The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-07-24
THE DEBT COMPROMISE ISSUE.
A Veteran JuFiSt's Reasons Why the
5O-4 Settlement Should be Ratified.
Judge Caruther's Reply to Letter
From Many Eminent Tennesseeans.
LEBANON, Tenn, July 3, 1879.


GENTLEMEN: Notwithstanding my
reluctance to appearing before the pub
lie on this or any other matter, l can
net refrain from complying with your
request to give my views to the people
on question that / consider of such
vast importance to them.
If there was ever time and occa-
sion which imposed the duty upon
every citizen Of the State to make
known his sentiments to the public
upon pending question, the adoption
or rejection Of the proposition for the
compromise of the State debt, submit
ted to the people by the Governor, ,un-
der the direction of the Legislature, is
certainly of that character, 1t is, in
deed, crisis of the greatest magni-
tude in the history of our State. Its
importance cannot be estimated. 1t
involves the pecuniary interest and
prosperity, and what is infinitely more
important, the good name and charac-
ter of our great State for the present
and the future. Tennessee has n name
among her sister States, and before
the world, worth preserving. In peace
and III war she has ever occupied the
front ranks. Her reputation for honor
and good faith is worth more to her
people than all her mineral wealth,
vast as it is, and her fertile soil and
salubrious climate. All these advan-
tages would not compensate for the
loss Of her honor and character for in
tegrity. These are the jewels Of Il
State as well as individuals. Every
citizen has an immediate and personal
interest i'll the character of his State
for high-toned honor and the strictest
good faith. Thare is no sacrifice too
great for the preservation Of these from
the slightest blemish. AS to these gen
eralities l would suppose there can be
no diversity of opinion.
Now, let us see how they apply to
the great question to be decided by the
people on the 7th of August next.
We find ourselves indebted to the
extent of about twenty-four millions
of dollars, evidenced by bonds payable
to bearer, under the great seal Of the
State. Our changed condition since
the debt was contracted, created an
equity for reduction, which was rec
Ognized by the creditors. The amount
of abatement was matter for the adj
iustment of the parties under all the
circumstances of the case. The cred
itors, after taking into consideration
our great losses of proI orty, resulting
from 4he war, and the diminution in
value ofthat which remained, volun
tariiy proposed to settle at so cents in
the dollar upon long time, at 6 per
cent. interest. This was considered
fair and liberal by Gov. Porter, and
he called the Legislasure together to
consider it, with q recommendation
that it should be accepted. The body
refused to accept, as they did also a
proposition of 90 cents i'll the dollar,
with the same interest. The whole
subject was brought before the people
in the last election, and fully discussed
by the candidates on both sides. The
result was, that the people, through
their representatives OF the last session
after much debate and conflict of
views, agreed upon a middle ground,
and that is,- to pay one half the debt in
thirty years at / per cent. interest.
The act, however, required that if a
certain proportion of the creditors gave
notice of their willingness to accept to
: the Governor, he should submit the
question to the people. He has offici-
ally announced that the required
number have signifed tn, ir VIII ngness
to accept ard ordered that the people
meet at their respective precincts and
vote on the question on the 9TH of
August next.
On this question l am asked to give
my opinion to the public. have no
hesitation in complying with the re-
quest, and feel that l am only per-
forming the duty Of a good citizen in
doing so.
The question is not now whether the
Legislature has power to contract debts
and bind the people, for that has been
everywhere and by all the courts set
tied in the affirmative; nor is it wheth
or there were irregularities or frauds in
the issuance of the bonds, for their va
lidity has been acknowledged over and
over again by all the Governors and
Legislatures since their issuance l.
Is too late now to make any defense cn
those grounds. do not now propose