New-York tribune., 1879-09-16

become convinced lltt litt iNih'Ni"'N ~
were bent o.. reputation the hondholfers resolved
20 give mp part of their property IN order "a save
the remainder. They accordingly again oiere' 10
exchange the bonds they held Cor new yer cent
bonJs re;,rcS,ntinc 60 per cent OF the princpN'
rlus the accrued inter, 81. or Tor new per cent
lancs "a. paT and accrued interest. These h'p"S'-
tions were communicated 20 the state senate
Tebruarv 49, and referred 10 the Finance O"'n-
,nitrec. after % heated discussion. lnr'' Guys
later the House rejected, by vote o. - 10 l.,
rcs,iu,io, q, provide for q "s,ttiemrIt' oi the
STATE debt On the basis - 20 rcr cent ana h per
cenr interest, The majority of a Legislative Com
roittcc upo,rted 10 investigate " the state debt,
claimed +, have discovered that S11,220,OOO OF
the bonds ISSUED before and after the war; were Is
sued M violation of law. majority Of the ScnHte
Finance Committee reported in favor OF sealing
part o The dcht ome-haf part one-ihrd aud REJECT
inc bonds to the amount Of S3.3Oo.OO0. \ minority
Of the committee protested against any d'sciim-
nation between the bonds and urged that all were
akc evidences OF indebtedness containing solemn
proInisr TO pay.
After long and angry discussion and many coh-
ference, Il was finally determined 60 uphold " the
honor snd good name ~ the state" by Tcpudiating
outrich. one-half of the entire debt and accrued
irtsres. and confscatng onc-third Of the Interest
on the remainder. law containing these features
was approved March -. 1879, bui It was nov 10
become operative unless ratified by the people 81
the state nc a general election TO be held.
The approval OF consent of the creditors WAS
not asked. Ii is believed that their free consent
could not hc obtained The Democratic Legislature
cf Tcnnc>sce simply said 10 their surrender your
bond. and take what offer or you VIII 81
nolLiug" H. this infamous and dishonest la"
nothing rs SAID about providing ways an" means Ia
pay ihr interest on tie remnant of the debt "hc1
i. moi rcnuGiatei except that She railroad comp mes
Of tie STATE agree to waive their exemption iiom
taxation aud pay pro rata tax to the amount o'
100000 ayclr.
The Legislature adjourned and Governor Marks
called special election for the ratification or re-
lection or The Funding law. Tie fixed the da' "'
election on August :. Ii was represented {" MN
that fl vote could not De called on at that busy
time and he urged to postpone the election NH
III Autumn. This lie refused so DO. BY the rrgu-
diasors this was regarded a victory. The Repuo-
li, MS. and "A small minority of "a, Democrats, "no
wcrr Ia iayot # the honest payment OF the en5le
debt were iu q dilemma. If they voted AGAINST the
law it, defeat was sure, and lts defeat meant the
absolute rrpu ration of the whole debt. Most 81
ther ue-- therefore compelled 20 vote for II, as
choic. of evils. Thus had the lsDudmting pemoc-
racy succeeded iu completely sitting the voice oil
th.-r who are in favor of honest PAYMENT OF the
d,bt ara iu compelling them 90 vote for ietudia-
Il q j. ...
State honor. Hot the I,puhators triump1cd alter
all sna n. iv ,ga- rejected. Tennessee to-day may
h!...f ,i-, A,i....-il,oi. among t. States which
Iepaai.t. .il their debts.
Ar-osiirr q, thc message of Governor Porter
Z, I.ra.rr. 1870 The ~tn.e debt amounted to
So l2-.pCo. Besides ihs tl.re appear to Zee
S-a-.n.0 D.. old bond, outstanding, according t'
tle rera.t of th.Co1irolcr for ISIS. These ir
fe,a.. ar. ror to- Doe faalej.7 plftug the oe-t
pn-.iH4- t".- lUtti"H "i'" i'''i, ''.''' ''' '
l'''"'' ....l
Z" rit.i't Us i"i'"N 80 -"' -' "'
o. bonds nu-f 'u.ilg and rnir'i td ioi- S'"''''
In,...-f i.'i. Ilsfcl uuI.c fWti.- lr. ~
1873. .-..-. i'-V'''''
Ore lt 1f rrr- lai anna Interest l-.n- ,.- ..
a't ac o l-'i''''''
.............................--. 9.7o9 foo
----tIC-o
-. q. r .....
h,. ,,-,. .,, ns ''''.' i+,..l-
81 , p.....,.+;. ,,..,,l... .r .,, Te,.....a
Icri.lafurc. in Advocating the 60 per cent
,.-.......+.,,, f,., vrar. acs declared ihlt ii
I''-'' '''' '"'
on experience t.' STATE tl'Ni Ni N' ir '.-i
,f r ff. to, heavy hl.1.n 1, iea~
,, ... g. l..t.~ .,,...r..,.
there voab h" u"tlin' To Aii''f "n''''i
"-,--. .~ ,,l a.re.f.i.ti.r of ,l. remainder
81 o." sam. I'N'itf'. ANA 'a'' "'-'''.'i.. "''
fr ru...t.t 30 rs.l hg Dcu.c.a.- while eng .,ad il
l...i .. +.. r,,..fi ..f.,,. FIT tii, r.ruiii-
"i'''. ,,' ',..i, ..i, '+...
''' ..., ...i .....,..l. .,t.....
""' .,-. .,.1....-. ,.
.t.- e.... ..., .,.,. ..l
.t, .,..r,.,,...,r tl.. s.,... g,i,.
.,,.. ,....- ,,.,.. ,l,..b-.l .~ ii.na.olly
- n ...r,,,..l ..,,, e..,o..,~ r., .l.,- az
"-.s... ,.,.sci, g., 1s-r. s.il:
,'.. - ,,-1.fs.,,..l tn, ..-,.tt.ufia,alt~
of tac aw. urler which GOVERNOR o"-e iu 'sn'u9
he b'u-- 30 Que t,-'"' "i'' t" '' '.i '' 'I'>
t,no@,n- ~ siie credit wiI propose 81 leave these