Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-15
ssIf the BondhoIders Shall OfTer
Compromise, Then the State
can, Without Dishonor
Accept, &C."

St"eC pAAdCs POAtCy anu uOuGcby all Q6-
mand that Tennessee should occupy no
equivocal position upon this subject,
but should with determination grapple
with and master the financial muddle
she is in, one would think must be
seen at a glaDce-yet it seems to have
taken hold of many who have the in
terests of the State at heart, and who
would never agree to any proposition
which, to them, sayored of reputation.
That creditor will never voluntarily
concede or cancel in part the legal OBJ
legation Of solvent debtor is fact so
well established by experience and OBJ
servation that it may be added to the
catalogue Of axioms. The holders Of
the bonds of Tennessee are men like
other men. Some of them reside in
Tennessee, some in other States, some
in foreign countries. These people are
we'll informed; they know the property
and resources of the State and its liza
bilities as we'll as we. They know the
State to be solvent, able to pay every
demand upon it, with a tax rate lower
than that Of many States in the Union.
What reason then have we 10 expect,
contrary to all business ideas and all
business experience, that the holders
of our bonds will come forward and
voluntarily propose to abate half or
one fourth of their demands? Expe-
rience and common sense would an
swer, no sort of earthly reason. Re-
fection leads us to this conclusion in
evitably, and to the further conclusion
that the State financial problem has
but two methods of solution-frst to
provide for the payment Of the inter-
est as it falls due, by an economical
and efficient administration of the gov
ernment, and levy of sufficient tax
for the purpose; the other to repudi
ate. We beg pardon for using the
word-we know 1t is an uglyand often
sive word, but it was coined and in
general use before the question of
State credit came up for discussion.
1t is an older word, and much less
equivocal in connection with this sub
jeettha scaling or compromising, when
the compromise must be one-sided
and enforced one, and is we'll under
stood to mean refusal to pay in whole
or in part. To refuse to pay onefourth
or one-half of our debt is surely as
strictly reputation as to refuse to pay
the whole.
Could we see any honorable way to
rid the people of taxation or lessen
the State debt, we would not hesitate
to make it known. The collector of
revenue will bear us out in the asser-
ton that We are not particularly ambi-
tious to pay taxes of any amount, at
any time; but there is no way ex-
cept that above pointed out-that is
CAPITALIZATION The creditors |
of the State know their rights, they |
know the ability of the State to pay
nothing we could say would influence
them to propose giving the State part
of the debt they legitimately hold.
Assuming that they are ordinary NOR
tails, they will insist on their rightful
claims and leave the State to determine
whether she will disgrace herself. She
can not be compelled to pay-her cred
itors can not bring to their aid the ma
chinery of the courts, but are left to
the sense of right, justice and honesty |
of the commonwealth, and hence it is
strictly debt of honor. Will we re-
fuse to recognize it a? Debts of honor
have ever been held by all honorable |
men as sacred.
1t is fallacious then to say, if the
bondholders propose, we may with
honor accept" They will never pro-
pose to abate anything, unless the State
shall fail to provide for paynent-and
continued failure to provide for pay
ment is reputation in fact. 1t could
not be more so, if the State legislature
should resOlUe to repudiate. 1t is the
act and not the declaration that makes
The man who meets an
other on the highway and with drawn
pistol asks aims, uses the language of
a begglr, but is nevertheless highway
-obbor T6o Ctofo dobk - ~, ,,S-ifo
is a matter of business.
The holders of our securities will not
abate or cancel them-the day of
has passed-there is no relief
men may expect from super
natural causes. Then what is left to
us? We answer, pay in full, or repu-
date In whole or in part-pay or re-
pudiate.