Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-10

get out of debt; that he does not see how
he is to pay all the interest, but thinks that,
| if b would permit him 20 pay one of the
note: and its interest annually, he could get
under such Roadway as to meet note and
| interest annually, thus discharging his
whole liability, principal and interest, in
ne same time he was TO have done it be-
re his misfortune.
b. might say he did not want any of the
rlncipal, but he would take it and loan it
some where else, thus generously removing
some of the permanent cause, otherwise
| destined to keep a. crushed down. Would
there be anything morally or legally wrong
in this? 1t is true that, for nearly seven
years, b. would receive less annually than
under the original contract, but afterwards
he would have an annual increase for about
eighteen years, and thus, in the long run,
have as good a thing as any reasonable
creditor could desire from an unfortunate
debtor.
You certainly viii not say that two
brothers, situated and surrounded as / have
supposed A. and B. to be, would be CEN
surable in acting thus toward each other.
| am sure that if | were b. would let
brother A. up on such. if not better, terms.
But YOU may say have supposed a case
for B., the bOndholder, that is anything but
true. You will hardly say, howe ever, that
the case of A.. the bondholder, is not very
life-like. You may say that b. is no mil
lionaire, and needs his semi-annual interest
to keep the wolf from the door, and that my
20. haa Il ic
capital to live, and further enforces upon
him an economy in his living from an ex-
penditure of one hundred and fifty dollars
to a little over one hundred dollars for the
first year, besides restricting him TO less
than his annual expenditures under the
original contract, for about seven years.
This would be so, but after that he would
be able to expend as much as formerly,
l1and have an annually increasing amount to
invest with Others more able than A to
borrow it, while if, ShylOck-like, he in
sists upon the "pound of flesh" or ''the
bond" he forces A to 80 ba-k on his capital
(unprOductive lands for the want of capital
TO command labor, machinery, etc, in proof
of which witness the increasing land sales
for taXes) until he is without a house TO
shelter his head and family, and both he
and his sons hopelessly bankrupt.
This hold to be no fancy sketch as re-
CARDS A, but daily Transporting fact under
the operations now going ON. And, l sub
nit, no man is bound morally 10 subject
himself and his poSterity to such helpless
aud endless Servitude If he can compound
with his creditor.
But have conceded to the bondholder
more than the facts justify. i have con-
ce1ed TO him the purchase of the bonds at
par value, which, however true of the first
purchasers, is anything but true of the
present holders, who purchased them, in
many instances, for less than half theirfaee
value. These facts takeII into account, my
proposition for compromising with them is
much more favorable than above presented.
But YOU say that the State has not mere
" one creditor, but many, and among them
widows, minors and Others, not brokers and
speculatOrs. This may be SO, but / pre-
sumo no guardian or trustee has made such
investment lately at par, and If there be
anyone who did so at par at the inst sale
by the State, and have had confidence in
the State to hold on to them until now,
they should be made preferred creditors.
And, further, if it be an insuperable OBJ
lection TO make the bOndhOlders competing
bidders for my new bonds, let us prOrate
our payments to them, and still unburden
the tax PAYERS millions in the long run.
Indeed, the bondholders might form a
'.ring' and do so themselves, which
would leave them to do, if it were
done al all.
fear my communication is growing too
long for your patience and space, but beg
to say a word i'm regard to my new bonds
becoming partial circulating currency by
being made receivable in all dues to the
State as they mature. They would thus be
domesticated, and, instead of being remit
ted ''entirely to the mercy Of Spectators"
would be taken out Of their markets and
become investments in Tennessee lands
now so largely offering, with nopurchaSers.
There are doubtless numbers of land
holders in Tennessee who would gladly
part with a portion of their lands, at the
tax value, for such bonds, having even
twenty-five years to run, and do better
business than at present. / would exempt
the new bonds from taxation, and presume
that the old are not now taxed, unless the
holder resides in the State.
You commend my policy to Congress as
a substitute for imitation. | commend it
to the people of the State as a way to help
themselves TO a certain degree of imitation
without the aid of Congress. Any infa-
ton may be regarded by some as a species
of reputation, but imitation comes in even
specie-paying periods, and if it can be pro-
duced by legislation III times of great dis
tresS, like the present, | will give it wei
come.
l will not trespaSs further to say any
thing in regard TO your criticisms about
conventions, the sacredneSs of contracts,
vested rights, and SO forth. Sufficient to
say that ] am in favor of constitutional
convention, regardless of the fate of my,
or any other, plan concerning the State debt.
The bondhOlderS may have vested and
sacred right to their Semi-annual interest,
superior to a mans contract to support and
cloth himself and family, but am too in
credulous to believe it, and if the people
say they can not do both, ''what are you
going to dO?'
know what disadvantages poor, hum
BILE and unlearned farmer labOrs under in
any sort of a controversy with the editors
of a popular paper, already having the con-
fidence of many readers; know that they
can publish much or little of what
such an opponent may have to say;
know that they can subject him 20 ridi-
eule sarcasm and denunciation, and close
! their columns against him at such point
and time as they see fit. 1t is their right,
| and such an opponent has no valid COM
plant if his temerity lead him to so
| expose himself; but while | aSsail
no mans motives who maintains that
that the people of the State can and should
cheerfully meet all their liabilities (for |
also say they should, if they can) l doubt
! it. and have conceived, maintained and set
| forth my views as the hest for all concerned
| in case we cannot pay.
If there be a better and more equitable
way, doubtless the people will be shown
and approve it, and shall be satisfied.
LEWIS TILIMAN.