Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-12-11

OUs attention has been called to a

OuR attention has been called to /
plausible aud ingenious communication
10 the Nashville Commercial Report
or. on the subject of State finances.
The srticle is headed-~The Way Out, |
A Solution of Our Financial Difficult
ties" In whatever light the subject is
viewed. it is grave and complex-pre-
senting at every step legal and moral
considerations irrccoIcilab bic with each
other and impossible of adjustment
upon any basis of compromise that
will give satisfaction to both creditor
and debor. 1t is because Of the i'm
practicability of any satisfactory
scheme of adjustment, thateverypropo-
sition for settlement holds out partial
Reputation as the alternative In case
of refusal by the creditor to accept the
terms O ffered by the debtors. The
writer under review makes this proPo-
sition as his solution of the financial
situation. The bonds of Tennessee
now sell in the New York market at
Is and &c cents on the dollar. Let the
Legislature pass law calling in all
these bonds at their present value, and
repudiating for ever after ali not now
presented for redemption and pay for
them in greenbacks.
Months ago, foreseeing that the State
might not be able to meet its obliga,
tions. we argued that il might become
necessary, as a matter of self-preserva-
ton. 10 scale the bonds so as to bring
The debt within the ability OF the State
10 pay, and urged it as measure less
Objectionable than wholesale repu-
diation. The foregoing proposition
amounts to the same thing; bat before
resortipc to measure which may be-
come one of pure necessity and which
is deiensible by facts aud arguments of
ereatweightwith an enlightenedpublic
the Legislature should earnestly consid-
er whether a State bank, with capital
ofsl5. 900, 900, based upon the faith and
resources of the State, may not obvi-
ate n recourse to such an extreme
measure. 1t should also enquire if
railroads are paying their full quota Of
taxation, and whether there is not a
large amount of property exempt by
law which should, in justice, be made
accessible to the tax collector, and
whether the reforms in the interest of
economy. so much talked about, have
been carried into effect, and whether
there are not many leaks in the Treas
ury that it would be profitable to stop,
liquidation, TO any extent, should be
the result of sheer necessity, and un-
I'll the Legislature shall have done its
whole duty the proposition above quot
ed will carry with it an amount of obi
um-perhaps costly litigatiou-that
michtnot attach to it in the estimation
of the world could the State make fair
exhibit Of honest and futile effort to
meet its obligations TO its creditors.
The article we are considering pre-
sents many suggestions worthy of seri-
Gus reflection, and the Onlyiss we now
raise with the writer is, as to the wis
dom of farther effort to avert the ne
cessity of an enforced compromises,
the terms of which are to be dictated
by the debtor. We are slow to admit
that there is any moral obligation
which requires the people to bankrupt
aud beggar themselves in the effort to
pay debt which they had little other
agency in creating than reckless indif-
ference to the character and capacity
Of their Representatives to whom they
confided their interests. and we are
equally slow to admit their right to
take advantage Of their own wrong do
th2 u NOth AIOu- W OlhSiS. rs w
said in the outset, the subject is grave
and complex and the only very clear
point iu it is that the State ought to
pay its debts. If it can, either with or
without a compromise, but if neither
Is possible, then necesity-thc right of
sclf-preseryation-clearly indicates the
only possible solution. But let us
struggle yet longer to maintain the
credit of the State and cast no damper
upon honest efforts in that direction
by discussing any other mode of escape
from 4 heavy obligation than that
prescribed by law aud ussges.