The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1877-05-03
The State Debt Question.

We publish the following extract from
Redfeld's last letter to the Cincinnati
| Commercial:
gave the Legislature credit for paes-
ing retrenchment bill, saying in pre-
vious letter that along with their disposi
ton to rob the boDdholders, they cut
iuto the expense account at home, which
the only credible and consisten act
he session. But 1 was mistaken in
t. A gentleman, well known in State
+, itics, writes me from Nashville as fol
lie:
1.-The law cutting down salaries was
passed to save the bacon of the mem
bers who had promised retronchment.
But they we're careful to pass it at the
last moment, so that it conld die in the
hands of the Governor, and so it
did
"Our State tax is now only one mill en-
the dollar This will not pay current
expenses, and of course the interest on
the debt will not be paid You may remem-
Der that three or four years ago I wrote
series of articles locking to comprO-
nisIng the State debs. I have had the
subject greatly at heart, but now I have
scarcely any hope of seeing the debt
compromised. said several ago that
the people would never pay the debt
and l felt that unless some compromise
was made it would lead to practical re-
pudiatiou. l much fear that candidates
will be out over the State openly for
reputation n.xt year. l find myself
now constantly trying to hold them
cack"
This is poor encouragement for the
men of England and America who hold
the S23, 100000 of bonds which Tennes
zee owes, ani for viii ch they have parted
with their money ION the pIighted faith
and honor of the State" 1t is q
most disgrac-ful spectacle. l pity the
American who can look here without
feeling OF shame. Usually when
community are so lost to sense of
honor as to repudiata their just obliga-
tions, they have technical excuse for
their shame That was the case iu Miss
sissippi, forty years ago, when she dis
graccd herself IN the eyes of the world,
aud recently in two Illinois towns where
the attempt was nESe 20 sneak cut Of
their in ebtcdness. The law under
which the debt was created was tels,-
tive, But Tennessee has not even taal
cowardly excuse. She has got the money
and used it, aud been benefited 5y f,
and now sits back on her "dignity and
re fuses to pay
Our fathers who framed our sys-zr- az
government were stupid in not or rsgiL.aE
for such cases as this, and afford g r1ra,s
of redress CoT those who have advanced
money on the Status "ho0Or ty
should a State not have to pay "a debt
like otaer people? If the creditor -.j
remedy other than "honor' q -he
State that seems to be without the nrti
Gle, we should not have this disersceful
spectacle. The debt would be provided
for
Beuds are now quoted at 42 cents, bus
figures are merely nominal. There is no
demand for them at any price. Nobody
wants to buy. and holders VINO paid
from eighty cents to a dollar for the
bonds, and waited many years without
interest, do not feel ike selling a,
forty cents unless closed out by III g
! Sheriff
The trouble about this piece Of ras-
cality is hat the innocent have to suffer
with the guilty. Tennesseeans who
would no sooner repudiate the State debt
than their own are forced, as citizens, to
hang their heads in shame. The slime
Of Reputation covers all alike, and IN
less the States honor party make a
square fight and an earnest effort we
shall see within a few yeaFs the debt OF
the State scaled down to a disgrace
fully low figure, CT rePGdiated out
right.