Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-01-12
THE COLUMBIA PAPERS ON THE
LATE LEGISLATURE.

State is treating the action of the |
late Legislature in failing to settle
the debt as a serious injury to the
State. This will be the leading topic |
of discussion in our State elections
next autumn, and it is well to take |
time by the forelock, as we find the |
Columbia papers doing. We quote
the following from those papers:
THE DEMOCRATIC PARTY, THE
STATE DEBT AND THE ACTION OF
THE LAST LEGISLATURE.
When the Democratic Convention
met in August, 1876, during the pen
dency of the Presidential canvass,
the question was one of prime i'm
portance. That convention, by an
immense majority, adopted the fol-
lowing resolution:
We are utterly opposed to the reputation
of any obligation justly due to the creditors
of the State or National Government. We
declare our intention to meet and pledge our
selves TO the payment of all debts and obli-
cations justly due by the state of Tennessee.
They also adopted resolution
against any increase of taxation,
which was then forty cents on the
hundred dollars. Had the LegiSla-
ture which met in January, 1877,
adjusted the debt upon a fair and
equitable basis, say sixty cents in
the dollar, the then rate of taxation
would have deem amply sufficient to
have paid the expenses of the State
Government economically admins
tered, and the interest upon the debt
as adjusted. This was what the
Democratic party was pledged to,
and what the country expected and
demanded. Put instead of this, the
Legislature put Il stop to the pay
ment of interest and permitted the
debt to increase one million and two
hundred and fifty thousand dollars
in one year, and put it in such a sit
uation that the yearly increase of
the debt will be one million and
quarter of dollars. The uncertainty
in our financial affairs caused by this
action of the Legislature, and the
| constant increase of our debt, brought
about a reduction in the assessed
value of property so that forty cents
will not now produce as much reve-
nue. as it would have done when the
convention was in session, whilst
the debt is heavier and constantly
increasing. This is all owing to the
action of the Legislature.
Not only the Democratic COnven-
ton, but the public speakers of the
party and its candidates, pledged
| the party to the payment or honOra-
BILE adjustment of the debt. Dorsey
| B. Thomas, who was supposed to
represent the repudiating element of
the State, was beaten for Governor
! by James d. Porter, the regular
| Democratic candidate, who was run
| ming upon the paying platform, fifty
| thousand votes. We have before us
a speech made by a Democratic
speaker, in which it was said: "Ev-
cry Legislature which has met since
| 1865 has recognized the validity of
| the debt. Every candidate now
running for Governor has recognized
the validity and business of the debt.
/ The only question is our ability to
pay and what would be a fair and
| Just settlement, owing to the changed
condition of the country, the increas-
ed value of money and the decreased
value of property within the last
three years. believe these matters
can with wisdom and prudence be
adjusted to the satisfaction of all
parties. If the next Legislature fails
to do so, it will incur a fearful re-
spOnsibility. We must not permit
| the debt to grow upon our hands
and become a fearful burden upon
our people in the future. If we per-
NIT the credit of Tennessee to be
permanently destroyed and her
| character to be furnished forever, it
will inflict blow upon our material
| interests from which we can never
recover. 1t will destroy all enter
! prise, put stop to all Improvement,
| drive away all immigration and pre-
vent that influx of capital so neces-
| sary to our success and to our pros
perity. These are the evils of de-
| stroyed credit and ruined character.
| 1t is not the effect upon the bond
| holders that | am looking at, but the
! effect on ourselves. The bOndhold-
ers, even the widows and orphans
who invested their money in our
State bonds under the sanction of
our laws, because they cOnfided in
| the honor of our people, can survive
vive the loss of State character"
How have these pledges been re-
deemed? The Legislature has had
three sessions, and what have they
done? So far as they could they
have ruined the credit of the State,
refused to accept a fair and hOnora-
BILE adjustment, thereby seriously
injured the business interests of the
people and made times much harder
than they otherwise would have
been.
The Republicans in the Legisla-
ture, with but one exception, voted
to sustain the credit Of the State and
effect an honorable adjustment of
the debt, whilst we blush to say that
all efforts at satisfactory settlement
were defeated by men calling them
selves Democrats, and elected as
such. The Democratic party cannot
afford to bear the Odium of repudia-
ton, if it wishes to be successful.
Its only hope of success is in disa-
VoWing, in most unequivocal terms,
the action of the last Legislature.
No party can orShould be success
full in Tennessee which advocates a
dishonest policy. The Democratic
party must be true to its ancient
principles of honor and integrity, if
it hopes to either have or deserve
success. Our representatives, j. Lee
Bullock and Campbell Brown, have
done their duty nObly and been true
to their party and to their cOnstitu-
ents.-.SeatjRei.
THE ONE-ACT LEGISLATURE.
The Tennessee Legislature has met
and adjourned, and what has it
done? 1t passed one bill, and that
was to pay their own expenses. AL
though they were unwilling to pay
or give new bonds at the rate of fifty
cents in the dollar on the State debt,
they were opposed to scaling any
portion of their own pay. Seriously,
no Legislature has ever met that has
done as much to injure the State as
the one that has just adjourned. |
What more could have been expect |
ed when such men as COlyar and |
Savage were their leaders? We |
most earnestly protest against this |