Year: 1878

-t on these two roads. The State
d statue, retained lien on the ir,
r for its security. In 1864, Gen. Ora
t wanted the iron on these two roa
c to put on the Nashville q Chatt
3 nooga railroad. When he began
S remove the iron he was requestt
/. not to take it. 1t was answert
o that if every bar was gold they mu
: have it, and that the Governmel
D would return it or pay for it. III
e iron was new and of the most al
5 proved pattern and bought whe
? iron was low. New bonds were i
/ sued to the extent of thirteen hun
dred thousand dollars to rebuilt
{ these two roads. The United State
: Government sold the iron it too
from these two roads to the Nasl
vile & Chattanooga railroad, and
positively refused to pay one dolla
for the iron it had taken, or to II


turn the iron, although Gen. Thon
as recommended the Government
to pay for the iron or replace il


Thus you see the United State
!, GOvernmenttook the security whicl


the State had retained for the bene


fit of the bondholder and to protec


the people against the payment @


these bonds and appropriated it t


its own use. Now it is too clea


for argument, that by taking tn


iron off these two roads, the UniteC


States Government put the State t,


a cost of thirteen hundred Thousand


dollars? ? Now l ask, who has eve


raised the cry of reputation agains


the United States Government be


cause it refused to pay for or replace


the iron? No body. And why


Simply because it was a crime


against the impoverished people O


Tennessee, and not against bond


holders. But when the people o


Tennessee failed to pay the United


States Government the interest due


upon the bonds il held, the cry o1
reputation was raised. 1t is such
injustice as this which has aroused
our people, and therefore they de-
mand that this whole subject shall
be fully laid bare, and an Opportu.
nifty given them to protect them
selves. 1t would seem, as a matter
of justice, as the United States got
the iron it ought to pay the old
bonds with which it was bought,
and refund to the State the interest
it has paid on these bonds. At all
events, the United States ought not
be allowed to repudiate her debt
to Tennessee, and yet be allowed
her debt against the State. The
existing contract requires this. This
is wrong, and must be made right.
l refer to this instance simply to
show one of the many equities in
favor of the people.


While we, as Democrats differ
as to the mode, measure and time
Ofpayment, yet we agree that justice
should be done the people as well as
the bOndholder, and that there
should be an equitable adjustment
of the debt, looking to all the facts
as well as the ability of the people
to pay, and a new contract approved
by both. And to the end that the
question may be put at rest forever,
we demand that the new contract
be submitted to the people, because
we believe that the verdict of the
people will protect the just rights of
all. When the submission is made
to the people, let it be discussed and
understood by them, and when this
is done no man will have just occa-
sion to complain.


1t has been said that submission
of the question to the people would
be in conflict with our constitution.
This is a question with which the
constitution has nothing to do. The
constitution neither commands
them to pay nor prohibits them
from paying the public debt. No
court has nor can have the power
to settle the question of payment or
non-payment. The people alone
have the power to say whether it
shall be the one way or the other.
Then, as there is no legal obstacle in
the way, is it not appropriate that
the question should be submitted to
the only tribunal that has the
power to settle it? There can be
no trouble about the procedure of
submitting it TO the people. What
ever plan of settlement is matured
for submission can be submitted to
the people for their ratification or
rejection. If approved it will then
devolve upon the Legislature TO
make effectual the popular will by
appropriate legislation.


AS it is admitted on all hands
that the old contract is unjust and
ought to be set aside, and a new
contract made, founded in justice,
it follows that no tax should be lev
led looking to the creation of fund
to meet a future settlement, for the
reason it is better that the money
remain in the pockets Of the people,
than to lie in public Golfers, inviting
fraud and peculatiOn.