Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-11-24

4
| purity. Who dares say that such {
State cannot pay a debt of fifteer
millions, or even thirty millions o
dollars. If such State is poor, by
whose fault is it? 1t does not come
from him who tolls in her fields
her mines and her shops, but from
those growing, idle Ioiterers who
stand at the corners of the street
consuming what the toiler makes
and producing. nothing. In many
Instances he does not pay the baker
for his bread, the butcher for his
meat, or his tailor for his clothes
i To such an one reputation of pri-
vate or public debts brings no dis
| grace. 1t is SANDER on the good
old State to say that she cannot pay
her debts, or that her resources are
SO small that her people cannot pay
a tax of more than ten or twenty
] cents on the one hundred dollars.
Capitol or enterprising immigrants
will never go to a State which adj
vertises the character of her resour-
ces by such methods.
FROM SENATOR HARRIS.
UNITED STATES SENATE CHAM
BIER, WASHINGTON, Nov. -, 1877.
Gov. James ID. Porter-My Dear
Sir: / am glad to see your procla-
nation canXeping the General As
sembly in extra session, at an early
day, toatake action upon the propO-
sition of the holders of the bonds of
Tennessee.
understand that they propose to
accept new bonds of sixty cents in
the dollar, in full satisfaction of our
present bonded debt. This PROPOSE
ton, coming as it does from the
bOndhOlderS, the State can afford
to accept, but in my Judgment she
cannot afford to COMPROMISE her Dig
nifty by making a different proposi-
ton, or seeming to higgle for other
terms, but must, as it seems to me-.
accept or define this proposition.
Indeed, to make different pro
position, and hold an terTOrene over
the heads of our creditors the threat
of reputation, would be repudia-
ton to the extent of the difference
between the propositions.
The ability and zeal of the gem
tlemen composing the committee
sent by the Legislature, at its last
session, to New York to confer with
the bondholders, warrants the con-
fident belief that they obtained the
best proposition that the bondhold-
ers were willing to make, and frank
ness compels me to say, much bet
ter proposition than / had any
reason to expect.
rNf% 1,Tc
saves the taxpayers of Tennessee
forty per cent. of their debt, amount
ing to more than nine millions of
dollars.
The question is, shall we accept it?
We must accept, and in good faith
pay the sixty per cent. of our debt,
or repudiate the whole debt.
Can Tennessee afford to rupudiate,
with her antecedents, her history,
her fertile and productive soil, her
mineral wealth, her commerce, her
facilities for manufacturing, and the
indomitable courage, energy, enter
prise and pride of character of her
people?
Reputation would not only de-
stroy State credit (Which / hope we
may not have occasion to use in fu-
ture), but individual credit would
be greatly impaired, if not destroy
ed also; Immigration retarded, the
influx of capital repelled, and with
it, our commercial, manufacturing
and mechanical interests crippled,
if not Frustrated. - ssalssss
Oppressive as may be the taxation
to pay this debt, / am satisfied that
if we place it on no higher ground
than that of pecuniary interest, we
promote these interests much more
by paying, than by repudiating the
debt.
But aside from the question of
pecuniary interest, for myself, / do
not hesitate to say, that / would
rather, much rather, give up every
dollar of property that i possess,
than see the fair name of Tennessee
tarnished with the stain of repudi-
ton. 1 therefore earnestly hope
that the Legislature will promptly
accept the proposed terms of adjust
ment. Very respectfully,
ISHAM G. HARRIS,
P. ST. was told a few days since
by gentleman of distinction, who
had just returned from Europe, that
an English company, formed for the
purpose of investing q large amount
of money in the mineral lands of
Tennessee, was deferred from doing
so by the prevailing apprehension
of repudiation, and the general stag
nation that must follow reputation.
/. G. HI.