Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-11-23
TENNESsEE.s DEBT.
A Seni-OfRicinl Overture from the
BOAdhOiders.
baltimore SIM ofh inst

l. A Semi-Officinl Overture from Il
n BOAdhOiders.
II Baltimore Sun, 9th inst.
! MEssRs. EDITORS AS your %
y per has frequently taken an intere
4 in the deplorable condition In whic
the people of Tennessee have Ie
: their State debt, would II not be d,
4 sirable for the holders Of Tennesse
y bonds in Baltimore TO make anotl
I er appeal i'm order TO effect settle
; ment on some honorable basis
3 The writer of this had in fOrme
, years very extensive mercantil
connection in that State, and mus
, say that the merchants of Tennessee
compare favorably with those O
any State In the Union. The hold
ers have already expressed them
selves (last year, as willing to ae
cept very favorable compromise
from that State. With your assist.
ance we may be able to succeed in
bringing this matter to a close.
A SUBSCRIBER.
Baltimore, Nov. Z, 1878.
| Because of the very large
amount of the Tennessee bonds held
in this city and State-some mil
lions, including over 100000 by
the Peabody Institute, part of the
| endowment made by its founder
! the Sun has from time to time en-
endeavored to stimulate the pub
lie sentiment of Tennessee in the
direction of manly and honest
effort to discharge the States obli-
| -,
the extent Of the liberal compro-
mise which the latter have proffer-
ed, that is sixty cents on the dollar.
Our people have been very reluctant
to doubt in any way the honesty
of the people of Tennessee, for their
faith and sympathies have been
always with them i'm the past.
They know the extent. Of the great
and diversified resources of that
State are cognizant of the fact that It
got Qlti6 pro quo for near about all
of its bonds, and its people are in
the enjoyment of the proceeds there
of in an extended system of rail-
roads, enhancing the value of lands |
and affOrding the best facilities to |
market and the general trade-to |
say nothing of the fact that the |
State capitol was built by the issue
ofthe bonds that the "Hermitage,
the home Of Jackson, was purchased .
in tribute to his memory by the |
same means, and that Tennessee's
recent Legislatures have twice fund
ed the interest on the pledge of
levying proper taxes and promptly
paying coupons thereafter. Our
people are sadly aware of the fact
also that at the called session of the
Legislature, year or more ago, to
consider the compromise proposed
by the bondhOlders, absolutely
worse than nothing was done to-
wards meeting the case. The very
sensible and practical disposition
shown by the Governor, who had
called the Legislature together, and
some prominent citizens of the
State, who saw the great advantage
of honestly getting 40per cent. re-
duetiOn of the State debt, was over
ridden by motley crowd of mere
who thought it aC0uJd
50y them better to gradually depre- (
,iate the State credit further and
'urther by making still lower offers
lf settlement, one, after another,
md finally adjourn leaving nothing
lone, and only such a tax laid 90
.ents on the $I00) as would barely ,
BAY the ordinary expenses OF State ,
administration. 1t Is gratifying to
iay, however, that there was appa- ,
emily a healthy condemnation OF
his course in the press of the State
rs far as il spoke at all, I
hough it is a lamentable fact that /
Ome of the leading papers, which /
were manfully sound on /
he payment of the debt, now es- /
hew the subject and avoid copying /
from abroad which would Z
nlighten public opinion In the |
tate. Subsequent TO 10 the special {
legislative session the Democratic l
tate Convention met, nominated I
he candidates for State offices just I
lected Ga Legislature was also 1
hOsen which is largely Democrat 1
81, and made platform with a G
lew Of taking the State debt and L
IS compromise out of the campaign /
v declaring in favor of pOstponing I
II further payments Of Interest un- a
i the people can vote direct on n
lme adjustment measure that the r
legislature may propose. This is a
he present status. Meantime the Z
eOple who formerly paid a forty n
ants tax on the 800, have become d
lmiliar with only a ten cents tax {
nd no interest payments at all, 1t n
emains to be seen what will be the {
emper of the new Legislature on l
le subject, but il Is reasonable to n
ope and believe that the large ii
of the membership not T,
My know that honesty Is the best ii
olicy, but, having the honor of 81
leir State at heart, are unwilling n
} see its ancient fame longer re- r
lain under a cloud, and will go in :
leir Legislature to the full extent o
f the ability of the people to meet ii
ne States obligations, and thus In h
ire tho acceptance, at least, Of the Il
'asonable compromise which the y
editors so long ago proposed. u
ennessee has q property basis Of v
yer 5000, 200, 900, on "a very low In
and as her debt Is now G.
q, 900, 900, if scaled to sixty cents il
i the dollar it will be only about al
4, 900, ,000-little more than Ii was m
efore the war, if we mistake not. N
he interest thereon, lat six per cent, IN
Ould be only $4,000, which q n
TX OF twenty-eight cents would "
Iver; add ten cents for State pur- jr
0ses, and the whole is thirty-elght el
so that forty cents would seem to b
,ver all contingencies, The State O,
* In Virginia, it may be added, III
fifty cents.-EDS.1 n