Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-12-22
rENNEssEE's INDEBTEDNESS

fish an open letter from Governor
Porter, on the subject of the States
indebtedness, which letter we clip
from the Nashville American.
The statement of the Governor to
the effect that the January interest on
the State debt will not be paid sur
prises no one, Such thing under
the circumstances was not expected.
The holders of the bonds have the
comforting assurance from the Gov
ernor that as soon as the requisite
amount of money is paid into the
treasury, it will be be applied to the
payment of the interest falling due in
July last. But they have the addi-
tional information that there is a
balance of S255,OOO borrowed by the
State, to pay the interest due January,
/ 1875, and an outstanding warrant &C
count of S42j,OOO to be provided for,
before they can hope for anything.
Taking all these items of informa-
ton together, they are not so COM
forting to the creditors of the Sthte.
The Governor, however, goes on to
express the opinion that there is not q
man in the State, with the slightest
claim to responsibility" who favors
reputation. This may be true, and
the Governor. no doubt, believes it is
true, but if he is correct, the actions
of some men who claim to be respec-
table land actions are said to speak
louder than words are difficult to un-
derstand.
The Governor gives the additional
information that the large holders
of Tennessee bonds will be willing
to have the debt funded with bonds
bearing q lower rate Of interest, pro-
vided they can be satisfied that per-
manent provision will be made to
pay with promptness. the rate agreed
upon" This is a hint in the right
direction. We think, ourselves, that
the time has come when our bonds
should bear lower rate of interest,
and when our Indebtedness could be
palccd in that shape, provided our
creditors can be assured that they will
get their interest promptly when it
falls due.
But there is " The rub" How are
we going to convince them that we
will perform with promptness what we
promise? 1t is a fact too patent to
admit OF denial that the State credit
for some time past has been used as
the football Of politicians and cor
rupt rings, Our Legislatures. under
the domination of the party in power,
have been the subservient tools of
avaricious masters. Little has been
done, Of financial character, that
was not shaped and dictated by the
various rings that have operated at
the State Capital, and seized upon
/ the State credit as q legitimate object
of prey. These rings were born in
. corruption, and have grown anC
thrived upon the misfortuncs Of oul
beloved commonwealth. At eacl
meeting ofthe Legislature they have
been on hand with their lnercenary
agents, who, through plausible prom
! ises and corruption, have never faileC
to carry out their sinister de
signs. By n vigorous application
of the party lash, and through TIT
manipulations Of the worst class 0
/ small politicians, they have never fail
ed to have enough pliable material il
the Legislature to accomplish theI
I purposes. 1t is no wonder that I'M
j. der this state Of affairs the world he
c lost faithin our capacity for self.goy
+ eminent, if not in the honesty of GU
intentions. If this class OF men ar
. to continue in power; if our Legisla
lures are still to be composed of in
q beetles if these rings are still t
}. shape legislation and to carry o
e their speculations through u comb
d nation with our Lawmakers, it will b
J. difficult to convince our creditor
that VIC intend, even with low rat
of interest, to meet our honest oblig,
d tions.
> Add to this the fact that the que
ton Of paying the Torbett Issue
ig which question is now pending in IL
lg courts, is undecided, with a large m