The Russellville Democrat., 1877-10-18

ne sum, then, oI tnlS feature or the proposition is simply as follows:
 In consideration of a payment, at the end of thirty years, of $220, ,694, andinterest on that amount, during the period of the transaction amount ing to $357, ,7242S--a total of $578,- 2IS.20-wc obtain a loan by way of remission of interest in the first three years of 52,155.6l, which, with interest at per cent, amount ing to $43I ,295.26, would, at regular rates of interest, cost us 6S3,450.S7; {; being q saving to the State as com pared with an ordinary loan to the same amount, of sI05, 232.49.
 It is thus very clear that it would be to the interest of the State to issue the bonds with this excess rather than to pay six per cent in- tercst on the new bonds from the start But if any one thinks differ ently, We have no doubt but that the holders of the undisputed debt would be glad to substitute propo- sition to take new bonds bearing six per cent from date for the exact amount of tho undisputed debt, they bringing in, as now proposed, all the disputed bonds.
 These disputed bonds amount to about $ll, ,474, 50i, as enumerated in the above proposition of Adams and Rediicld. It has been decided by the Supreme Court that the act un- der which the railroad aid bonds were issned was not passed in the manner required by the Constitu- tion. No decision has been made touching the validity of the funded bonds. It has been decided by the United States Circuit Court sitting in this city, Judges Dillon and Cald- well presiding, that the levee bonds were lawfully issued. Such is the legal status of these bonds as far as ascertalned.
 We have no doubt of the eligibil- ity of the proposition as made as being fair and just to the State. If the undisputsd debt is just one, and due, it ought to be paid, and it ought to have been paid long ago. Among all tho proposals for repudi- ation made at the last session of the Legislature, there was none, we be- lieve, that looked to the repudi- ation of any part of this debt. It would be weaMsome to repeat all the professions made by officials of the State, of all kinds, during the last forty years, that every cent of this debt should be paid, That debt thus admitted to be justly due ought to be paid is not matter open to debate so long as human obligations are admitted to have the slightest sanctity. The debt could have been paid long ago, in such man ner as not to have been felt; and the penalty of not meeting these obligations with something more tangible than vague promises has long ago been paid in the way of retarded prosperity and the acquisi- tion of bad name. This will be equally obvious to one who knows the history of the State, or who has any faith in the maxim that honesty is the best policy. We have had no other doubt then about the proprety of the settlement than as to the fea- sibility of paying the interest on the new bonds. There is, however, no other way to get out of debt but to pay out. Bankruptcy, repudiation, and all make shifts of that kind, are simply efforts to avoid the inevitable, and they bring with them misfor- tunes which arc greater than the hardships attending the payment of just debts. It Is certainly misfor tune that the State is ill debt; but we shall certainly not get out of debt by talking aboutit. That rem edy has been tried in vain for forty years. It is our opinion that if the question of the public debt was set tied on satisfactory basis, we might anticipate with an era of re- stored credit, and an end of our past reproaches, such a prosperity as would enable us, on the plan propos- ed, to pay the interest on the new bonds and eventually to pay off the debt with less burden than those which have been successfully assum- ed by other States, which have in like manner fallen a prey to evil counsels,
 The principal objections to the proposed plan of settlement, that have como to our Knowledge, have cmanated--not from those who pro pose to repudiate the entire State debt-bnt from persons who profess a stern resolution to pay with scru- ? ilous fidelity every cent of theI dsbt which is commonly known, and