The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-08-14
AN EYE OPENER.
New Hampshire Sympath liz es
With the BOnd-HOlders.

A bill has just become law in
New Hampshire, which provides that
every citizen of that state holding a
dishonored claim against another state
may assign that claim to the people of
New Hampshire, and on his giving
bond to indemnify the state for all
costs and expense arising in the pros
ecution of the legislation, and satisfy
ing the encouragement that the
claim is a meritorious one, that officer
is empowered to bring an action in
the name of the commonwealth
against the defaulting state. The
New York Graphic says: can at
tempt will no doubt be made to draw
the distinction that such "controver-
sy" is not the one contemplated by
the constitution. Bnt it is very
doubtful if the supreme court will try
the issue as to how the state of New
Hampshire acquired claim against
its sister state, but whether the claim
is or is not valid" Quoting from
the same Journal, it continues:
Doubtless the people of the South
have lost heavily during and since the
war. But despite his losses person
must pay his debts. A State ought
to do no less. Without being at all
hard upon the Southern States, or
throwing epithets at whole section,
it is evident to us, and it ought to be
to them, that scrupulous honesty is the
best policy. 1t is by no means clear
that by economy they cannot pay their
debts dollar for dollar, or, at least,
make perfectly satisfactory compro-
mise with their creditors.
1t is claimed that some of these
debts were fraudulent-that the States
never received value for them. Many
of them were issued during the profit
gate carpet-b9g regime, and some were
PROFESSIONALLY tainted. But of two
innocent persons-one of whom must
suffer from the preparation of fraud
the invariable rule has been, and is,
that he whose agent committed the
fraud must suffer the penalty. The own
er Of defanlted State bonds had nothing
to do with electing State officers. The
people Of the States in question must
be held responsible for them, and in
the line of their duty those officers
can. bind their States. Of course, it
may be urged that these officers were
the product of "bayonet rule" and
that, therefore, the United States
government is really responsible for
what occurred. Tins is a large ques-
ton. Bnt without going deeply into
it, it seems plain that if the white peo-
pie of the South had not at the begin
ming of the reconstruction measures
abstained from taking part i'll the elec-
tions, the carpet-bag regime in most
of the States would have been impos-
sible. But be this as it may, the
honest creditors of those States cannot
be called upon to decide purely po-
litical question. Ifthey acted in good
faith they did all that was demanded |
of them. If they did not, it ought to
be easy for State to set up and prove
the defense of fraud and thus bar the
claim. The wisest thing for COM
munity to do is to pay its debts in full
even if it hurts. And the wisest thing
the people of the defaulted States
could do now would be to anticipate
the action of their creditors. Keep
their cases out of the courts. Call
their creditors together and in a spirit
of honesty and fair dealing come to an
understanding with them. A State
once brought to the bar of a court and
compelled to pay its debt under its
compulsory law, can never again hold
the same position in the eyes of the
world as it before occupied"
1t will be remembered New York
made an effort to pass a similar law
and it was only killed by the veto of,
Governor Robinson. If this legisla-
ton adopted by New Hampshire, is
sustained by the courts, Tennessee
will be placed in an awkward posi-
ton, and her debt, which might have
been compromised at onc-half, will
have to be paid dollar for dollar.