The home journal. (Winchester, Tenn.) 1858-188?, 1877-11-29
GOV. Harris on the state Dcbt

From among the many letters II" has
received commenting his action IN
calling an extra session OF the LrgisIa-
turc, Gov. Porter has authorized the
publication of the following from Sen
ator I,ham G. llamis:
UNITED STATES SLNATE CHAMBER
WASHINGTON, Nov II, 1877 -GN
james y. pu%rtrr-My Dear Sir;
am glad to see your proclamation ron
veuing the General Assembly in extra
session, at an early dav, to take action
upon the proposition OF the holders on
the bonds of Tennessee.
understand that they propose to
accept new bonds for sixty cents in
the dollar, in full satisfaction of oul
present bonded debt This PROPOSE
ton, coming ~ II does from the bond
holders, lAr State can afford to accept,
hut in my judgment, she cannot afford
to compromise her dignity by making
n different proposition, or seeming TO
for other terms, but mnst, as II
seems to me, accept or decline this
proposition.
Indeed, to make different PROPOSE,
ton, and hold IA terrorem over the
heads OF our creditors the threat of 10
pudialion, would be reputation to the
extent Of the difference between the
propositions,
Tdc ability and zeal of the gentle
men COMPOSING the committee sent by
the Legislature, at It's last session, t."
New York to confer with the bout
holders, warrants the confident bCIicl
that they obtained the best proposition
that the b%ondholdcrs were willing to
make, AMI Irankncss compcls me to
say, n much better proposition than
had any reason to expect.
The acceptance of this proposition
saves to the lax payers Of Tennessee
forty per cent. OF their debt, amounting
to more than nine millions of dollars.
The question IL, shall we acccpt 1t ?
We must accept, and in good faith pay
the sixty per cent. Of our present debt,
according to its terms, or we must
pay. or rcpudlatc the whole debt.
Can Tennessee afford to rcpnliatc,
with her antcCedcats, her history, her
fertile and productive soil, her mineral
wealth. her commerce, her facilities for
manufacturing, and the indomi,ab!e
courage. energy. enterprise and PRIDE
OF character OF her people?
Repatriation would not only destroy
Safe credit which hope we may not
OCCASION To nsc in l%uture) but in
,livldual credit would he greatly im-
paired, ifnnt DESTROYED also; immi-
grafton retarded. the itflux Of capital
AMI, with it. our commercial,
manufacturing aud mechanical intcr>
rsts crippled, if not Frustrated
Oppressive ~ mat lr the Iasat,"n to
,ay this dC6t. ! am satisfied tat ii We
,lacc it on 10 higher ground than ,h,t
If pccuniarv Interest, ~ %vrr'not"
hesc interests much more b, paving
han by rcpndlhting The drbl.
But aside from Ia" question "I Pc
:%uniary interest, for myself, do not
hesitate to say, that | would rather,
much rather, give np every dollar OF
properly | possess. than see the far
name ~ Tennessee tarnishc,I with the
stain of repudiatiun. | therefore earn
estly hope that the Legislature will
promptly accept the proposed terms Of
adjustment. Very respectfully.
lSllAM G. HARRIS.
p i vas told n few DAYS since
by a gentleman of distinction, who had
just returned from Europe, that AN En-.
glish company, formed for the purpose
Oi investing u large amount OF money
in the mineral lands of Tennessee, was
deferred from doing so by the prevail
ny apprehension Of population. and
.he general stagnation that must follow
equalization.