The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-02
The STATE DEBT.
SPEECH OF COL. As. COLYAR,
ATGLEASON, ,WEAKLEY COUNTY.

ATGLEASON, WEAKLEY CUUNTY.
An Able Statement Of the Perils
of RepudiatiOn---Can the Fed
eral Courts Make Us Pay g..
Facts for the People of Ten.
nessee to Ponder.
From the American.
DRESDEN, TENN, June 21.-Col.
Colyar delivered a most able argu.
ment. to-day, to large audience, at
Gleason, in this county. He was re-
piled to by Mr.. S. G. Hearn. of Paris.
Col. Colyar produced and read the
case of Osborn vs.. the United States
Bank. While be said he denied the
principles therein settled as an orig.
inal proposition, he maintained that
it was but a short step to be taken
by progressive court to hold the
State liable for the whole indebted.
ness, by the sequestration of all
State funds in the hands of her of.
fcers. .. ..-...
Mr.. Hearn insisted that the whole
Indebtedness. with a small exception,
was unconstitutional that the bonds
were illegally issued, anG that the
State having received noue of the
money, was not liabe. He was OPP
posed to entailing 8 debt of twelve
millions upon the State.
Col. Colyar replied that it was not
question of ineurring liability but
of settling a debt honorably.
Good feeling prevailed in the large
audience.
The following were the most i'm
portant points of Col. Colyar's
speech:
If the people of Tennessee by a
vote decide that they will not pay
one-thIrd of the interest on their pub
lie debt, they will have but little
sympathy from any quarter. In the
effort to get an abatement, they have
had much sympathy; not only their
losses by war, but the shrinkage of
values, has strongly appealed for
sympathy to all who we're lockers
on; but the moment we say by vote
we will not pay anything, that mo-
ment we are condemned, and we are
pronounced insincere, as we (the low
tax men, especiaIly,) commenced the
fight for compromise. The Repub-
lican party have generally insisted
on paying the whole debt; but TO a
great extent they will support this
measure as settlement, having in
a patriotic spirit made this conces-
sion. If, however, this settlement
is defeated, they will doubtless
stand upon their original ground.
Many Democrats, and among them
many of our best and strongest men,
like Gov. John G. Brown, Gov. N. S.
Brown. Gov. Porter. Gov. Harris;
Col. Bailey, Gen. Atkins, Col.
House, Mr.. Taliaferro, MIR. Richard
son, and indeed most of our leading
men, lave honestly and in good
faith believed we ought to pay more
than one-third of the interest on our
public debt. These men have at
last, and not without some humilia-
tien, consented to this compromise. |
They will not submit quietly to the
of the last third of our
debt. All the elements in the State |
who yielded to what they thought |
was the proposition of the low tax
men las it was in the extra session.,
feeling deeply stung by what they |
will regard as an act of dishonoring
the State, will likely unite and fight
for their convictions. That they |
may control Legislature is prob
able, and you may rest assured that
twenty four millions of capital driv-
en- to desperation will not be an idle
speculator in this contest, and the
payment may be forced by making
the coupons redeemable for taxes.
This is not our greatest danger.
If we, by vote, refuse to pay one
third, in this progressive age, having
lost the sympathy of everybody, will
not the courts in some way compel
as to pay the whole? This is a
most dangerous question.
Bear in mind this is progressive
age. 1t is even said that Christian
ity is progressive, and we all know
Ihe law is progressive. The highest
evidence of this is found in our Fed
srsl courts. What may not be done
when the Supreme Court of the Uni
ed States holds that the Federal
may tax to death (for
It was sustained, not as a revenue
measure, but as legislative prohi-
DitioD,) the right of the States or the
people in the States, to lend credit
oy the use of the banks?
l am not alarmed by the attempt
Of the State of New York. by legis-
Iative enactment, to have the State
Of New York, for the benefit of her
oittzens sua tha State of Tapnaasaa