The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1876-08-11
OUR STATE DEBT.

Tennessee is placed in no cred
liable position by our present
financial condition, and the fact
that many persons Of influence,
and a portion Of the press, are
harping continually on repudia-
ton adds to the trouble very
much. The State is made up of
individuals. and these individuals,
through their representatives in
the Legislature, have, from time
to time, made improvements in
the State in the shape Of Rail
roads, Turnpikes &c, and as pay
ment therefore have given their
notes, or, in other words, issued
their bonds, and contractors have
trusted'in our written promises to
pay and have used their capital to
build up the material interest OF
the State, and now for us to say
we will not stand up like men and
redeem our sacred pledges given
in honor, is to sink lower than we
believe Tennesseeans ever will.
1t is by no means enough to say
that The present holders Of our
bonds got them "dirt cheap" or
that the interest the State had in,
our Railroads and Turnpikes has
been sold, but we must consider
the facts:
list. The debt is in a great de-
gree an honest one. 1t was large
ly entered into by the act Of 1851
9 passed by a Wing. Legislature
and endorsed by the succeeding
Democratic administrations, so
our honor is pledged on all sides
to its payment.
Cd. The Railroads and Turn
pixies for which the debt was
made have opened up our States
wealth and made it valuable
have given US markets for our
grain. made II acres of rich min
eral lands of untold worth; and
set in motion all we have Of man
ufactYFinginterest. Our popula-
ton has increased from 681,00f in
1920 to 1858, 500 in 1870, and our
wealth increased in ten years
from two hundred millions to five
hundred millions Of dollars.
Sd. In the light of these facts
which are known to the world,
for us to repudiate our just obi
cations simply because we have
it in our power, is to bring eternal
disgrace upon ourselves and our
children after us-to decrease the
value Of our property and deter
honest men from abroad from
coming here and adding their
wealth to ours, and worse than all
to lower the standard of public
pure-mindedness.
We cannot afford to belittle
ourselves in any such way. If
any part Of our debt is not right
and is illegal, then we say MroD 1t
out, but the idea Of refusing to
pay our just debts, whether as
individuals, as citizens Of a great
State, or as members Of our nation
is beneath the thoughts Of honest
men. We have a hard time to get
along, and it is economic here
and make that saving there, and
sometimes the ends do not meet
when the year comes around, but
let us be honest above all other
things.
Under Democratic rule our bur
dens increase-no steps arc taken
to rid us Of that part Of the debt
which we ought not TO pay, and
the Democratic party have at
tempted to add to our burdens by
forcing The Torbett issue Of five
millions of dollars on the people
to pay interest on. The interest
on our debt is not paid, a peniten-
tiary ring are robhing honest la
Dor of its just dues, and a railroad
ring has robbed us of thousands.
How long will the people of our
State let this 60 on by voting
with and working for Democratic
control' The opposition press
has a great deal to say about ere
FORM" will it not stop long
enough to talk Of home affairs %