Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1873-03-12

SERIOUS apprehensions are felt In France
It is said, for the health of PresidentIhlers'
He can not sleep and gives evidence OF be-
ing oyer-worked. His mental powers
have been over-taxed. He is In the sew
entv-seyenth year of his life, and 'conse-
uuently not as vigorous as man silouiu
he who has so many cares as
he. The people of the United States,
especially, feel an interest in seeing his life
preserved until the success of q french
Republic is assured. M. Theirs seems TO
he the man for the place he occupies. He
nossesses the confidence of the French
reople. and there are few men in that
country whose efforts for the Repuollc
would meet with the same favor as MS.
With his death the imperialists would
make a desperate effort to get control or
France and with fair show of success.
OUR good friend of the Memphis A0o-
lanchc, is savage on the proposition 10
fund the past due interest and matured
bonds of The State. He speaks of lobby sts,
&c. in such way as to leave the impress
sion that no man honestly entertalns
views in favor of funding any part OF the
debt. s-ll. si.-- ~,
We have our opinions on this subject
and we have not hesltated 10
exnress them. Our creditors hold our
obligations for certain amount. One OF
the conditions, perfectly understood when
these obligations were put upon the market,
was that the interest would be paid semi
annually. : 1t has been four years since we
maid af,y interest on these bonds. WeoWe
this. To act honestly toward our credl-
tors, we must either pay this accu-
muIated interest, or we must give our
creditors something tangible to show for
it. We can not pay it without placing a
burden upon the Taxpayers too grieyous
to be borne. The next best thing to be
done is to fund it and trust to the future.
This is the honest way. Any other way
except those mentioned would be repudia-
ton. This we can not afford. States can
no more afford to be dishonest than can
individuals. The fact is, we owe this debt
we are fully able to pay tive must pay
it, and we will pay it, but we can not right
now. Let us fund this past due interest.
mass q good revenue law that will secure
the assessment of all the taxable property
of the State and have the taxes promptly
collected. Then we can meet the interest
on our debt promptly. We can create
a sinking fund and be able to take up the
bonds at maturity. In few years oul
taxable property will increase until the
burden will be light.
We have no sympathy with the alarm
lists who would seize the idea of com
pounding interest as reason why We
should not do right. We have no sympa
thy with any pretext for avoiding
the payment of States obligations. we
saw that Tennessee is amply able to meet
all these obligations, and her people are
determined they shall be met according to
the spirit and letter of the bond. We know
the Legislature is not going to be driven
into reputation of the State debt by out
side pressure from any source.
The Senate has already passed bill fol
the purposes mentioned, and the HOUSE
will certainly pass it in few days. LIE
members consider we'll the unfortunate
step of Mississippi and its unfortunate re
suits, before committing Tennessee to Sc
unfortunate fate.
Ea--. -.r s---------