Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-07-17
THE FTFPY-FOUR PROPOSE
TI0N.

Had majority of the people Of
Tennessee been of our opinion, the
State debt question would have been
settled long ago. We favored pay
ing every dollar, and never aban-
doned that position until a PROPOSE
ton to scale the debt had first come
from the creditors. We held these
views while others were proposing
to scale the debt nearly one-third,
threatening, saying that the bond
holders could take that or nothing.
When the Coe Award Committee,
more than two years ago, decided
that sixty cents on the dollar would
be fair compromise, We did what
we could to induce the Legislature
to accept it promptly and carry it
out honestly, We shall ever regret
that it was not done. Now
portion of our creditors,
representing about seven millions,
of the debt, principle and accrued
interest, have signifed, in writing,
their willingness to accept fifty per
cent. Of their claims in new bonds,
bearing four per cent. interest, and
We are in favor of allowing than to
do SO. An election will be held on
the 7th day Of next month, at
which time the question of paying
them that amount will be submitted
to the people at the ballot-box.
We never favored that election, be-
lieVing that the Legislature should
settle the question. We believe SO
yet, and shall never cease to be-
lieve that our lawmakers acted the
part Of towards when they refused
to take final action without first
submitting it to the people. But it
appears we have fallen among evil
times, and, in view of the circum-
stances, in view Of vicious public
sentiment in many portions
of the State, for which
We are in no wise responsible
we are willing to sacrifice our owl
personal views to some extent an(
give such bondholders as may wisl
to settle on this basis, an oppor.
tunity of doing SO, by voting fol
the proposition.
We want to see this debt ques
ton settled. 1t hangs heavily owe
our people and is an incubus in tn
way of our prosperity, Already i
has stood in the way of enterprises
that but for its existence would b.
now under way, that would adj
millions to our wealth and brini
prosperity within our borders. "
want to see our mines developed
our agricultural enterprises encour-
aged, manufactures multiplied
population increased and our peopl
made prosperous. So long as thi
question remains unsettled, W
know that this can not be. Will
we are threatened with re
pudiation, ri We will hav
no emigration, capital wi
seek other fields for investment, tn
world will have no confidence in gu
honesty and cheap demagogues wi
corrupt the morals of the people b
dishonest harrangues about To-
taxes.
Entertaining these views, we ar
in favor of settling the debt held b
persons who are willing to accer
the 5O-4 proposition, and when thu
is done, we stand pledged to pay tt
other creditors, if any, who will NJ
settle on that basis, whatever the
may demand. We are not in fave
of forcing single creditor to sci
tie, but if this proposition fails, v
look with forebodings to the futur
We trust that Tennessee may new
be cursed with the foul stigma.
Reputation, and she shall nc
if we are able to preve1
it. But no man can look at Il
growth of the Reputation sentimel
in Tennessee in the past ten yea,