Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-02-26
COMPROMISE.


A short time since the American
iuggested that the Governor, or com
mission. have an interview IN New
Y ork. with the holders of Tennessee
bonds, for the purpose of ascertaining
whether or not some arrangement
could be made which, whilst doingjus-
tice to the former, would afford some
relief to the tax payers of the State.
No one, we presume, can have any OBJ
lection to the contamination of such !
an arrangement, but we have no reason
10 suppose that bondholders are more
generous than other creditors, ior were
it otherwise Esome Indication would
have been given ere this of willing
ness to compromise either upon The
rate of interest or the adjustment Cf
the principal on the basis of the price
maid for the bonds. In the absence of
chindieaticns and with knowledge
of the universal purpose TO demand
every cent nominated in the bond,
and of the difficulties in the way of
such a conference between the State
and its scattered creditors. we fear the
proposition will have no other effect
than to create expectations not likely
to be realized.
Instead, therefore, of offering sug-
gestions which are not prompted by
the bondholders, it were wiser perhaps
to keep before the people the plain
truth, that the State can and will pay
its debt, because it is able to do it and
honor demands it. The difficulty lies,
not in the amount of the debt, but in
the inefieieney of legislation aud
the absence of economy in the
whole system of administering the
government of the State. The faults
traceable directly to the people
whose exclusive duty it is to select
competent agents to make and adj
minister the laws. With such voting
population as we have, it is no easy
matter to discharge this duty, there be-
ing honest differences of opinion and
differences created bydesigning disOr-
ganizerswho rely for success upon ig-
noranee and Observation-Disclosures uf-
ficiently strong to defeat, in most coun-
ties. the eounsels of the better class of
the population. The only remedy for
this evil is a compact union of the tax
payers, and an equally compact purpose
10 discard every minor consideration
and look only to their own and the
general welfare. Such a union could
silence diseord and rebuke into mac
ton that spirit of reputation which
would dish0nor the State in all time to
come; hence the necessity for union
of the integrity and wealth of the State
in determined effort to liquidate its
debt and sustain its credit unimpeach-
ed and unimpaired. IF the bondhold-
era, knowing the character of the debt
and the causes which make its payment
a heavy burden upon the people, think
proper to offer terms of relief it will be
cheerfuIly accepted; but the suggestion
that they ought to do it will serve no
other purpose than to create dissatis-
faction by inviting a contrast between
what is and what might be. When it
can be truthfuIly said that man who
owes twenty-five dollars and is worth
five hundred can't pay the debt, 1t may
be contended that State worth FIVE
hundred millions can't pay twenty-five
millions. To curtail expenses by a
wise administration, is all that is need
ed to demonstrate the ability to pay.
The term wise administration" as we
have used it, means efficient legislation
and the prompt and faithful enforce
nent of the laws by the Executive and
judiciary departments of the govern
ment. And if, with all the economy
that car be practiced and the closest
collections that can be made, there is
still deficit, then we must provide
for that deficit by an increased rate of
taxation-any other policy means re-
pudiation and dishonor.