The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-11-14
THE CRITICAL HOUR.

Gov. Porter has issued a proc
Iamation converting the Legislature
in extra session, Wednesday, De-
cember 5, 1877. to take into consid-
Grafton the following business:
First-To consider the recommends
ton made by the arbiters at the confer
ence held at New York in March, 1877,
to adjust the State debt by the issuance
of new six per cent, bonds at the rate Of
sixty per cent. of the total amount Of
principal and past due interest.
SccOnd-To levy a tax sufficient TO
meet the interest on the new bonds; to
provide a sinking fund for the extin-
gu1shment of the debt, and for the more
efficient collection of the revenue.
Third-To provide by appropriate leg
islation for the expenses of the General
Assembly.
1t is understood that the persons
who own largely over half the out
standing Tennessee bonds. have pro
posed to the Legislature, through
the executive. to surrender the bonds
and past due coupons held by them;
proUided, the Legislature will enact
a law whereby go per cent. of the
amounts SO surrendered shall be
paid them in new bonds and provided
a sufficient guaranty shall be given
that the interest on these new bonds
shall be promptly paid and a sink
ing fund at once provided for their
final redemption.
Doubtless every person who owns
a Tennessee bond will, in due time,
offer the same terms of settlement.
Here then is a chance for the
State. or rather the present Legisla-
ture, to wipe out hOnOrably, by a
single enactment, from 100000 to
$4,000, 900 of the State debt.
The debt, with accumulated inter-
est, is perhaps little if any, short of
100000. The holders of our
bonds offer, themselves, TO forgive
100000 of this debt if we will
properly secure The remainder. The
offer comes in such a way, that it
will not smack Of reputation in the
least. to accept it. The most fasti-
dious hater of reputation with it's
evil consequences and dishonorable
results, cannot object to this mode of
reducing the State debt. We are
certain that if the tax-payers-who
are indeed oppressed with their bur-
dens-could be called together at
Nashville on the 9th day Of Decem.
Der in one grand council, they would
accept the magnanimous proposition
thus made them by reclamation,
and at once, ard be ready to return
10 their labors with renewed energy.
What their one.hundred represen-
tatives in whose hands the moment
Gus business is placed will 90. may
possibly be a question not SO easily
solved.
Among the one-hundred gentle
men who compose the 40th General
Assembly are some avOwed repudi-
ationists. We are of opinion, how
ever, that this element is weak.
There are others who favor a CON-
promise, but who believe that 60
per cent. is too high-that the bond
holders ought to accept 40 or so per
cent. It is quite likely that those
capitalists who have lent their
money to the State to build her cap
itol-her turnpikes-her railroads.
are of opinion that justice would
give them 100 per cent. But they
have rendered compromise. Com
promise means concession on both
sides. The bond-hoIders, like bust
ness men, come with their conces-
sion expressed on paper. The ques-
ton is. will there be concessions on