The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-26
TENNEssEE's DEBT.
PROBABLE ACTION or THE LEGISLATURE WITH
EXPERIENCE TO THE SIXTY CENTS CoMPRo.
MIsE-MKINNoN UNABLE TO DEFEAT 1T.

PROBABLE ACTION OF THE LEGISLATURE WITH
EXPERIENCE TO THE SIXTY CENTS CoMPGo.
sIsE-M'KINNoN UNABLE TO DEFEAT IT.
NASHVILLE, Tenn, Nov. 20, 1871
Will Tennessee repudiate her debt? Can she afford
to have such stigma indebiy stamped upon her iar
escutcheon and her credit forever ruined9 Will tho
people submit shocking disgracef These ARE
the questions constantly propounded all over Ten
nessea Sinco the proclamation OF Governor Porter.
calling the Legislature 10 convene In extraordinary
session. this has been tho only subject OF discussion
the question Is very simple. Governor Porter has
submitted plain proposition. 1t amounts this:--
.shail we accept reject the sixty per compro-
mise offered by the bondholdcrs 20 Under the State
they must act upon this question alone
No new propositions can be entertained II the Lsgs-
lature shall desire mako the compromise has only
to pass q bill and the legislation required
IS accomplished and the debt will be pau. II 1t Ia
not accepted u will BIO put In the political cadron
to boil and bubble. Every one recognizes the in
dubitabe fact that the debt will still remain. as it
must until definite settlement Is reached. Is
is believed, however, that in the event the Lcglsla-
ture ials to the wisdom Of the proposed CON-
promise they will not reject It. If they do not take
poslt, the question will more than probably
bc submitted TO tho p. ope lett TO them the solu-
ton rs clear. IL will be accepted Her people
Toe hones, 10 do Otherwise ineir honor and prae
OF State would not permit them 70 40 Inherently
Senator Harris has written letter TO tle point. He
the compromIse Postmaster General Key has also
gwen strong argument IN favor OF It's acoeptance.
Their opinions aud suggestions have great weight.
The most prominent OF the State are almost UNI
DIVIDED upon tho subject They say II 10 not only
$40 900 COO and reduce debt $4,000, 900 with
an interest Of $780, 600. fully within the reach
Of the people, as Governor forter nus a'Ieaoy
announced.
NOT A POLITICAL ISSUE.
The question al settlement upon the sixty per cent
basis regarded here not political one but SIM
ply OF honesty Neither democrat nor republican
aors % ns rss. 10
that roiiei when IL is placed altogether within the
power 10 do SOP IL cannot now refuse. 10 do "
would send all to political oblivion
A PRUFIrLEss UNDERTAKING.
Judge McKinnon, Of New York, made slight ripple
on the financial surface when he first reached here
but sketches OF his past in Northern newspapers hav
rendered any influence he might have exercised una
vang He has iully explained his object here
He has inllmated he had proposition offer to The
Legislature 10 merely 10 reduce the interest from
six 10 four per cent OH the $23 O0O 600 But
II offered II cannot DO entertained the al
ready suggcsteathat the Legislature can only act
upon the sixty cents proposition, having Doen con-
Msnv believe mat Judge McKinnon's visit here
BODIED good to the state He is thought 10 be az
the head Of scheme having Tor its object the deieat
Of tho sky compromise. This accom- plsbed
Tennessee would occlne, possibly one hundred
per cent, when tie Sy Indicate he represents would
sweep tnem all in and depend upon iuturc legislation
to the u OF the bonds, with the interest
reduced 10 Jour cent as slight concession to the
State HIS TRANSACTION IN Knoxville, bought.
as the representative OF millions oil capital, the Knox
VILE and OHIO Railroad and mineral lands TO the value
OF S7oO OOO then failed up 10 the scratch,
leaves him in Lad 0dor VI his ability 20 accomplish
anything no proposes not seriously dstrusted
PLAN THAT WILL NOT WORK
His manner Of Introducing himself TO Comptroller
Gaines upon his hrst arrival here was not Of that
character to commend him to that officer He did no
credit 70 the people OF Eastern States when no
SAID to the Comptroller, IN substance, "Wnen we
want a charter in the Eastern States wo get It 10 DO
sure il costs great deal of trouble and labor-nnd
money; its very expensive but wo get IT," thus
strongly intimating that II not accomplished In
lar ipnuta ma n god
to effect the end In this ne also lett the IN
ference that IL association he represents could
not secure hearing otherwise they would attempt To
carry their project with point Of gold. But that
won't work III tennessee.