The home journal. (Winchester, Tenn.) 1858-188?, 1874-12-31

contemplate, pay ing OIL The entire bonded
debt in this manner when Il necessity cN-
lists for Il further issue, we can then re
ioire that We are "A free people; we can
never do 80 with II State debt OF over
twenty millions upon Us carrying ~ an
uual interest oil twelve hundred thousand
dollars.
We think we have demonstrated the in
cyitablc benefit, of our plan ana It's least
bility. Let US lcXt enquire who Is to be
hurt By IL? Certainly this would net be
the most profitable to every one. Inc
note-slavcr or Dondholder could not turn
their capital over to so much advantage.
Indeed, 'Othrllo'S occupation is gone II
the plan he adopted but it Is only thcir
prospective advantage or gain that ellhcr
%looscs. The consideration that each bond
holder will get for his bond Is IN fact more
than the bond is worth, and certainly
! more than he gave for 1t. tennessee
bonds are now quoted ut about seventy
| cents on the dollar, and held out TO tte
world rs being worth that. ms Is Il
blatant lie published to deceive the pco-
pie who are sensitive about their credit
and made to stimulate them to pNy with
out inquiry or mlrraur the DOndhOl|cl
hi, twelve per cent. on his investment.
Every Ntll"lhlD.IItN bIih hHNh' t'"'
for Il series ui years (unleSS 1t be for Il tGW
DAYS only.) the bonds OF the State have not
been worth much above litty cents on the
dollar, This sort of Il device Is USED u
houdwiuk the taxpayers Of the state,
The bond, when it is presented IN markct,
must have several past due coupons at
tached to it: I'VE believe it is live OF the
thirty-dollar coupons3 if it does not have
them attached the seller must pay the
amount Of the coupons--say one hundred
and fifty dollars in cash. This makes
them marketable.
We have the case then stated as follows
| You give the bond-broket one hundced
| and fifty dollars in cash or coupons ana he
will then giv2 you seven hundred dollars
| for YOUR thousand dollar bond. lie Is Il
simplrtun, indeed, who does not see that
this is giving only tive hundred and fifty
dollars for the bond: and yet the public Is
made to believe that it l. worth the seven
hundred. 1t is the fear OF the bondholder
that the State will not always pay the in
tcrrst, if indeed it does the principle,
That keeps them Down ut half their romi-
nal value; and we may say in this con
| ncctiOn that the fear Is perhaps we'll
toundcd-thr people are beginning to
conclude that there are two sides to this
bond questions. as well As every other,
Then we can safely assume that the
bondholder has no just right TO complain
nor do we know that he will, as this saves
him from Chc inevitable issue OF repudia'
ton that will come one or later in somt
shape, unless it is avoidable in some such
manner As we have suggested.
But, you ask, what if the bondholdel
should refuse to take these warrants il
exchange for his bonds? In that case de-
clare the bond iorfcited-mect the issue
squarely, and you will triumph. There i
no power on earth that can make you pay
them if you do not see proper to do 50
Courts may say the bono, are legally Is
sued, ana are valid evidences Of debt, bu'
there i no power that can coerce Il mem
Der of the General Assembly to vote aye
ON an appropriation lii for their pay
mCnt.
We believe the great mass of the people
will favor aud approve this plan, because
they in ibis manner get something
of Il qpid pro qaO tor the bonds which they
all know they did not get when they wer'
iSsUcd. We viii write one more article oI
this subject. on the legal or constitutional
aspect ot the subject. j. >. W.
MANCHESTER, Dec. q, 1874.