Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-10-22
ASSUMING THE STATE DEBTS,

In reading a letter in one of our Northern
papers, written from Tennessee, in which
the writer discusses mainly the question of
the relation of the white and colored races
in the South, we were struck with sug-
gestion or statement of the writer, of an in
tended project to force upon the general
government the whole bonded debt
amounting to about two hundred millions
of dollars-of the Southern States in
which project the writer suggests Tennes-
see may be induced to join. We have no
means of knowing the source of the wri.
ter's information, nor what progress if
any, has been made.toward the fulfillment
of such a scheme. AS we gather from the
letter, the plan seems to be to raise the uni
versal cry of reputation through the
South and hold it as rod iJl terrorenl over
the head of the government at Washington
and the Northern States. The eXpecte
effect of this is, first, to intimidate the
government into acquiesoence of loan to
the States, severally, never, of course, to
be paid, through fear of depreciation of the
United States bonds in Europe, which this
wholesale act of reputation would induce !;
and secondly, to act upon the bOndhOlders
at the North, especially in New York and
Philadelphia, so as to secure their co-ope-
hope of personal safety from loss.
The influence of this movement
will be felt, also, by the Northern States,
and to prevent declension of their bonds,
it is expected that those especially whose
credit is the weakest, will consent to the
assumption or payment of the debt by the
General Government. The writer
further intimates that Ben. Butler, who is
suspected of having an eye to the Presi-
Dental chair-and DESTROYS, therefore, of
conciliating Southern votes-is looked to
as the attorney in Congress to propose and
engineer the measure.
We rept at that we knew nothing of the
writer's information, nor of the existence
Of any such wide and deep-laid plan az he
suggested, but we have been induced 10
give some thought to the subject in conse-
quence Of certain leaders in some of our
Southern eXchanges-that were passed
over at the time having no Significance
having decided pointing in the direction
intmated.
The debt of the States of Virginia,
North and South Carolina, Georgian u
word of all the seeding States, involves
to greater or less extent-and probably
| in most cases to grenter-the liabilities in
Cured in the act of secession and helping
on the war in simple terms-a rebel war
| debt, and it is this debt incurred to wage
war against the Government which, ae-
COruiDB 10 Lne dSSeTuOn OF the writer ana
the Memphis AUdtanche, the Government
is to be coerced to pay.
| That the United States Congress will be
| forced under any plea or any threats Of
evil, whether presented by General Ben.
Butler or any other aspirant for political
| promotion, and for the good will of South
ern Democratic voters IS an idea we should
! be very Glow TO entertain. But we have
not forgotten, as We are reminded by the
writer alluded to, of the insidous manner
| in which the doctrine and the plan of Sc
| cession was forced upon the country; nor
at least, how, when it was pressed in a
! tone and manner that "meant business, ~
what concessions, even of principle, were
! protfered for the sake of continued union
and peace.
! Forewarned, we should he forearmed
| If any such plan IS meditated or in pro
cess of resolution it should be opened at
once TO the light, and in such manner rs
to Dust fulilment, even though pressed by
hands as indomitable and persevering as
Ben. Butler or jeff Davis. 1t were easy
enough to see how the projection of such
an idea by the united force Of South Caro-
lima, Louisiana, Florida, Arkansas, Mis-