The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-05-07
SPEECH ov HON. II. p. COLE,
On the settlement of the State
Debt.
VI. SncnLec:

lM. Spcaker;
| do not expect to enter into
lengthy discussion of the question
now pending before this House
The discussion of the State debt ha
already been the fruitful source o
much trouble and expense to the peo
pie of Tennessee. Under its discus
sion, we have seen neighborhood
divided; we have even seen familie
and churches divided upon this ques
tiop. Not only this, Mr.. Speaker
but we have seen the dominant party
in Tennessee torn assunder, its rank,
divided and the Republican party
placed in power for the next tive
years. Under It's discussion our in
dustries have Jagged; all question.
of public interest, public schools, pub
lie roads, and everything involving
the prosperity and interests of Ten
nessee, have been postponed for the
consideration of this question, alone
! The last two or three General Assem-
blies of Tennessee have given almost
! their entire attention and time to Its
consi leration, while the great inter
ests CT our people have been neglect
ed. Mr.. Speaker, this is no party
no question. This debt was created by
no particular party. The history OF
! Tennessee shows that before. the wal
the Wings and Democrats We'd with
each other in the issuance of the
State bonds for constructing our in
ternal improvements. After the war
ended, the Republican party issued
bonds. the Democratic party issued
bonds, and both parties have funded
the debt of Tennessee. Neither par
ty can point to the other and say
''you did it !" and while this is true,
Mr.. Speaker, neither party can point
to the other and say that it is solely
responsible for the accumulation of
! the interest upon the public debt Of
Tennessee. In 1875 | had the honor
to represent the same generous, in
| telligent and honest constituency upon
this floor which | represent to-day.
During that session a resolution was
introduced to stop the payment of in
terest on the public debt. 1t was adj
vocated by Hon. A. A. Taylor, the
recent Republican elector, who then
represented the co mites of johnson
and Carter, now so sably represented
OIL this floor. A few Democrats
Joined him in endeavoring to suspend
the payment of said interest, but q
few Democrats and Republicans uni
ted in the effort to. sustain the public
faith and credit of the State, and the
resolution was adopted. Anotherres-
olution was introduced, prohibiting
the Governor from borrow
ing money to pay the interest on the
public debt. Both parties have been
loud in proclaiming in their platforms
that they are in favor of the mainte-
nance of the public faith and credit
Of Tennessee, and yet both parties
have neglected to keep their pledges !;
and while it is true that neither party
can say that the other is solely re-
sponsible for the creation of the debt,
and it is true that neither party can
charge the other with funding out
standing bonds, or with the neglect
of the debt, l am proud to say that
there are enough men, to-day, upon
the floor of this house, regardless of
parties and party affiliations, to shake
hands as Tennesseeans in an earnest
effort to redeem the blighted faith of
our State, and start her out once more
upon the highway Of prosperity as the
envied of all her sister States.
1t has been intimated by some
gentlemen that this is a coalition of
Democrats with Republicans. | say
that it is a combination of tennessee
ans, for the good of Tennessee, upon,
the Democratic principles; | stand |
here upon the Democratic platform,
the teachings and principles of the
Democratic party from the time Of
its organization to the present day.
What, sir, has been the history of the
Democratic party in Tennessee upon
this question since the war? Not
longer than 1869 and 1870, the Leg
stature met composed of very few
members of the Republican party in
this hall, and investigated the debt
and declared it legal and binding upon
the people of Tennessee. Subsequent
to that, Jno. G.. Brown was nomina-
ted on a platform to fund the debt.
read from the first message of Gov.
John =. Brown, sent to the General
Assembly, which is as follows:
"But the people are determined to
preserve the honor of the State, by
meeting fairly all her obligations and
paying all her necessary expenses.
This is their first desire, and seconda-
ry and subordinate 20 this, is their
wish to reduce the rate of taxation.
This question was fully discussed in
the canvass throughout the State;
which resulted in our election, and
the declaration that the whcle debt /
must be paid and met with the I'M
qualified endorsement of the people. .
| therefore recommend that you
provide for the funding of all cou-
pons matured or maturing to the first /
of July. 1873, as well as all bonds /
due or maturing by authorizing the
issuance of bonds with coupons !
attached, at a rate ofinterest not !
greater than 6 per cent. to mature !
twenty years after date. and that I
they commence to bear interest from
or after the first day If July, 1873, |
and provide that funding commence /
at orce."
This message was circulated and !
read in all parts of the State.
In 1872 the Democrats of Tennes-
see assembled in convention in the I
city of Nashville and adopted the fol-
lowing resolution ANONYMOUSLY, FIVE /
hundred delegates heing present from I
all parts of the State. !
''Inasmuch as the administration !
Of Gov. John C. Brown by its prn-
dence. moderation and wisdom, by /
the fidelity displayed IN the dis I
charge of every trust or duty imposed /
by the Constitution or by legislative +
on the Executive, and by /