The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1879-09-18
From the Nashville American 14th.


over to a State, and suit to b,
brought in the supreme Court o
/ the United States?
Mr.. C.-No, that question wa
not discussed.
: RepOrter-Then what remedy cal
they have against the State?
Mr.. C.-The main question which
the New York lawyers are agreed
upon is, that the third section o
the funding act of 1873 was a par
of contract between the State anC
the bondholders, and could not bt
repealed, and that the act of 1875
repeating 1t after the funding was
done,was void, land that it is still the
duty of the Treasurer, under the
third section, to set apart a sufficien
cy of the revenue, as it comes in,
to pay the interest, and that under
the Osborn case and cases more re-
Gently decided by the Supreme
Court of the United States, the
| Treasurer, without the State being
made a party, can be compelled to
set apart the revenue as it comes
in. They assume that under this
third section, all the money going
into the treasury goes in charged
with this trust, and that the case,
therefore. falls directl, under the
Osborn case.
A question will also be raised,
under a case decided in 4th Wal
lace, as to whether the forty cents
tax, fixed by statute at the time the
funding took place, did not become
a part of the contract, and therefore
tue law reducing the State tax to
ten cents a nullity; and If so,
whether, under the act of 1869, the
Comptroller cannot be compelled to
collect the 40 cent tax.
Reporters 1t probable this liti-
cation will be commenced any time
soon2
Mr.. C.-Yes; in my opinion 1t is
only suspended on account of some
supposed complications with the
railroad litigation, but most likely
it will be instituted and prosecuted
while the railroad suits are still
pending.
Reporter.-Do you regard this
litigation as serious?
Mr.. C.-From the time l first ex-
amined the question l felt sure we
would be reached in some way
through the courts. have no
doubt but that the third section of
the Funding Act is still in force, and
this being so, every lawyer will at
once see our danger. And all
thinking men must now see our
danger from another quarter.
The success of the republican
party in California and Maine, and |
the split of the Democratic party in
New York, are encouraging signs
for the Republican party. This
party means to sustain public cred
it at all hazards, and in that they |
they will be supported by a great
many Democrats.
The fourteenth amendment may |
be enforced by appropriate legisla-
ton, and if reputation by State
of a public debt shall be regarded
as depriving the bondholders OF
we may expect legislation
to compel such repudiating States
to pay. Whoever thinks we are
not in imminent peril from this
quarter is looking out upon the po-
liucal horizon from a standpoint
which certainly has not my sur
Reporter-In your opinion, will
the vote cast on the 7th of August
be regarded as population of the
debt, or will future efforts be made
to compromise with the bond
holders?
Mr.. O.-Men who are not insen
sible to shame can no more acqui-
esce in what would seem to be the
decision -repudiation-(the contest
being between a low compromise
and out and out reputation than a
man could take his wife and chill
dren into the woods, never again to
have shelter, when his house was
burned down. The Democratic
party when it meets in convention
next year, must assert its honesty
or admit It's dishonesty, To deny
a debt made as the debt of Tennes !,
see vas, is simply an open confes-
sion of dishonesty. AS to the
amount we can pay that is another
question. We must admit the truth
and then get settlement. |,
Reporter-But do you think
there will be split in the party.
Mr.. C.-Not serious. Next year +,
will be political year, and when ;
,he convention meets,even the rank
est rspudiator viii be slow to write 4,
DOWN Republication" and sign his :
name to it. There is much differ
ence between covert reputation, as I
We have had this year under the =
banner OF ''ccpnnosition," and aVOsOsd
and besides, have no a
loubt there will be new complica p
ions growing out of actual litiga-
ion.
sporter-What will likely be
be platform of the Demo cratic par
- tha Sfo3a n1Ats q