The Russellville Democrat., 1877-09-27


 tof the State canbe compromised wlth the creditors, sealed if you please, land reduced to an amount no great er than the acknowledged just deht of the State. Now, l undertake to say. that notwithstanding this asseF- 1 tion has been made so often, ana SC defantIy put forth, that no one mas yet furnished to tue public any aI'- i thority whatever, on which snch q statement is founded, and that all the facts published, bearing on this SUD feet. % directly to contradict this statement.
 Tn the special message of Govern l CT Miller (p. D, he says: Tt wiii pc perceived that n this table, ] nave enumerated first i order the out standing floating Indebtedness Of the State; the boads in the hands of the United Stascs and those issued since the fortunate events of our troubles lin 1874, chasing these together as being unsusceptible of compromise. The first because emitting other I considerations the reception of the l scrip at par by the State in the pay ment of taxes, is at all times compel- able by writ of mandamus; the see lond, because whatever may be the terms hereafter to be obtained from the United States, no calculation can at this time with safety or propriety be based upon any hope of partial re- lease of that portion of our debt, and the third, because the faith and hon or of our people is irrevoeably pledg ed to the maintainance of every promise by the present government of their free choice" ]"
 Here then is $3, 100000 of the debt which Gov. Miller says is un- susceptible of compromise. The Governor in the same message says: "A committee representing certain New York bondholders, offered | settlement on the basis of 90 cents on the dollar, for the old debt; 8 cents for the Railroad Aid bonds,and 15 cents on the Levee Bonds" This committee professed to represent SJ- 000,000 of the debt, embracing all classes of the debt-how much of each is not shown. But, I now ven ture the opinion that they hold but a small part of the admitted just debt, and a very large proportion of the fraudulent debt; for I take it., that large holder of debt not dis puted, would not willingly give up half of it,'unless he held still larger amounts of the fraudulent debt. which he wished to save. This eer tainly would be the course Of most business men. Be this as it may, however, let us see where this settle mentl would carry us. The state lment would be about thus:
 Amount of debt not to be
 compromised, $3,5o0,ooo Old debt and funded bebt
 outside of that held by
 the U $. 4,50o,000, at
 30 cents, 2,250,000 Railroad Aid Bonds, ST.
 k 15T.000, at 35c is near, 2,250,000 Levee Bonds, $2,750,000,
 at l5 cents, is 412,0oo
 Making total of, $8,562, 900
 This leaves the debt over $S,500,- GOO, and about $2,500,000 above the admitted debt.
 Let us now see what would be the result of the proposition which Gov. Miller says was the best to be sub mltted to the General Assembly for serious consideration-the first in- stallment of interest to be paid on July 1st, 1878. to Wit: 90 cents on the old debt, D cents on the new Railroad Aid Bonds, and ten cents on the Levee Bonds. The state ment is:
 Amount of debt not scaled 3,500,0 Old bonds and funded debt
 outside of that held by
 the United States, $4,-
 l 500,000 at 90 cents 2,250,000 Railroad Aid Bonds, ST.
 157,000 at p cents, is 1,789, COG Levee bonds, $5,750,000,
 at 10 cents, is 275,000
 Making total debt $zS14,090