Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-11-26
STATE DEBT.
Various OpiRiOns Of the State Press
Upon this Great Question.

Rogersville Spectator: There are nc
party interests involved in the question
and We are glad that no issue of that
nature has been raised. County and city
organs are generally correct opponents
OF public opinion, and this being true in
this instance, we must take it for granted
that our portion of the State, at least, is
favorable to the acceptance of the pro-
posed compromise.
Knoxville Chronicle: Or it may be
that the friends of the governor, those
directly interested, the joint owners of
the pools, cannot afford to take much
of a risk, and that he has been persuaded
to keep the reins in his own hands, lest
there is a runaway and some one gets
hurt. But we will not inquire into these
matters. We are interested in sustain.
ing the credit of the State, and if the
governor distrusts the legislature it is
noue Of our business, and if the bond
gamblers do reap a rich harvest. we do
not see how tits to be helped now.
Maury Sentinel: We hope the legisla.
ture will 20 TO Nashville and promptly
arrange the public debt aud come home.
The proposition of compromising the
States indebtedness, which comes from
the bondholders, is fair and equitable
enough, aud should be accepted. Let
them remember, however, that whatever
they do, that anything which even has
the faint OF reputation, will never be
tolerated by the people. The present
legislature was elected by the people Aot
to repudiate its honest Indebtedness.
They at the ballot.box have said that the
debt must be paid.
Athens Post: We said last week that
the States opportunity was at hand, and
that it would be almost criminal not to
avail ourselves of it. We meant by that
that there would be but one question be-
fore the legislature-elther to accept or
reject the proposition rendered by the
bondholders. If the legislature reject
the proposition, then there will be moth.
ing more for them to do, except to ad-
journ and hasten to their homes. There
IS no other proposition TO be submitted
and we undertake TO say, without any
positive information on the subject, that
il the oae under consideration be re.
iected, there will never be another made.
Meals State Gazette: During the big
strike OF last summer, Henry Ward
Beecher, secure in a salary OF twenty
thousand dollars a year, said that the
family of a laboring man ought to live
on a dollar a day. Postmaster General
Key aud Senator Harris, with a big sal
AIRY secured for years, have written letters
to Governor Porter saying that the PEG.
pie OF Tennessee ought to accept the
bondholders' proposition to compromise
the State debt at sixty cents on the dol.
lar. Circumstances alter cases. This
question has been before the people for
some time, and neither Senator Harris
nor Judge Key thought enough of it to
talk about it until they got to Washing
ton.
McMinnville New Era: Other States
have compromised their total iudebt.
edness at even a greater discount
than fifty cents, and to-day stsnd
respected and honorable in all CONNER.
cisl transactions. The false cry Of State
pride is made only to extort still further
upon the hard earnings of an oppressed
and impoverished people by simply en-
.deavoriDg to induce them to forget indi
vidual interests and swallow all up in
the hollow philanthropy Of State pride.
The first great duty Of a man, after his
duty TO his God, is to himself and his
family, and then to bis country. That
patriotism and philanthropy that sub.
sides all other interests to that of the
commonwealth is false one, and should
not be entertained to the destruction of
all personal and home interests.
Correspondence Ripley News: The
credit Of the State has been held up as a
great bug-bear to induce US to pay the
bonds. Now, for one, | care nothing for
her credit; on the contrary / think it
would be a blessing to US oil il the State
had no credit-then there would be no
inducement for rings aud thieves to get
her bonds, and the sooner the better for
the people. 1t is somehow understood
that a proposition has been made to the
governor that after the legislature meets
that some one will offer to take sixty per
cent. Of the ~prineipcl and interest OF the
debt and have new bonds issued.
What man is Is that thus speaks as by
authority Does he represent all or a
part Of the debt? II not all, then what
will the legislature do?
The legislature is called together to
act on this single proposition and to de-
wise ways to raise the required revenue
to pay these new bonds, provided the
proposition is agreed TO, and they can
perform that duty in a few days. If they
decide not to vote for the sixty cents,
then that ends their labors; if they do,
they have additional short work to per.
form in raising the revenue necessary to
carry out the compromise, and adjourn
and not stay at Nashville running the
State 10 useless expenses.