Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-11-24
OUR STATE DEBT.
Strong Letters from Postmaster
GEN. Key and senator Harris.
The Acceptance OF the sixty Cents
Compromise EarmfstIy
Advised.

Compromise EARNESTLY
Advised.
The following letters from Post
master General Key, and from Sen
ator Isham @. Harris, win be read
with interest:
FROM POSTMASTER GENERAL KEY.
WASHINGTON, Nov. IL, 1877.
Gov. James d. Porter. My Dear
Sir: / see from the newspapers that
you have called the General Assem-
bly, of Tennessee to meet in extra
ordinary session on the 9TH Of De
cember next "to consider recom-
mendations made by the arbiters at
tho conference 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, and to levy tax
sufficient to meet the new bonds" !"
etc. / trembled for the result when
/ saw this call. lam Tennesseean
by birth and a lifelong residence.
/ have been and / am proud of my
State, and / should regret.to see the
least stain upon her fair reputation.
The present Legislature of the
State is composed of gentlemen of
and its members have their
shire Of patf I0tisE4 alld stats pride
as well as personal integrity, but /
declare that the Aenden-
cleS Of legislation and 0pinion as
gathered from their enactment and
utteFances during the last session of
that body caused much alarm and
in the minds of many
true friends of the State at home and
because they gave encour-
agement to those who advocate re-
pudiation of the State. debt, and its
repudiation would be a foul and
damning stain from Which our fair
and beautiful State could never be
cleansed. Her honor, like that of
woman, is of far greater value than
her wealth. Poverty and honesty
are greatly preferable to wealth and
disgrace. And now, my dear sir,
this call you have made brings us
face to face with the naked questian,
''Shall we repudiate OurState debt?''
A failure of the Legislature to meet
this issue will be practical repudia-
ton. There rises up before the peo-
pie of Tennessee one OF the most
and important issues our
people have ever been required to
meet, and meet it they must in De-
cember. Defamation, denuncia-
5ion, appeals will not avail. Will
Tennessee pay her debts?
i lay this down as an incontro-
vertible maxim: There is more of
and honor in paying a debt
not justly incurred than in repudi-
lting and refusing to pay one justly
lue. The Legislatures of Tennes-
zee and it's executive officers have,
Inder authority of law, issued or in
1orsed bonds to build your beauti-
ful Capitol; to construct that net
work of railroads which add SO
much to the wealth and commerce
IF our State. No complaint can be
made of the mode and purpose by
and for which most of these bonds
were issued. Our State got value
received for them, and shall these
be held as naught because others
were wrongfully issued as we may
think. All these bonds were issued
under laws providing for their issu-
ance by public officers selected by
the people of the State, to whose fl
lelity, judgment and determination
the execution of these laws was en-
They were the agents of
The people of the State, acting with
IN the scope of their authority, and
shall we repudiate the act of our
agents, to our own profit and to the
injury of those who had no voice in
he selection of the agents or in
them with the powers and
luties and trusts which they exer-
Used?
Butiti said that we were rich when
5hese bonds were issued and that
we are now poor; that a war has in
and our slaves are gone and
ieIds wasted. Admit this, and what
hen? We engaged in that war vol
Tennessee, through her
legislature and by a vote of the
people, seeded, or attempted to Sc
,ede, from the Union when war was
1agrant. TennesSeans, brave as they
nave shown themselves to be, and as
heir fathers have been, must not
make their defeat in war in which
hey voluntarily engaged an encuse
or doing a mean act, that Is, refus- |
ng to pay a just debt. Upon this |
heOry every debtor might scale or
'epudiate his debt when it becomes
lue, should he be possessed of fewer |
soOds than when his debt was ere
tied.
A forcibIe adjustment of the debt |
If the State is worse than outright |
Any court of law, to |
ay the least, would on trial before |
t, if the State could be sued, render |
Judgment in favor of the bondhold-
n against the State for the amount |
If any past due bond and its inter
,st. We are lawfully bound to pay !
hese bonds. This State cannot be |
ued, and because it cannot, shall we
ay to the holders of the bonds, |
I'VE will pay you fifty cents in the |
lollar on your bonds, and no more"
do not own a bond, never have |
owned one, and may never have |
me; yet if / had bonds, to such a |
as that, l should say: 81 |
hall make no such bargain in COM
You may pay the amount |
If my bond or nothing" Such a
is very much as that of
he rohher on the highway who |
commands his victim to stand an
deliver On the other hand, if the |
comes and says: ''I know
you are poor and hard pressed, and
IS / purchased your bonds at low
igure, therefore, if you will secure
ne sixty cents in the dollar for what |
you owe me 1 will accept it in salts |
action of my debt" ! would glad
Y accept this proposition and thank
him for his generosity. 1t seems to |
ne that it would be niggardly and
dishonest to decline upon the ground |
hat he asked too much, when WeOwe
MS whole debt according to its face. |
How are our people ecOmpelled topay
heir debts? By the State. The
State creates courts and judges and
officers. Through their instrumental
ties it renders judgments, awards
executions and gives sheriffs power
% force collections, If a State refuse
to discharge its solemn obligations,
It dare not coerce its people to do
what it will not. It cannot consist
L L..