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

to the people of Tennessee as ou
candidate for reelection to the offic
Of Governor, AMI in so doing, pledg
to him our united anl most Cheerful
support"
Gov. Brown, in his message to th
Legislature in 1873, recommende,
funding the debt, in accordanc
with the following portion of his mes
sage
Il respectfully suggest that yol
fund the entire bonded debt of tn,
State, including, of course, the pas
due coupons in new series of bond
having forty years to run to maturity
bearing interest at the rate of 6 pc
cent. per annum, payable in Januar!
or July Of each year"
The Legislature passed a funding
bill which had been advocated by al
the candidates for Governor in the
canvass of 1872.
The Democratic Convention mel
in 1874. and after adopting resolu
ton in favor of paying the debt o.
the State, adopted also this resolu'
tion :
THAT his Excellency. Gov. John
/ G. Brown, has faithfully carried out
/ the principles clearly set forth in the
platforms upon which he was twice
nominated and is entitled to the graf
itude of the people for the able and
efficient manner in which he has exc
cuted the high and delicate trust com
mitted to his keeping as Governor
Of Tennessee.
This Convention nominated Hon.
Jas. d. Porter for Governor.
In December, 1877, the Legislature
was convened by the Governor in
special session to consider and act upon
the State debt question. In his
message to that body, Gov. Porter
said
"Ne question can now arise as to
the validity of the State debt, with
the exception of the inconsiderable
amount issued by the Mineral Home
railroad, which has been declared
fraudulent. The people of Tennes-
see, through their representatives,
have, in the most solemn manner,
recognized it by the bonds Of any Sc
ries being declared receivable in pay
ment of the purchase money for de,
linouent railroads. 1t was recognized
by the funding act of 1873, by
which the obligation Of the State was
renewed to pay interest onthe entire
debt ard the principal at maturity,
and the validity OF the several series
of bonds has been recognized by the
thirty-ninth and tOrtieth General
Assembly by being declared receiva-
bic in discharge of . the debts due
the State, and [ assume that no judi
cial tribunal would now pronounce
against the funded and registered
bonds.
The convention of the Democrats,
in 1878, endorsed the patriotism and
wisdom of his administration. In
every convention since then, we have
declared ourselves in favor Of an hon
est payment of the debt.
Scarcely year ago the,
assembled Democracy Of the union
from California to Maine, met in
Cincinnati, and placed the leadership
Of the national Democracy in the
hands of Gen. Hancock, and in the
piatform upon which he ran it was
announced that the public faith,
State and National, should be preserv-
ed. In Tennessee we demanded
settlement of the debt upon best
terms obtainable as the result of nego-
tiation. The democracy Is now and
has always been party of honesty,
and if she were not, then she no lon
ger merits success. | think it comes
with poor grace from gentleman
upon this floor, who followed the
leadership of the gentleman from
Sumner, Mr.. Wilson, whose terrible
war in the ranks of the party from
Carter to Shelby has resulted in
turning the Democratic party out of
power, and placing the proud State
IF Tennessee under the control of the
for the next two years,
% impugn our Democracy. We ale
old we should negotiate. Can twelve !
men negotiate when sixty-three oppose |
hem? viii the low tax men
DIN us in offering settlement of 90 |
{? No sir. The bill introduced by /
he gentleman from Sumner, which |
to repudiate all but 50. 500,- |
100 is your ultination. Will the /
join us? No sir. They |
ay the demand of the creditor must
,e accepted. The alternative Of 10O>
or nothing is offered US.
Now, Mr.. Speaker, the question
:, do we owe this debt? Our party |
the Democratic) has said so in~ |
,estigation after investigation has
aid So; and to-day twenty millions
If the bonds of Tennessee, bearing
he names of Governors and stamped |
With the great seal OF the State, neg
ected in the markets of the world,
est the fact that Tennessee owes this |
lebt. The gentleman from Sumner,
he other day, alluding to the bill |
low pending, in first said it was the /
child of Republicanism he then said |
t was the child of Republicanisn and !
Democracy united, and then said it !
was neither, but the child of Bon
locracy, and finally wound up by |
SAYING that it was the child of specu-
ation. | scrcely know what he in
tends to cnristen it. | think is con-
tains a proposition to redeem the |
plighted faith of the State, and If !
i becomes the law, it will in the end, |
rebound to the Interests and bappl.-I I
ness of the entire State. He says it !
is the bill of the Spectator l see
among the list of creditors the name |
of George Smith who proposes to az
,ept this settlement. He OWLS n
large amount of Tennessee bonds. /
Before the war he read the history Of
our State, admired the energy and
enterprise of her people and bought
our bonds at 102 cents on the dollar
in gold. He is one of the spectators
who stand .here, ,to>day, pleading for
our past history, pleading for our