Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-05-19

unable to say how far this meeting
the people of Robertson
county, and their views and wishes,
but we give the resolutions adopted:
Whereas, In our opinion the question of
the settlement of the bonded debt of the
State is subject that should be taken out
of politics, and that the only way to do so,
is to effect compromise of the same upon
a basis alike honorable to the State, and just
to bondholders. Therefore,
Resolved, That we are of opinion that
fair and equitable adjustment of the bonded
debt of the State would be TO pay the pres
ent market value of the bonds, which we
believe to be between 40 and 40 cents in the
dollar.
Resolved. That in case an extra session of
the Legislature is called to take action upon
the public debt, then in that event, we re-
quest our representatives, to accept any pro-
position on the part of the bondholders not
exceeding the present market value of said
bonds.
Resolved, That we heartily endorse the
manly and patriotic course of the Spring
field Record in its defence OF the rights and
interests of the people, and that said jour
nal deserves the patronage of the public
generally. w. r. SADLzR, Chairman.
In presenting these resolutions Col.
SadIer the chairman of the commit
tee, expressed the opinion that these
resolutions would have tendency
to take this question out of the pol
itics of the State, "believing that a
continuance of this question before
the people will have a tendency to
drive them to repudiatiOn-a result
greatly to be regretted and not
sought by thinking men; and that
to avert this dreaded calamity the
only means now left is a comprO-
mise; that either party had per-
feet right to make compromise
propositions that a compromise
would attach no disgrace, while re-
pudiatiOn would be a calamity the
State would never survive"
Two amendments were offered
one by DR.. Scott, to strike out A
cents and insert in lieu thereof 33B
cents. The other by Hon. J. E.
Washington, moving that the prop
ositfOn of the bondholders for fund
ing a 90 per cent. discount should be
accepted. DIR. SCOTS amendment
was carried and Mr.. Washington
rejected. And the original resolu-
ton with DIR. SCOTS amendment
adopted as the action of the meet
ing.
1t is needless tOsay that the above
resolutions are very far from being
satisfactory to US, and we fail to see
with Col. Sadler, the distinction be-
tween such an action and plain
barefaced repudiatiOn-fOr what is
meant by the market rGIue of the
bonds? They have no market
value. If one enquiries in the mark
ct about them the simple answer is
"there are no transactions in TenneS-
see bonds" Sometimes a nominal
value is put upon them when they
become the assets of bankrupt, OF
an estate is administered upon in
which they enter into the means to
be divided, but there is no buying
and selling of them at any price, and
this is the result from which we
have less right to profit than any
one. Let us go on in that course
and their market Udl3te will be simp-
ly zero, at which rate we suppose
the most advanced of our politicians
would be ready to compromise, and
even persuade himself that he had
avoided the disgrace of reputation
thereby.
Senator Garner was rendered con
spicuOUs by his absence, his father
Gen. JnO. Z. Garner put in an APP
pearance, his happy hits, the hearty
laughs and loud applause which he
ELECTED are duly recorded in the
Springfield Record, but it is not
stated what opinion he expressed ;
he is said to have been very anus
ing, but amusement was hardly the
thing called for on such an occasion.
Montgomery county would have
liked to hear from Senator Garner,
who was elected as much by Mont
gOmery and Stewart as by Robert
son.
1t is strange that these gentlemen
did not perceive that all they did
and said was beside the qe5tiOn. All
the political parties in that county
have again and again, affirmed that
the whole debt was justly due and
must be paid to the last cent, and
when, in consideration of our Grip
pied resources, our creditors offer Us
a liberal abatement, we have only
one question to determine, can we
close with their offer or not; for us to
clamor for other terms of cOmprO-
mise to demand that they shall can
eel from half to two thirds of it, Is
like the act of fraudulent bank
rupt, whose one idea is to save as
much as possible from his creditors.
How far these proceedings repre-
sent the actual opinions of the peO-
pie of Robertson is, we think, open
to doubt, and we are disposed to
give the RObertsonians the benefit
of the doubt; we will dismiss the
whole for what it is worth.
AS a matter of graver importance
we will say, that from all the light
we have been able to get at we are
persuaded that a reaction against
the extremes into which the one
sided IOw-taX agitation has carried
us is beginning to work with ener-
gy among the people, and that, if
time be given them, their sober sec
ond thought will lead them to con-
suit their honor and credit rs a peO-
pie, rather than a temporary relief
from taxation; and that those will
not be recognized as their friends,
who taking advantage of their real
WEAKNESS under financial pressure
have bid them sacrifice both honor
and credit and ultimately prospect
ty to their momentary desire Of i'm
munity. They only time, and
we are not disposed to urge any