Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1879-04-17
Abstract Of the Speech on
the State Debt,
Delivered in the State Senate by
the Hon. j. w. Clapp.

the Hon. j. W.. Clapp.
Now, what are we here to doi
There is no mystery about this
matter, no abtruse questions Il
determine, but a simple question
of law and fact. Does this State
owe the bonds to which a great
seal is attached? If she does
what disposition does she intenc
to make in regard to them. That
is all. Does not this necessarily
imply two Parties who have
rights and interests who should
be represented and consideredi
When there is a debtor, there
must be creditor. If the debt
or has his rights, the creditor
must have his. There never was
a contract where all the rights
and liabilities were upon one side
Our creditors have been held ~
to odium, and every offensive
epithet applied; and those who
dare to stand here and assert
that they have rights which
we as honest and honorable men
are bound to respect, have been
treated in the same manner,
You have here upon your stat
ute-book a law which has beer
standing for years and up to this
day, which requires. the guardi-
ans Of minors and orphans to in
vest the money belonging tc
those children in bonds of youl
State.
Mr.. Chairman, we are sitting
here now as judge and jury, oc-
cupying middle ground between
the State and the creditor, and
unless we respect and represent
his interest, he has none. Gen
tlemen greatly misunderstanding
the position that some of us oc-
cupy when they suppose We are
in favor Of what they call high
tax. l recognize distinctly that
the debtor has his rights as well
as the creditor; that the main
policy of law is a recognition Of
the fact that the creditor shall
not drive the debtor to ruin
that there is a stopping place
where the arm of the law is
stretched out to interpose in be-
half Of the man who is willing
to give up all the law requires
him. The question with us then
is one of liability and inability.
We must consider both Of them.
But | am opposed to putting be-
fore the people any proposition
that does not meet the necessi-
ties Of our people in their shat
tered pecuniary circumstances,
and at the same time will be ac-
lcepted by the creditors.
The bill introduced by your
self, Mr.. Chairman, comes nearer
meeting with my approval. The
objection to that is fixing a ba-
sis of settlement which the bond
holders said they would not ac-
cept. Whilst / could accept
many Of the propositions Of the
bill by the Senator from David
son, there are some that ] can
not. / have the same objections
to the bill of the Senator from
Bedford.
The speaker said he would in
troduce a bill of his own, which
provides for a settlement at &C
cents in the dollar, with the 8
per cent. interest. After a re-
view of the bill of the Finance
Committee and the other bills,
he said:
/ shall do all ] can to bring a.
bout some settlement Of this
question before we go home.
don't claim to have more courage
than belongs to the average man
j think ! have enough to face
any responsibility which may
come upon me-but ] have not
the courage to return TO my con-
stituents and tell them we have
been here more than three months
spending their money discussing
arguing and wrangling over this
question, and then return tc
them empty-handed, as vas done
two years ago.
He then read certain proposed
amendments to the finance bill,
among them one TO submit the
question to a sworn judiciary,
He never had a right or claim he
was afraid to submit to law and
Justice. An interested party is
always disqualified as sitting as
Judge in his own cause. ] am
willing to submit this question
to the Supreme Court of this
State, and / have no doubt the
bondholders are willing to dc
the same.
Addressing himself to the able
and ingenious argument Of the
gentleman from Sumner, he sait
his friends no doubt herald it al
a triumph. / recognize its abil
Iity. / also-take it for granted
that the Senator has exhausted
the subject. He has broughr
before us all the sources of IN
formation, ] dare say, which hs