The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1879-03-06
OUR PUBLIC DEBT.
lConeluded from lst pageI

missouri, Il SbdJS IHdt HAS SStui GU
the payment OF her debt by con
stitutional povision, has increased
100000 from 1875 to 1877,
whilst ours. owing to the policy We
have adopted, has decreased within
the same time more than $30,000,-
900. This shows the effect upon
the property of the country of the
non paying policy.
In one single county in West
Tennessee the saving in the trans
portation of cotton alone is $27, 800
per annum, whilst the amount of
the State tax in that county has
never exceeded $4,000, and is now
only $4.347.
The saving In the transportation
of Tennessee products to foreign
markets, caused by tie railroads,
but mainly by State bonds, is
three times as much each year as
it would take to pay the interest
upon our entire State debt, and yet,
according to Gov. Marks, we have
nothing except the debt and oblo-
guy.
/ fear neither the debt nor the
obloquy will be decreased by the
policy he advocates in this message.
THE FUNDING ACT OF 1873.
Never was there measure more
misunderstood, or more misrepre
scented, than the funding Act of
1873. The writer of this review
had nothing whatever to do with
the Funding Act, and is in no man
ner responsible for that measure,
and he is, therefore, an impartial
witness. He feels disposed, how
ever, to do simple justice to a much
maligned man, Gov John Z. Brown,
who is far above his assailants m
all the qualities which ennoble a
man, and at his feet the shafts of
malice and envy fall harmless.
Whether the Funding Act was a
wise or an unwise measure, in view
of all the occurrences which have
since tsken place, and of the condi
tion of the country since that time
or not, it is certain that at the time
it was passed it was the wish of the
people, if anything can be deter
mined by the manifestation of pub
lie sentiment. John G. Brown was
elected Governor in 1870, and in
his first message he said:
| |, therefore, recommend that you provide
! for the funding of all coupons mstured OF
maturing to the first of July, 1878, well as
all bonds due or maturing, by authorizing
| the issuance of bonds with coIpons attached
| at n ~ iptaFasf N than six
| cent, &c mature twenty years after date, and
| that they commence to bear interest from or
after the first day of July, 1878, and provide
| that funding commence at once.
| The Democratic convention in 1872
renominated him for Governor and
adopted the following resolutions:
I Inasmuch as the administration of Gov.
John G. Brown, by its prudence, moderation
| and wisdom, by the fidelity displayed in the
| discharge of every trust or duty i'm posed by
| the Constitution or by legislative enactment
on the Executive, and by the vigilant care
with which the rights and interests of the
people have been guarded and pro ected, has
| fully vindicated the wisdom of the people of
the State in calling him to the Gubernato-
rial chair, and that such honesty, capacity
and fidelity in public trust in these times
demands the retention of Gov. Brown in the |
Executive office for another term. we do |
therefore unanimously present the naHlesOf
John G. Brown to the people of Tennessee |
as our candidate for reelection to the Office |
of Governor, and, in so doing, pledge to him |
our united and most cheerful support.
In his canvass for Governor in 1872 !
against A. A. Freeman he advocated |
funding the debt. So did his opponent, |
A. a. Freeman, Republican. Why did |
not some of those who have been so |
loud in their denunciatiOns of the policy |
of funding then openly oppose the pol |
ipuS AT fhp time thn finding hill W.
passed, no one questioned the validity |
of any portion OF the debt. Even those
who protested against the measure did
not deny that we owed the debt. In
their protest they said:
In voting agains the passage of said bill,
the undersigned did not by any means in
tend to ignore the State debt, nor 10 defeat
any measure that would improve and sustain
the State credit. On tie contrary they are /
opposed to reputation in any form or shape,
and are willing and ready to assist in pro-
viding sinking fund for the payment of the
past due debt and funds to pay future inter
est on the outstanding State debt, or to assist
in the passage of any measure that would do
equal and exact justice tC both the bcndhol
der and taxpayer
n. Smithson, j. Caleb Morgan,
j. NJ. Melton, Robert Mckenna,
A. I. Lacey, james Hamilton,
+ B. Snipes, S. L. Warren.
ne SItdL CIdsil VI 100 . ndu IlOJ Iltn !
taken place aud was not anticipated
The property of the State had increased
in value $S5, 900, 000 in four years, and
had an upward tendency
1t was under these circumstances that '
the funding bill of 1873 was passed |
The Democratic convention met again
In 1874 and adopted the follow ing reso- !
luton: Il
That His Excellency Gov. John c. Brown, :
has faithfully carried out the prime. pies clear
y set forth in the platform upon which he d
was twice dominated and is entitled to the I
gratitude of the people for the able and eff c
,ient manner in which he has executed the y
nigh and delicate trust committed to his c
leeping as Governor of Tennessee.
Thus the convention Endorsed the pol I
cy of Coy. Browns administration, in =
,luding the Funding Act. So it appears n
he people OF the State, and especially {
he Democratic party, cannot now with :
my consistency condemn a measure
which they approved and Endorsed at
he time of its passage and even after
Yards.
But the measure was, by no means,
What it is represented to be, as l will :
low show. The whole amount of fund
ng bonds under the act of 1873, was
6,64l 900 This includes ante-war
onds which had become due, and also
ne iDJeTeS' on TIE dcDJ, WHICH remain
unpaid since 1868. OF this amount,
here is now $4,S67 600. If We add the
lhOle OF the Lew series offunding bonds
nder the act of 1873, to all the Brown ~
wv bonds, including those issued to AZ
lilrOads and turnpikes; those issued
81 war interest, and those for ante-war
onds, the total will only be SIC, SAG, 0O0 n
This taken from the whole debt would +
ave between thirteen and fourteen =
lillionS OF dollars. But it should be re-
lember d that a considerable portion of
le SO $4,000 is for ante-war bonds,
ne validity of which is acknowledged
the message, and also large portion c
for legitimate interest upon valid and
pod bonds, which has never been pads
ut W as funded. So if we reject all
Dnds issued since the war, we reject
any of the good bonds which We're re-
awed and much OF the interest admit
d to be legitimate. If this is done We n
lould count interest upon all valid and
)"d bonds since 1865, and this would n
axe debt very little less than we now n.
ave and much larger than the bond
DlGers propose TO accept as "A final SET