The home journal. (Winchester, Tenn.) 1858-188?, 1878-09-19
Our State Debt.

tHc pl"iHh VI spC"hcIh, hc"'p"p'i WI
respondents, and the people generally,
and divere plans have been proposed
by which the debt may he extinguish,
ed. This is all well enough, and we
hope it may he extInguished and no
new debt ever created. We want to
see the question eliminated from u
politics, either by adopting ome plan
for the gradual extiuguishment Of the
debt, or by compromising with the
bondhoIdcrs. But there are some who
would make quick work Of the matter
by refusing TO pay the bOndholder
anything, In plain words, they would
r%cpudiate the debt, ane they have
abused ind illuminated the bondhold-
er until many good people have come
TO believe that reputation would not
he dishOnorablc. And If an editor
calmly discusses the question upon the
high principle of right and Justice, and
darcs to consider whether reputation
is justitiahlc or not, forth with there ara
somc ready to cry out that he is
bought up by the h%0ndholdcrs. Now.
We very much doubt if a single news
paper in Tennessee hss been purchased
in this respect. The hondhoIdcrs
don't 60 10 work in this way. They
might find some editors who are yenal,
and since most Of them are not over
stocked with money or bonds, it may
be that come Of them would sell them
selves. As = class, however, the ed
itors In Tennessee are just as honora-
be rs any other class, aud We know
they do more for the enlightenment
and prosperity Of the people than they
get credit for. Hence I'VE propose TO
say something about our duty toward
the bondho!dcr. regardless Of unkjnd
criticism, for we are sick OF the dcma-
gosical cry that because the times are
hard and the bondholdel is living in
case while tue ipcopIe are suffering,
that therefore we should not pay the
debt, or any part thereof. OF course
we argue from tho standpoint that
there IS a debt, and whether cOnstitu-
tional or unconstitutional the fact re
mains that it 10 a debt, and We do not
propose to argue with one whose moral
ideas arc 80 obtuse, 40 depraved as to
suggest TO him that reputation would
be honorable. II a nan has reached
that point, it would be a waste Of time
TO throw before him tho pearls o.!
honesty.
But there are mary who say they
are willing to pay the bondholdcr
what he gave for his bonds, and if he
will not take that will give him moth
Ing. We think the distress of the
times would justify us in saying to the
b%oadholder that he ought to take what
he gave for his bonds, but 10 couple
the offer With a threat that if he don't
accept we will not give him anything
10 simply ignoble.
Suppose some Onc-Mr. Ransom,
for instance-should buy 4 sl00>note
on US for lf,y dollars. Suppose,
when he ask, us to pay the note, We
should tell him we would only pay
what he gave for it-that times were
hard, property down in value, DC
What would he dol He would say
that he believed he could ''mako the
money out OF u.s." He would say that
the shrinkape in the value OF property
was our misfortune and not his fault. ,
And he would be sustained in the a.,
courts Of our iand. He bought The
EOte Ms 4 matter Of speculation. And
when you anaIysc human nature you
will fipd that in all our business trans
actions men act with a view OF specu
and gaining. The faImerparts \
with his surplus in order to procure {
the surplus Of the manufacturer or p
This is a fair exchange, A
and each one feels benefited. The n
State OF Tennessee needed money and Il
''sued bonds in order to get it. The CT
bonds were bought as a matter Of fiji
speculation by monled men. They be- m
|ieved the bonds would some day ap.
preclats in value, md they would
make something. II was q fair, bust. co
ness transaction. Now, If We are nut III
able to pay the bonds, let Us tell them ar
they must wait until We are able, or. on
will strain a nerve and get up mon. lyl
y enough TO compromise with them
There would he honor in q comprow:se
nut We declare We can see no honor IN 10
10 the b%ondholdcr: Sir, VIC will eV
give you DO much, or give you this or w
hat, and If you don't accept We will pc
i've you nothing. This is too :nu.h
ike choking a man when lie is bound a.,