The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-08-06
THE STATE DEBT.
The Discussion Yesterday.

I
yesterday with an intelligent anC
appreciative audience to listen to thl
very able speeches of Senator Bailey
r and Hon. A. II. Pettibone in favor
of the 50-4 compromise. The pa
tient and attentive hearing given to
both speakers plainly attested the
interest with which the people oi
Knoxville and of Knox county re-
gard this most important measure.
Senator Bailey, of Clarksville, was
first introduced by Col. j. w, Gaut.
As a member of the Senate Of the
United States, Senator Bailey has
been noted for patient research and
for the correctness of his conclusions.
One of the youngest member, in point
Of service, Of that body, his speech
upon the Silver bill display ed a
knowledge of practical finance and a
thorough acquaintance with National
commerce that placed him at once
in the front rank Of / actical states.
men. Upon this Question Of our
State debt he has brought to bear
the same knowledge of history and
the same powers Of research. HE
speech yesterday was statesmanlike
and practical presentation of the
question. He first stripped the ques-
rtion of all partisan influence, when
khe expressed his qualification that it
admitted of no merely partisan divis.
ions. Upon the question as it now
presents itself all parties were divi-
ded. The people ofTennessee we're
affected by the question and they
were considering it as Tennesseans,
and not as members Of any party
organization. The first argument
advanced by those who favor the re.
lection Of the 50-4 compromise no.
ticed by Senator Bailey is the reason
urged by certain wing Of the repu.
diators, who declare that the Legis.
lature had 40 constitutional right to
issue bonds for any purpose, and that
the debt contracted by the issuance
of those bonds is, therefore, not bind. |
ing upon the people. The different
States Of the Union, said Mr.. Bailey,
from the earlier days of the Repub-
lie down to this good time have is.
sued such bonds for the purpose OF
raising funds to carry on their pub.
lie enterprises. The issuance Of
such bonds has been endorsed by all
the Governors OF the States, from
the time of Webster, Clay, Calhoun,
Marshall and host Of others, whose
names have rendered our history
illustrious. All those great expoun-
ders of the Constitution had sane
toned the issuance of such bonds,
and it had been left for John H.
Savage to make the discovery that
they were violators of the constitu.
ton and the laws, to which they had
given form and effect. To such an
assertion no further answer was ne.
cessary. Believing that the majority
of the people Of Tennessee were
honest and were honestly desirous
of doing what seemed to them just
and honorable as between man and
man, Senator Bailey said, that he
had come as Tennessean 10 consult
and counsel with the people, to listen
to counsel, if offered, aud To give his
advice and opinion. The question
so nearly and intimately concerned
the reputation and. as a conse-
quence, the material prosperity OF
the State and of every individual in
the State that its consideration call
ed for the most honest and unbiased
judgment. In considering its details,
the relation which It's settlement
sustained to US and the settlement
which would most insure to our bene-
ft, we must lay aside prejudice and
look at the matter as we would upon
any ordinary business transaction in
our daily commercial transactions.
Senator Bailey then for more than
an hour gave an exhaustive and sat.
isfactory history of the debt, show.
ing that it had originated in a wise
and progressive State policy and
that as a result property values in
the States had increased in ten years
more than during the eighty years in
which we had been without q rail.
road and turnpike system. Burden
some as the debt had become by rea-
son Of Encouragement, the misfor-
tunes OF war and its attending EN-.
barrassmentS and troubles, we had
been benefited by the use Of the
money obtained upon our bonds to
an extent which no one could appre-
ciate who had not given the subject
serious thought. The Senator stated
as his opinion that the assertion
made in some quarters that many Of
the outstanding bonds of the State
had been fraudulently issued was
unfounded. While a small number
of the bonds might have been frau
dulently manipulated after they had
-, s..rod - hol;ownd that tha