Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-07-17
THE STATES CREDIT.
Public Meeting of Cltizsas of Knox,
.H vile ON the Subject,

Vile ON tAe SuDJects
Pursuant to announcement through
the papers, there was large and re-
spectacle gathering of business and
representative men of Knoxville, ire
spective of party affiliations, at the
Library Room Tuesday night to
take action on the subject of the so 4
com promise of the State debt, the cleo
lion for the ratification of which &C.
ours on the 7th of August.
Col. J. w. Gaut was called TO the
chair, and the members Of the press
requested to act as Secretary.
The object of the meeting were ex-
planned by the Chairman, and. on
motion of Capt.W. w. Woodruff, the
following were appointed as Com,
mittee on Resolutions w. w. Wood
ruff, Samuel B. Boyd, Lewis Tillman,
II. II. Ingersoll, G. W. Charlton,
Adrian Terry, G. Zimmerman, Hector
Cofin, Rush Strong, Charles Ogden,
Geo. w. Albers, Victor Burger, Frank
M. Paul, Julius l.. Lewis.
While the Committee was out, Hon.
David Richards was called up and
made snort speech. He favored hon.
esty always; said Tennessee is AMPLY
able to pay every dollar of the debt,
and it ought to be paid, still he was de-
cidedly in favor Of accepting the so 4
compromise, which is our only opt0r-
tunIty now.
Col Jno. A. Mckinney, OF Haw
kins county. being called upon, gave
the meeting some Information a. to
the prospects in his county. He id
not know of a leading man in either
party opposed to it. and all that was
needed to carry the question then,
was to have a canvass made aud i'll
form the people on the subject, and
get them out to vote. He thought
Hancock county about in the same
state of affairs.
Col. Moses White was called for and
urgently advocated the acceptance Of
The compromise, stating it as his opin-
ion that if this compromise is not &C.
cepted, it will be long before another
is offered, and when this is settled our
State will enter OH "a new era Of pros
perity. @
The Committee on Resolutions re-
turned and reported the following,
which was adopted
REPORT OF THE COMMITTEES.
Mem bers of rival political parties,
differing in opinion as to the relative
merits Of various plans and PROPOSE
| tiOns to compromise the State debt of
Tennessee, heretofore suggested and
agitated and still under discussion by
people and b0ndholder, disagreeing al
to the measure of justice to debtor all d
creditor offered by the proposition
now submitted TO the people of the
State for their acceptance or rejection,
| as well as The prOpriety of such sub .
mission, and the means by which ii
was effected,
We, the citizens of Knoxville, in
view of the existence of State debt
annually increasing in amount aud
| burden, and Of an act of Assembly
| providing for proposition of compTO-
mise by our State creditors, upon ba
| sis OF fifty per cent, bearing four per
cent. interest, and Of the making of a
proposition and the consequent sub.
mission Of the same by the Governor
of the State to the voters thereof, to
| be by them accepted or rejected, at an
election 10 be holden on the 7Lh of
August next, do hereby unite in the
| following declaration: k.
| l. We depiore the existence OF our
State debt, its long continued dis.
honor, and the necessity that requires
any compromise thereof or vote
| thereon.
2 We recognize that in the
honor and credit of the State, is in.
volved The reputation and character OF
all its citizens; that, as her good
name aud fame is the common pros
perlty of US all, so, too, her shame and
disgrace will fall upon all of US,
whether we will or no, and that,
therefore, every citizan has personal
Interest in saving the State from The
| biightiDg stigma of reputation.
8. We also recognize that tue uu.
settled condition of our State debt is
the chief obstacle in the way of nur
public welfare and na4ral prosperity
and that it iDjuriously affects every
branch of business in our State
driving away capital seeking invest
ments, discouraging industry, re
straining energy, preventing
the beginning and contamination oi
schemes of internal improvement, and
the development of our resources. and
paralyzing the energy of our people
and we believe that it's speedy settle
meDt is sofparamounti i'm portaEce 10 the
State and 10 all of it's citizens.
4 We fear that the rejection of the
present proposition of compromise
may, despite our most earnest efforts
result in forcing upon the State the
shame and blight of repueiia.
ton, and thereby disgrace as and
our children, and we believe
that the surest way OF escape
from this stigma is by an acceptanct
of the proposition, and that to Civ,
the acceptance its entire moral force
the vote OF the State should be full
and the majority in its favor ovt r.
whelmiBg. z-sif.a
5. We therefore accept the
proposition of fifty per centum
and four per eentum interest
not because we aeverally think that il
is exactly what it ought to be, but rs q
compromise Of the different views OF
our people and q settlement cf this
long vexed question; and resolving to
do all in our power to Insure its &C
ceptance, we call upon all trut
friends of the welfare and
prosperity of the State to
ignore party lines and political di f.