The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1878-02-07
LETTER FROM COL. DAY.
HUMBOLDT, Tenn,
Jan. 31st, 1878.


Editor Exchange:
DEAR SIR:-Supposing the readers
of your paper in this county would
feel some interest in hearing from
their agent in the law making depart
ment of our government, | would ask
you to do me the kindness to publish
this communication in your next
weeks issue.
The recent extra session Of our
General Assembly, as you are aware,
filled to adjust our state debt. Twas
decidedly opposed to an extra session
for the purpose of considering prop
osition Of 60 cents upon the dollar
from our creditors; because that prop
osition was virtually settled last win
ter at our regular session, and for the
additional reasons, that those | have
the honor to represent were opposed
to il, while had always opposed it,
and had pledged myself to do all !
could to defeat it.
Every Influence was exelted by
the friends Of go cents, 6 per cent. and
coupon clause, TO carry il; and after
discussing it for about a week, and
finding il would fail, and before reac
ing final vote upon the bill pending
allowing our creditors everything
they asked-we adjourned sine die.
We were agaiA convened by the
Governor for the purpose of adjusting
our state debt, and to consider Il prop
osition of 30 cents, with per cent.
interest and to make coupons recei,-
able for taxes. Upon re-asst milling,
the House went into committee of
the whole, and for seven or eight days
were engaged in discussing the Gov
ernor's message and last proposition
Of our creditors. While this was be-
ing done the Senate passed a, bill, al
lowing our creditors 80 cents on the
dollar Of what they claim we owe
them, with 4 per cent. interest for first
five years, ) per cent. for next five
years, and per cent. for remainmg
20 years, and refusing 10 make cou
pons receivable frr taxes. When this
till was sent to the House, it was dis
cussed at considerable length, and he
fore final action was taken upon Ii,
Representative Gregg Uftrcd to amend
by inserting t per cent. for ID years
and 6 per cent. for remaining ID
wears: and in this shape the bill
passed the House by-a majority #
one-same majority In the Senate up !
on the bill they passed. Learning
that the Senate had resolved to adj /
iourn the next day SiiIe die, at noon,
believing we would not have time for /
Senate TO act upon House ameld
ment, House concurred in Senate res
olution to adjourn. This, sir, is the .
whole thing in nut shell. This is /
what our 40th GenCr.l Assembly /
done in two extra sessioI for our
state debt. As a compromise meas-
urc | voted for the bill as amended by .
Mr. Gregg. I-regret We failed TO /
compromise the debt; yet, | could /
not sacrifice my conviction of duty
and vote for measure that would .
further Cypress our people. /
/ advocated in the Fail of 6,when-
a candidate for a seat in the LegislI
ture, that we pay our creditors 90
cents on the dollar with per cent.
interest. believed then it was all
we were able to pay, and lam not
able to see now, or comprehend any
reason why we should agree or prom
Use to pay any sum that we have not
the ability to pay. You will see,
friend Wade, that | have been con-
having heard no reason why
should change my voice upon the
question.
| am well aware, sir, there aresome
persons who are SO conscientious
about paying debts, have so much
pride for state honor, and credit, and
the future glory of our proud COM
nonv ealth, that they are ready 10 I
class all repudiationists, who are un-
willing to lend listening ear to ev>
arv demand made by bonded aristoc-
-acv. Mr Editor. this, to say the I
east of it, Is unkind aud illiberai. :