The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-09
SPEECH OF COL. AS.COLYAR,
ATGLEAOOE, WBAKLBY COUNTY.

An Able Statement of the Peril
of RepudiatiOn---Can the Fed
eraI Courts Make Us Pay?-
Facts for the People Of Ten
nessee to Ponder.
DRESDEN, Tenn, June 2t-Col
Colyar delivered most able argu
ment. to-day, to a large audience, q
Gleason, in this county. He was re
piled to by Mr.. S. C. Hearn. of Paris
Col. Colyar produced and read the
case ofosborn vs.. the United States
Bank. While be said he denied the
principles therein settled as an orig
sinat proposition, he maintained that
= it was bot a short step TO be taken
by a 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. aa#sHn
The following were the most im-
portaut points Of Col COlyar''
speech: -
sss If the people OF Tennessee by .
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 Ter
sympathy to all who were 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 10"
tax men, especially commenced the
fight for compromise. The Repub-
Hcan party have generally insisted
on paying the whole debt; but to
great extent they will support this
measure as a settlement, having in
8 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 @. Brown. Gov. N. S.
Brown, Gov. Porter, Gov. Harris,
Col. Bailey, Gen. Atkins, Col.
House, Mr. Taliaferro, Mr.. Richard
son, and indeed most of our leading
men, have 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-
tion, consented to this compromise.
They will not submit quietly to the
reputation 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 tag
men las it was in the extra SESSION.,
feeling deeply stuDg by what they
will regard as an act of dishonoring
the State, viii 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 viii net 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.
five, by a vote refuse TO pay one.
third. 10 Ghis progressive age, having
lost the sympathy Of everybody. will
not the courts in some way compel
us 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
the law is progressive fhe highest
evidence of this is found in our Fed {
eral courts. What may not be done I
when the Supreme Court of the Uni
ted States holds that the Federal
may tax to death (for
it was sustained, not as q revenue
measure, but as legislative prohi- {
the right of the States or the
people in the States, to lend credit
by the use of the banks?
i am not alarmed by the attempt
ofthe State Of New York, by legis. :
atlVe enactment, to have the State t
If New York. for the benefit of her S
citizens. sue the State of Tennessee, i
lnder the provision of the Constitu. !.
ion giving original jurisdiction to :
he Supreme Court or the United 9
states In controversies between 4
states. The Governor of New York &
,etoed this bill, but if he had ap.
proved il. it could not have been
enforced. i
Our real danger lies in another 0
direction. Arbitrators would, per. '
laps. make as pay more than one. =
hird ofthe interest, aud although
he public Judgment of mankind n
wherever the question is discussed, a
sna q - - Ancn nno -. II