he could obtain. Ny friend |
has betrayed a sensitiveness in
to the majority report that,
think, with all due Difference to |
him, was uncalled for. He inquiries
Why, if objected to that report, /
lid not submit a counter report, and /
le explains the character of his re-
bort on the ground that he was only
to respond to certain |
pecific questions. That brings the
powers of that COMMITTEES into a
much narrower basis than / had |
] don't suppose 1t was
that distinguished gentle
nan from these two bodies should |
,e selected to sit during the recess
# the Legislature, at considerable /
expense to the State, that their |
luties should be narrowed down to
the interrOgatories which
we're propounded to them. 1t was
appointed and known as the State
Debt Investigating Csnmittee.
They should have examined it in
Ill its bearings; obtained all the law
nd the facts that could enlighten
he people as to what their rights
nd liabilities were. In looking
ntO the testimony after returning
rom my home, / discovered this,
md say this with all Difference to
he committee, if / had been here !
Ould have added nothing to the
with which my friend
rom Sumner extracted from the
witnesses not only all they knew,
,ut a greal deal more. The larger
of thelrtestimonyi Is mere
Iearsay and rumOr; but none of the
acts which were brought to light
we're new or of q startling character.
1ost of it was cumulated, with no
lew significance.
Mr.. Clapp then read from Vattel,
hOwing the rules which existed :
mOng nations having regard for |
heir character and honor with
eferenee TO pecuniary obligations
hat If sovereign power was SO I'M
ortunate 81 to he robbed by her own
gents and representatives there Is
10 law or Justice authorizing 1t to
'isit their delinquencie5 upon the
lead of the creditor.
Mr.. Capp here held up a cancelled !
bond for one thousand |
dollars, and proceeded to read its
title.
Mr.. Savage-Thosa ape punched
lo.ciaS