Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-04-01
TUESDAY, APRIL l, 1879.
LATURE ON THE STATE
DEBT QUESTION.

DEBT QUESTION.
The final action OF the Legisla-
ture on the State debt question,
while it is the very best that could
have been had from that body, falls
far short of what the true friends
of State credit desired and what
justice and fair dealing demanded.
The proposition of the creditors of
the State for a compromise at sixty
cents in the dollar ought to have
been accepted without moments
hesitation. But a large portion of
the present General Assembly were
opposed to paying anything at all,
while many others held that the
State is unable to pay what the
bondholders asked, and it was
by slight squeeze" that they yo-
ted for as much as fifty cents and
four per cent. interest. Seeing this
state of affairs, and not knowing
just what the feelings of the bond
holders were on the subject, and
believing that they were doing the
creditors of the State service, know
ing that they were certainly doing
them no harm, majority Of the
friends of State credit finally fell
in and supported the ffty-cents-
four-per-cent. proposition. We can
not explain the feelings of the State
credit men better, perhaps, than to
give the explanation signed by a
majority of the Republican mems
bers of the House, who voted for
the bill as it finally passed. tits as
follows:
Mr.. SPEAKER We vote for this
bill proposing To paythe credi Ors of The
State fifty cents, aud four per cent. iu-
teTest, UudeT protest, with a full under
standing that We have no intention Of
cOeTcing them into accepting ii.
We believe that the proposition Of the
bOndEOldeGs to compromise their
claims at sixty per cent. was u liberal
one, and ought TO be accepted.
Under no consideration would we
have voted for this bill, without the
proposition making it uUgatury and
inoperative,unIil the bOLdholders haN g
manifested Willingness TO .CC-I t is
provisions.
We vote for il now reluctantly, not
that il meets our approval, but bscause
the action Of q majority of the mem
bers of the two houses of this Lagis-
lalure forces US to the conclusion that
it il he very highest rate they VIII |
support, and that their policy leads |
finally TO Reputation.
II the bonduOl ers believe that thu /
acceptance Of the PROVISIONS of this
bIil i the best thing that they can do !
under the circumstances, we are
willing Jhal they should accept il.
II they conclude, after the treatment |
that has been shown them by a ma |
ioTiIy OF This General Assembly, 10 /
appeal 10 auntber tribunal the passage /
of this bill does not effect their status /
in the courts.
For these aud other reasons, al |
though the bill falls far short OF what |
W conceive TO tie just aud right, and |
a''h"uSh ihe passage of SO imperfect & |
measure j. terminating TO ali true |
friends OF STA credit, we have given |
e. our support, a. the very best thing
shaL Will be permitted 10y the majority |
of This General Assembly. leaving tie |
creditors nf the State free 10 accept or |
reject it IS they may think proper.
L. r. GARDEN,
NJ. ID. BEARDEN,
i. Z. WRIGHT,
y. NJ. DYER,
w. +. POsTON,
II. SMITH,
w. r. PEARSON,
VIM. c. SHELLY,
s. -. TKENT.
A few of the Republicans, Messrs.
MahOney, of Washington, Duggan,
of Sewer, and Wiltse, of Hamil-
ton, voted against the bill, because
1t did not come up to the bond
holders proposition, and those who
voted for it did it under protest, and
entered their explanation on record
as above, after first having at
tempted to pass bill in lieu, en-
bracing the features of the bond
holders proposition. In no event
would they, as they say, have voted
for this, but for the amendment
which provides that the proposition
shall first be submitted to the cred~
itors of the State, and without their
consent it can go no further but
remain imperative. We do not t
see that with this explanation the
who voted for the bill s
rs it finally passed have in any way |