Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-09-09
SENATOR JACKSON AT ERIN.

was grand presentation of the
doctrines and principles upon which
the true Democracy of Tennessee
rest their cause in this glorious con-
test for the supremacy of right and
justice:
1t being Senator Harris appoint
ment he had the right to prescribe
the order OF debate. In accordance
with his wish
SENATOR JACKSON
made the first speech. He said that
we were again confronted. with the
vexed question of the State debt,
dividing the Democratic party.
Every thinking man must be in
favor of getting this question out of
politics. 1t had injured the credit
of the State SO that with almost the
same territory as New York and
infinitely superior resources, she
Jagged behind even Georgia in pros
perity. The Democratic majority
had been steadily decreasing under
repeated and long continued agita-
tiOns of this question, by the loss of
steady business men who wanted it
settled. Let us meet the issue like
men, and discuss it as friends. AS
defined by the leading papers Of the
State which advocated the June
platform, this question was sharply
defined to be whether or not the
settlement should stand. The DEM
ocratlc platform of 1870, and the
Governor elected upon it, said that
there was no difference in the va
lidity of any portion of the debt.
The Democratic platforms from that
day declared for an honest settle
ment of the debt. In 1880 the plat
form declared for the strict mainte-
nance of the public faith, both State
and National, and that it favored
the best settlement that could be
obtained as the result of negotia-
ton. The Legislature was elected
upon this issue, and the settlement
was made. The 1908 was over
thrown by illegality of the coupon
feature. Then, Democrats, who
had been honored by their constitu-
ents, went to New York, and the
best offer secured was 60-3-4-5-6.
They offered 50-3 and the bondhold-
ers positively refused it. The set
tlement was ready to be carried out
in June, when the convention met,
and the bonds were being rapidly
funded now. The overthrow Of the
settlement after the bonds were
funded would be reputation and
violation of a contract entered law.
fully into by the Legislature. This
I,Vy YNln rNf h
the National Democracy. The on
ly elements of public debt were
the public faith and the ability TO
pay. When State was embarrass-
ed financially and did not have the
ability to pay, she had the right to
ask a compromise, and this was
not Reputation. But forced and |
scaling was proposed by |
the June convention, without any |
question as to the legality of the |
debt. No party had the right to |
deal arbitrarily with legal and NOR
al obligations. If the debt was just, |
then the settlement should stand; |
if it was illegal, then none of it |
should be paid. All who composed |
the political community known as |
Tennessee were bound for the debt,
and not the Democratic party alone. |
Up to 1874 the Democratic party |
had declared in favor of paying the |
whole debt, but disaster came on |
and they asked for terms. The |
terms were granted and now that |
the terms had been granted and the |
bonds funded, they said that they |
would not pay. This was repudia-
ton. IT was not Democratic doc !
trine, State or National. If they |
could thus deal with a portion of |
the debt, they could so deal with
the whole of it, and call it Demo-
cratic. This was not Democratic |
doctrine. In what respect did this
June platform, which meant read
iusting, differ from the Malone or
readjllster movement in Virginia?
The cases were parallel. The set
tlement was made and Malone
his movement in Vir-
giDia. He came to the Senate, and
by corrupt alliance with the Repub-
IicanS kept for months the entire
Democratic membership of the Sen
ate fighting against aiding Malone.
In 1880 this agitation affected us,
and raised a doubt as to whether
the southern Democracy were sound
upon State credit. Stanley Mat
-hews gave the keynote to the
and it arrayed the busi-
ness men of the north against us.
He protested against the movement
n the name of the national Democ-
-acy. Loud applause. The Re-
publican party was corrupt, and
ought to be OverthroWn, but 1t
could never be done so long as the
business men of the north were dis
.rustful of the southern Democracy
IN this question. The papers were
denouncing Jay Hub
)ell and the infamous assessment
If the Government employees. Yet,
acre was a convention which as
;essed the creditors of the State for
party purposes. The rights of pri-
Jate property was the fundamental
dea of this Government. There
vas no difference between confisca-
ion and repudiation. No party
could do such a thing and last. The
.reditOrs of the State had never
lsked any discrimination.
What was the State debt proper?
The report of Mr.. Wilson was un-
Iuestionably eontradicted by the
ecOrd. In January, 1861, it was
g, 800, 900, and only four years in
crest had been paid since the war.
Not dollar of the principal had
,een paid by the State. The inter-
st had been three times funded,
nd no man could trace it. A large
of the sinking fund paid
n by the railroads was invested in
he State debt proper. One road
lad paid in $36, 900 of the State debt
roper. All this was to be ignored
~ the June platform, and the State
vas to be placed in the position of
Iiggling until the settlement was
btained and then demanding a
urther reduction. No private iDdi- /
'idual could hardly act this way.
70 man should do for party what
e would not do as an individual.
The railroads had set
led their debts with State bonds, !
ne road paying 1854, 900 with $140,-
90 accrued interest, large part be- !
ng in this sacred Estate debt prop
r." Much as he loved party he
)ved the State of Tennessee more,
nd he would never consent to do ,
lg for a party what he would not I
o for self or friend. He appealed !
D the people not to disturb the set /;
ement. A majority had no right ,
} control his convictions. His