Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-12-06
From Senator Harris.

From Senator Harris.
] UNITED STATES SENATE CHAM
BER, WASHINGTON, Nov. II, 1877
Gov. James D. Porter--My
Dear Sir: lam glad to see YOU
proclamation convening the Gen
eral Assembly in extra session
at an early day, to take actor
upon the proposition of the hold
ers of the bonds of Tennessee.
/ understand that they propose
to accept new bonds for sixty
cents in the dollar, in full salts
faction of our present bonded
debt. This proposition, coming
as it does from the bondholders
the State can afford to accept, bul
in my judgment she cannot afford
to compromise her dignity BY
making a proposition, or seeming
to higgle for other terms, but must
as it seems to me, accept or de-
cline this proposition.
Indeed to make a differen'
proposition, and hold Ia terroren
over the heads of our creditors
the threat of reputation, would
be reputation to the extent of
the difference between the propo
sitions.
The ability and zeal of the
gentlemen composing the COM
mittee sent by the Legislature, al
its last session, to New York to
confer with the boadholders, war
rants the confident belief that
they obtained the best proposition
that the bondholders were willing
to make, and frankness compels
ne to say, much better propo-
sition that I had any reason to
expect.
The acceptance of this propo-
sitiun saves to tax payers of Ten
neseee forty per. cent. of their
debt, amounting TO more than
nine millions of dollars.
The question is, shall we &C.
cept il? We must accept, and in
good faith pay the sixty per cent.
of our present debt, according to
its terms, or we must pay, or re
pudiate the whole debt.
Can Tennessee afford to repudi
ate, with her antecedents, her his,
tory, her fertile and productive
soil, her mineral wealth, her com.
merce, her facilities for manulac-
turing, and the indomitable cour-
age, energy, enterpris. and pride
of character of her people?
Reputation would not only
destroy State credit (which |
hope we may not have occasion 70
use in future), but individual
credit would be greatly impaired,
if not destroyed also; immigra-
ton retarded, the influx of capi-
tai repelled, and, with it, our com
mercial, manufacturing and me-
chanical interests crippled, if not
Frustrated
Oppressive as may be the tax.
alton to pay this debt, | am sat-
isfed that if we place it on no high
er ground than that Of pecuni-
airy interest, we promote these in
teresls much n ore by paying than
by rerudiating 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 | pos
sess than to see the fair name of
Tennessee tarnished with the stain
of reputation. | therefore earn
estly hope that the Legislature
will promptly accept the proposed
terms of adjustment. Very re-
spectfully, ISHAM G. HARRIS.
p. 81 was told q few days
since by gentleman of distino-
ton who had just returned from
Europe, that an English compa.
ny, formed for the purpose of in
vesting a large amount Of money
in the mineral lands of Tennes.
see, was deferred from doing SO
by the prevailing apprehension
of repudiation, and the general
stagnation that must follow repu-
diation.
nHl1 NLo-look~o No.-,oa .o.,e.