Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1878-09-26
Our State Debt.

Home Journal, Of Winchester,
contains much sound doctrine. The
Journal is Judge Marks home pa
per, and, il is fair to assume, reflects
his views. No reader should allow
its length to prevent its perusal-
read il by all means
Our STATE DEBr.-It is sub
iect that has been racking the
brains of our speakers, newspaper
correspondents, and the people
generally, and divers plans have
been proposed by which the debt
may be extinguisheG. This is all
well enough, and we hope that il
may be distinguished and no new
del BIT ever created. We want to
see the debt eliminated from our
politics, either 10y adopting some
plan tor the gradual extingulsh-
lnent of the debt, or by compre
missing with the bondholders
/ But there ure some who would
make quick work. Of tie matter
by refusing TO pay the bondhold
ers anything. In plain words,
they would repudiate the debt,
and they have abused and calum
mattel the bondholder until many
good people have come 10 the be
lief that reputation would not be
dishonorable. And if an editor
; calmly discusses The question up
on the high principles of right and
Justice, and dares to consider
whether reputation is justifable
or not, forthwith there are some
who are ready to cry out that be
is bought up by the bondholders.
Now, we very II uch doubt wheth-
er there is a newspaper in Ten.
nessee that has been pu: chased in
$ this respect. The bondholders
: don't work in this way. They
might fad some editor that is We
nal, and since most OF them are
not over stocked with money or
} bonds, it may be that some OF
J them would sell themselves. AS
: a class, however. the editors IL
Ii Tennessee are just as honorable
as any other class, and we know
that they do more for the enlight
eminent and prosperity Of the PEG
{ pie than they receive credit for
r Hence we propose to say some
y thing about our duty toward tbs
e bondholder, regardless OF unkind
criticism, for we are sick of sne
demagogical cry that because The
u times are hard and the bondhold-
e er is living in ease while the PEG
IS pie are suffering. that therefore W.
! should not pay the debt or any
/, part thereof. OF course we argue
from tie standpoint that there il
y a debt, and whether constitutions
or unconstitutional the fact re
mains that it is debt, and we d,
= not propose to argue with on
X whose ideas are so obtuse, so de
a PRAYED rs to suggest to him tina
e. Reputation would be honorable
81 Ii a man has reached that point
y it would be waste TO throw be
N fore him the pearls OF honesty.
al But there are many who sa
s that they are willing to pay III
IL bondhol9er what he gave for hi
III bonds, and If be will not take tina
c, will give him nothing. We thin
re the distress of the times woul
~ Justify us in saying to the bono
al holder that he ought to take wha
y he gave for his bonds. but t
of couple the offer with a threat iha
at if be don't accept we will not Civ
III him anything is simply ignobe.
II Suppose some one--Mr. Ran
IN som. aspr insiance-should buy
III $I00 note on us for fifty dollar
m Supeose, when he asks us 10 pa
he noie, we would tell him thu
We would pay him only what i
y gave for it-that times were har'
and property down in value, e.
Ill What would he do? lie woul
be say TINT he believed he could max
20 the money out oil US. lie woul
F say that tile shrinkaee in the va
= ue of property was our mlsfortur
III and not his FAULT. And he woul
Of be sustained in the courts Of OF
ed land. lie bought the note as
Is matter Of speculation. And whe
10 you analyze human nature yC
&c will find that in all our busine
ne transactions men act with g vie
be of specializing and gaining III
nd farmer parts With bis surplus
ce. order to procure the surplus OF Il
80 manufactures or merchant. Th
is a fair exchange and each oil
~ feels benefited. The State of TIE
are nessee needed money and issn'
bonds in order to get it. T
bonds were bought as matter {
in speculation by monied men. Th'
he believed the bonds would sor
W. day appreciate in value, and th,
would make something. 1t was
fair business transaction. No
10 if we are not able TO pay I
Org bonds, let us tell them they mu
ot wait until we are able, or, we W
j