Year: 1878

rency bonds of the Government sha


be paid in coin, and the payment


treasury notes of so much of sal


bonds as may be found due after d,


Quoting the difference between til
value of the gold paid and the Gu


rency due thereon according to tn


contract; the unconditional repes


of the resumption act that the Od


GUS national bankingact be repeale


and greenbacks be substituted fO


the circulation of the nations


banks that treasury notes be mad


receivable for all Government dues


that no more interest bearing bond
be issued that all loans required b,


the Government be raised by tn
Issuance of non-interest bearin.
treasury notes that the coinage @


silver be made unlimited, and Will


it is the cheaper metal that it b.
paid to the public creditor exclus


lively upon all bonds justly payable


in coin /; that the value of all foreign


silver coins be regulated and mad,


receivable for all Government dues


to be recoined by the Govornmen


and paid out to its creditors f; the re


peal of all laws which deny to the


people of the several States the


right to determine fer themselves


whether they will authorize banks
or not; that capital in every form


be required to bear the burdens o.
| government equally with labor and
production; that the present finan.
cial policy of the Government tC
contract the circulation of treasury
notes, disparage silver, magnify
gold and national bank notes, be
reversed, and every legitimate mode
| adopted to swell the volume of our
currency with silver and treasury
notes. For five years the National
Radical Republican party upheld
and protected an irresponsible mi
nOrity in the usurpation of our
State Government, and permitted
it to waste the substance of our un-
represented and impoverished peo-
| pie by burdensOme taxation, and
the issue and sale, at an enormous
discount, of millions of bonds, the
proceeds of which in great part
were converted to the private use of
its party favorites; and when the
control of the State Government
was recovered by our people, they
were threatened with a military
government if they presumed to
question the validity of the bonds
so issued. We undertook to provide
for these bonds as part of our pub
lie debt. AS Democrats we point
with pride to the fact that since the
accession of our party to power, it
has not created dollar of debt, but
has paid millions upon existing
debts. 1t has steadily reduced the
expenses of the administration of
the State Government. 1t has at
tempted to meet all the obligations
of the State, just and unjust. BY
reason OF circumstances over which
we have had no control, we are no
longer able now to meet the require
ments of our creditors. The cost of
all our productions exceeds their
market value. Our mechanics and
laboring people are without remu-
nerative employment. Our mer-
chants are making no gains. None
are prosperous save corporations,
interest takers and money lenders.
We recognize among ourselves wide
differences of opinion as to the time,
mode and measure of the payment
of our public obligations, but for
the present these differences of Opin-
ion afford no just occasion tor dis
turbing that unity which is so
essential to the complete success of
our party in its great struggle for
the deliberation of the country. We
cordially unite, however, in declar-
ing that we are opposed to the repu-
diatiOn of the just Indebtedness of
the State, that we are in favor of an
equitable adjustment of the pub
lie Indebtedness of the State,
but to the end that this question
may be put out of the politics of the
State, we declare that we are for the
submission to the people for their
ratification or rejection at the bal
lOt-bOX, at a separate election, of
any adjustment of the State debt
which may be made by the Legis-
lature; and until such adjustment
shall have been made and ratified
by the people, we declare that we
are opposed to the levy of any
greater than may be necessary for
the payment of the expenses of the
State Government, economically adj
miniStered.


Z. L. TALIAFERRO,


Chairman.


The above report was read by f.
T. Talliaferro, Chairman of the
Committee on Resolutions and Plat
form, who moved its adoption.


]. r. Goodpasture submitted the
following minority report:


We the Democracy of Tennessee,
in Convention assembled, submit |
the following:


/. We favor the abolition of our
present national banking system,
and the substitution, instead of ma
tiOnal bank notes, of nOn-interest- |
bearing treasury notes, known as |
in volume sufficient to |
meet the demands of trade.


2. We sOlemnly reaffirm our utter |
and unalterable opposition to repu-
diatiOn. However, inasmuch as |
the creditors of the State have man.
ifested a desire to compromise the
debt. and thereby remove its agita-
tiOn from the politics of this State,
we favor reference by the Legisla-
ture to the people of any proposition
from the creditors, looking to set
tlement of the debt, for their ratifi-
cation or rejection.


All the minority reports and
amendments, as well as Mr.. Meri-
wethel s resolutions in lieu of the
report, were successively
laid on the table, but the following
subsequently offered by
Mr.. Luke Finley, of the Shelby del
egation, was adopted and incorpo-
rated as part of the platform:


We demand the adoption of a
provision prohibiting
the State forever from borrowing
and issuing bonds, except
such bonds as may be issued in com
promise of the present debt.


We demand a reduction of the
fees of officers in conformity to the
general shrinkage of values and the
5tringency of the times and the
adoption of a maximum standard
all fees in excess to go into the
county treasures for the use Of
schools.


We further demand the passage
of lien law which shall be just
alike to the labOrer in the payment
OFI T. ., Tho Ia nT,6 !