Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-01-08
STATE CREDIT.

STATE ChEBlIe
The question of State credit, or rath-
er discredit, is now arresting the at
ten of the press Of the State. 1t is an
issue that now looms portentously upon
the political horizon. Politicians find
themselves IN financial quandary, the
intricacy of which, growing outof their
statement of the problem to be solved,
is distracting to the average mind.
That problem is. how not to pay, and
yet not repudiate?
For the last year the State has been
run by Laissez-f aire-the let-alone
do-nothing principle The last Legis-
lature made no provision to meet our
State obligations. Itssovereign panacea
for commercial panics, drouths, and
promises to pay, was State warrants on
an empty treasury. This let-alone
principle would do very well if the ac-
cumulating interest on our bonded
debt would let as alone, instead of adj
ding to our obligations some twelve
hundred thousand dollars per annum.
This plan of letting things rip is not
exactly statesmansbip. Nothing can
be gained by averting our faces from
dangers that must be met This only
makes our civic imbecility the more
conspicuous. When the ostrich, in or
der to escape the pursuit of his enc
mics, runs nothing but his head into a
hole, he leaves the larger. if not the
most honorable, part of his body ex-
posed. If the honor and dignity of a
great historic State was not involved,
the presposterous expedients OF some
af our statesmen, through which they
would bring the ship of State, now
struggling amid the breakers of repu-
diation, into a port of safety, would
move toinextinguishable laughter, gods
and menl Let us place for moment
one of these learned Thebans" upon
the witness stand, and hear his answers
to few plain questions. How, sir, dc
you propose to meet the obligations Of
the State? Would you fund the debt
Never. never! Would you then levy
tax to wipe it out. No; that would
be simply impossible (Which is very
true) Well, you won't pay the debt
nor agree to fund and try to meet the
interest as it falls due; do you mean tc
repudiate? No; thousand times, no
We won't pay, but repudiate don
use that word-'no more of thai
an thou lowest me Hal" We will
neither pay nor repudiate. butthe hon
or and credit of the State must anC
shall be preserved! The distracted
reader asks-how? And with all du'
solemnity we will proceed to tell o
the grand financial strategy, that is t.
preserve our stainless honor Tn
owners of our State obligations are tt
come to the rescue! That is the CRANE
remedy. The bloated bondholders ar
to appoint ''big meeting" carefull
and prayerfully consider the situation
and resolve-to pay hemselUesi
Here's richness We cotton t
this proposition atonce! This take
the perforated piece of linen off tn
shubbery, and strikes home to bushes
and bosoms of men Carrying tn
principle into our private business al
fairs, it pans out splendidly. As a
individual we accept it, fearlessly. L
therefore, any of our creditors are /
any trouble about the little matter
between us, we beg them to get togeth
er and settle cur bills amicably anon
themselves. They needn't ever consul
us! All we ask is our obligations re
ceipted, and we will stand by the sci
Element forever!
1t is to be regretted that our Count
Court, when it met at the close of th
late unpleasantness," to prOvld
means to meet county obligations, ha
not thought of this financial specifi
Instead of asking her bondholders
pay themselves, old Montgomery, hor
est Montgomery, noble Montgomer.
though pressed to the earth with ii
disaster of war, funded her accuml
lated Indebtedness aud is paying til
interest on her Obligations up to tn
day. This is ore example that Il
State might follow, for she has mo-
ability to pay than Montgomery count
Mastery inactivity" will not {
when solemn obligations are to be me
No State can afford to neglect her o
legations. It is cheaper to pay than
repudiate. The loss of credit al
character, of immigration and capt.;
involving boundlessresOurces ofweal
forever locked up, and commercial I
cilities forever useless or destroye
are public calamities of an appallll
character; but when under such disa
ter to the commonwealth, the person
honor, credit, and character of eve
man in the State is affected injuriousI
the situation becomes uncomfortable
people, who have ever held the hig
est position among her sister State
1t has been abundantly demonstrate
that Tennessee is able to pay, al
when the question of pay or repudia
is presented fairly and squarely befo
the people, as it must be in the ne
canvass, from Carter to Shelby, '
have an abiding faith. that "a righteo
deliverance will be rendered.
The error is too common one, ev
with teachers, that the education