New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-26
REPUDLATION IN TENNESSEE.
DEMOCRATS GIVE AWAY THE STATES
HONOR

TO PAY THE STATE DEBT.
To the Editor Of The Tribune.
SIR The importance to the country at large and
especially to that portion of the Democratic party
of the South who either from principle or interest
are unwilling to accept reputation OF State Indebt-
edness as being Of KIN to the policy of an IRE
deemabio currency and therefore as belonging
alike to the Democratic party, is so great that
cannot forbear calling your attention to some facts,
as well as in mild way to suggest that they should
have been given greater prominence through the
Republican press eff the North.
The indebtedness of Tennessee amounts to some
thing over 500. 900, 900. or late years and under
Democratic management interest even has
been provided for or paid upon these bonds. by
concert of action among the bondhOlders mostly
residents of New-YorkJ, and reference to COM
mttee il was suggested, and by the bondholders ac-
cepted that the latter accept new bonds at 6o cents
on the dollar. Viewing this as both liberal and
practical Governor Porter, in November, 1877,
convened an extra session of the Legislature to
consider this matter. Governor Porter-hlmset
Democrat-both at the time and III letter to The
Carthoge Herald of Goth June last, reviews tue
State debt, and says that the legality and validity
of the bonds could not be questioned:
Senator Bailey, the 22d OF APRIL 1875, In speech
at Clarksve goes carefully and ably into the question
OF the State finances In the opening sentence he wei
saws: In the pending political campaign the question
OF the managers Mt o. The STATE finances Oyersnad0Ws
all other questions IN Importance to the people OF Ten
nes,ee" Aud like statesman he proceeds 10 enlighten
us about the State debt, and tell US what law ana
just He considers the questions IN the follow
/. Docs the State owe a drhti
9. Was 1t attracted according TO legal and cOnstu-
3. Has il conferred benefits on the people'
L. Arc the people under moral Obligation TO pay ~
To all these questions he gives affirmative answers,
shows by fair and calm argument that his answers
are correct. He says " No person has ever ques-
,h. n,,sfTt, M
our Governors acted in signing the bonds No one to-
day vii question the binding obligation That rests upon
will propOse leave these questions 20 the courts OF
our STATE presided over by judges elected by and
responsible the people. Then iellowcitZens, nave
not the right demand OF you, trers OF this qurs
ton verdict that the debt legally contracted and
should be paid unless there he some DINER GROUND on
which payment can be r illsedf'
Again (: " The debt uf Tenn created in the
interests VI peace the endeayOr TO Improve be con
dton and promote the wellUeing II the people them
selves. All this money, Or near'y so, has gone
70 he BUILDING 81 your do not aa' hssne 10
tat fire raroaIs add to-day at least 81 900 900 20
the taxable wealth of the state sum four times as
great as entire Indebtedness"
81 534 900 OF bonds winch originally disposed OF
Dy State at about 90 cents on the dollar All Others
brought par or less than 93 cents NJ you doubt
Your legal and moral responsibility open your courts,
aud, like men, appeal 70 the law and demand judgment
rstabli.hIng yvnr rights DO not bring reprOach upon
American Institutions aud free democracy by refusing
that justice winch every 9th people freely accord"
without oppressive taxation. and toward the cOnclu
son: Will you rcpel the immigrants no" looking nope
nIy IN tu- far land aud the capitalists inspecting
ynur vast deposits OF lrou and coal VIII you drive
from your borders the most vigorous and enterpIsng uf
vomr Swn youthi II would do this, unfur tnr ban
er oi repdia Proclaim tue nations that from
poverty other causes, Tennessee cannot or Will not
pay honest dents. From thdt moment, your genial
climate and fertile soils. and mineral deposits will. to
the stranger become as the desoatlon of Petreal
and you VIII sink into condition OF moral anu business
deere utude VIII be hopeless helpless The STATE
the OF ali law the dispenser OF justice cannot
do injustice with mOunity her Influence VIII oe Iet In
tn moral growth OF the people her disregard OF the
obvious rules OF right and wrong VIII be repaid by loss
OF character and credit
JusrIPYISG DISHONESTY.
In the face of these utterances and with solid
support given the proposition to accept the PROPOSE
ton To pay 60 cents, tho measure was defeated.
Among the Democrats who opposed this compromise
some based their action the opinion that the mat
fer should be postponed until a new Legislature
should be elected, in which election the people
wonId express their will. Others opposed because
of the inability las they argned to pay so much As
60 cents and in lieu offered to paw from 33l3 to 80
cents 4: and others based their objections on the
grounds that small portion about 81 ,0OOOOO) of
the bonds were issued under BrOwnlOws adminis-
tration " hen they dIsiranchised, and because
some of said bonds had been sold and used at less
than their prescribed value.
Since then only u few Democrats have had the
courage to speak out in opposition to the feeling
for " reputation which they saw was fast sezing
hold of the Democratic mind. n. j. Sykes, in
speech at Knoxville in July last, as published in The
KnorriHe Tribune, says:
ia State borrowa money TO make needed improve
mcnfs aud TO enrich tue people far the anonnt
OF the debt how this bo construed into state OF
could ever DO advanced any in his sober
cannot imagi Tue Whole debt OF Tennessee does not
amount so caplta and Of tails very large ma
iOrlty of the people wl never nave Anything To paw III
any event md for this she has received that which WILL
.T hrtt ran
lars into her midst and yet OF this we hear loud com
plants, aud many made to believe they are
The uInOunr TO pay the interest upon the
deDl It be- adjusted Will not exceed 90 cents
head each year OF her entre population, and as the
wealth and population OF the State Increase, which they
will do when this debt is arranged, tue same or lower
rate OF nXatiOn will discharpo the principal within
reasonable time. III there be any rauduent bonds, let
them b. pointed out Every Leg ia nre inat has met
except issued 10 the Mineral Home Railroad AMI
tho Valley Of Virginia INSURANCE Company, and
these amount 10 less than a million dollars,
AID not included in the estimated debt
We Democrats, In MA our political conventions, h"fe
rolenly asserted that did demand pay for our
slaves and yet the cLief argument used TO influence the
masses OF our people and preyeht tue pay OF the
debt owned ny Northern men who freed our
roes thus pleadng the loss ~ the uegroos as SCI
OF the debt, which Is demanding payment AT least 10
that extent, which IA as Tar AS We can 90 now Would
not those who demand the nOu-pay nent OF the DEBT on
this account be logically compelled TO demand payment
TO the iul extent n there any chance Ia oDtalE III
II Tins IL wat uiean let Us be candid AMI say So
II we intend appeal to sectional preiudccs 10 avoid
tho pas ment Of debts We Justly owe, II We intend to
the blo'dy onrt IN Tue South, let Us not con
denim those In the North who follow our example aud
carry out our teachings. AS Southern Democrat.
wish to say, all such teachings, no matter by whom
given are departure from Democratic principles, and
are violation OF all doctrines which We nave de-
crtd good faith. and winch were not hypoerically
ayowed 10 secure party triuupbs lie, those who desre
10 hOd any Responsible tor the emancipation OF the
slavcs from the Iederal Government. aud not from
those who had nothing to do with H. fOr as CT have
en- no evidence produced tnat our creditors elthor
procured approved OF the emancipation OF our
slaycs-let men preach This doctrine throw on all
ais gu Sc. So | am concerned, was largely the
loser by Cipallon mean what say when agree
10 accept all tue amendments the Com utution. ill.,
Guiding tue freedom Of the former slaves and the
validity of the National Gebt. anu such bel eve to DC
the sentiment OF all sound Democrats IN Tennessee
whether they formerly Union men or Confederates