The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-05-07

we owe the debt. The question ct
its c3nstitutionality is one that /
suppose no gentleman desires to have
me discuss. The governments and
the courts of the civilized world have
too long recognized the right and
privilege of States to issue bonds for
the encouragement of internal
improvement for it to be ques-
ton now to be agitated in Tennessee.
There is one serious OBJ
lection made to a por-
ton of this debt; that is, that there is
war interest in it. That Is true, and
as a matter Of equity, | would prefer
to expunge it, but this is impossible;
can't see what right the gentlemen
who oppose this settlement have for
complaining at war interest. They
won't even pay the interest that has
accumulated since we commenced the
discussion of this question. The in
terest has accumulated $4,000 a
day during this discussion, or, in four
days, $4,000, and they won't pay
that. Suppose we eliminate the war
interest, will the gentlemen from
Sumner, Wilson and franklin settle
the balance OF it at any sum? No
indeed. They would not pay 81 ,0O0
of interest which accumulated while
the gentleman from Sumner was
speaking. War interest is not
j chargeable as between citizens of hos
/ tile powers. Public policy forbids
that the citizen of one power shall
pay money to citizen of coun-
! try with whom it is at
war. But | defy, in fact, | challenge
any man upon this floor to show
where any nation or power that went
voluntarily to war, was excused
from the payment of war interest,
except by treaty. This debt in toto
is relic of the war to the people of
Tennessee. But for TIE war, the peo-
pie cf Tennessee would not have had
to take up these bonds. The State
exacted every dollar of interest that
the railroad companies owed her,
which accumulated during the war;
ana for that interest, in part, the
State had the roads sold in her own
courts and for her own benefit. If
war interest is such an Objectionable I
feature, want to ask the gentleman {
this question: Has he voted for a
member of Congress since the war,
Democrat or Republican, who was
not pledged to pay not only the inter>
est created upon the war debt, but
to pay it in gold? Every Congress-
man in Tennessee has voted millions
of dollars, not only to pay the interest
but the debt ITSELF which was created
for our suhjugation. l say, sirs, this
is but Il himsy pretext. 1t is without
consistency. For man to say, be-
cause it was created at the time they
were whipping him, it is not JUST.
and at the same time pay the debs
which suIjugated him, is simply pre-
posterous. | think our C0ngressmendo I
right in preserving the Nations cred
it. l love the American Government,
its flag, its glorious history. lave
every star that decorates Its flag, +
and / honor the Congressmen who
sustain her credit. But ! love Ten
nessee and her credit more; and to-
day, Nj. Speaker, it is the proudest |
act of my life to stand here and join
in her redemption and the redemp
ton of her name. In proposing to
accept the proposition of the bondhol.
ders, we are charged By some of our
Democratic friends, so called, that
we are not keeping pace with the
ideas of pure democracy. Here is
of the 1908 from our
creditors. Do they desire me to refuse
to settle on these terms, and at the
same time refuse to join me in offer
ing cheaper one? Those, who like
me, would prefer settlement more
in keeping with the popular will, are
powerless to offer any compromise.
As far as | am concerned, | would
have preferred 4 different settlement,
hut do not Otregard this one. as bur-
1ensome to the people of Tennessee.
If | did could not support it. When
the proposition is made to me to vote
for settlement of the debt at these 5
rates, or to go with the low-tax gen.
tlemen, for nothing, will 90 for e
before us, because it is /
honest and is not Onerous. l ac-
cord to no man upon this floor the t
desire to serve his people more faith
fully than myself. | accord to no a
man in this House a greater desire to |
promote the happiness of :
his constituency, or of the whole peo- a
pie, than ! have; and if | thought e
this bill would bring burdens upon '
the people that they could not pay, ! s
would join with them in asking the '
creditors to wait a little while But t
it Is not onerous. ! am of the opin~ I
on that a forty cent tax will meet c
the requirements of this bill; that q
under better system of assessments I
the property ard values of the Stale |
will be brought out to such an extent 5
that forty cent tax will meet it. 1
The revenues realized from the cOun-
ties of Davidson, Shelby, Knox and c
Hamilton, with the railroad property
Of the State will pay one-third of the q
revenHe required to pay the current
of the State and the interest
Dn the debt. Can't the other coun-
ties pay their part? Not only this,
but the tax on railroads, banks, tele- 5
graph companies, and privileges will l
pay the interest for the next two
years. The land tax will only be for l
schools and expenses Of State govern
ment. If we do not settle now we {
will be confronted two years hence
with S3,000.000 more of debt. 1t I
grows and accumulates while we !
work and while we sleep. The in
terest next year under this PROPOSE
ton viii be only be 100000. If
we reject the proposition it will be {
81 600, Goo. What business man
would hesitate moment as to the /;
course he would pursue? If he {
sought bankruptcy and ruin he would !
reject the proposition. If he sought
prosperity he would accept it.
"a 4 - -. .,;J eio,,t tho ~ Z {