Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-12-13
The Legislature.

s'hcss- OF opening was formal
and without special interest.
The message Of the Cover
nor was presented and read. Its
opening paragraph states the
purpose Cor which the extraor-
binary session is called, after
which it rehearscs the items of
The State debt and the authorities
under which they were incurred,
and adds
There are now outstanding
SD, 033,000 of the bonds popu-
larly known as "Brownlow
Bonds"
The debt is accommodating at
The rate of four thousand dollars
per day, and if the present con-
dilion of affairs continue, it is
an easy calculation to determine
how soon the debt will gain
volume enough TO destroy the
prosperity of the State and
bring discrcdit upon all OF its
citizens.
THE VALIDITY OF TIE DEBT.
No question car now arise as
TO the validity Of the public
debt with the exception Of the
inconsiderablc amount issued 10
Mineral Homo railroad, which
has been declared fraudulent ;
the people of Tennessee through
their representatives have in
the most formal and solemn man
ner recognized it by the bonds
of any series being declared and
receivable in pay ment of the
purchase money for delinquent
railroads. 1t was again recog-
nizcd by the funding act of
1873, by which the obligation
of the State was renewed to
pay interest on the entire debt
andAthc principal at maturity,
and the validity of the several
series of bonds have been rec
ognized by the 39th and 40th
General Assembly by being de-
clared receivable in discharge
of debts due 10 the State, and |
assume that no judicial tribu-
nal would now pronounce a
gainst the funded and registered
bonds.
But the New York arbiters
say in the report made TO the
General Assembly, after full
discussion with the Legislative
Committee, "when all the cir
cumstances under which the
debt was incurred, the peculiar
condition Of affairs in the State,
together with its present ability
and future resources" that the
compromise recommended by
them is 'just and fair both to
debtor and creditor. The a.
doption Of this recommendation
of a tribunal SO disinterested
and distinguished without con-
sulting the holders of our bonds,
would relieve the State of tho
suspicion of unfairness or of
the charge of repEdiating al
acknowledged liability. But
such number of the bond
holders have signified theil
willingness TO accept the terms
of the adjustment as to satisfy
me if it is made it will be gen.
orally accepted. | transmit the
proposition of the bondholders.
The terms are liberal to the
State, The creditors voluntarily
make the suggestion, and it is
consistent with the dignity OF
The State to accept the abate-
meat. The financial condition
of the State is the only barrier
TO immediate prosperity. Its
greatest want is capital and inn
migration. Both will avoid us
unless the public debt is pro-
vided for. Men do not buy
where the tenure of property is
insecure, or where public obi
cations are disregarded. One of
the highest duties of the either
is the maintenance of the pub
lie credit; without it little il
left worthy of public preserva-
tion.
THE ABILITY OF THE STATE.
THERE'S to my mind no ques.
lion as 10 the ability OF Tho
State TO meet the interest on thC
debt, if adjusted on the terms
offered by its creditors. The
present assessed value of the
property of the State is $236,
100000, and is an unusually lib
cral one TO the taxpayer. Ten
ncssee contributes to the mark
cts of the world, with he
cotton. grain and tobacco al