Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-09-03
THE ISSUE.

The final struggle in Tennessee
on the State debt question will be
had next summer-we mean so far
as legislative action is concerned.
The question may remain in the
courts until the present generation
has passed away. Unless it is set
tied by the peoples Representa-
tives in the Legislature, We believe
it will. The question which we will
be called upon to settle in the next
State election is, "Shall the bonds
of the State, issued for the construc-
ton of railroads, be repudiated ?"
This it is, stated in plain English.
Of the bonds of the State now
outstanding, exclusive of interest,
$18,903,000 were issued before and
since the war in aid of railroads.
The remainder of the debt, ST.
p 100000, exclusive of accrued in
terest, was created by issuing bonds
to the Bank of Tennessee, to build
the Capitol, to purchase the Her
mitage property, for stock in va
rious turnpike companies, etc. This
is sometimes called the " State
debt proper" Repudiationists,
generally, favor the payment
of this part of the debt in
full, that is $2,105,O0O and accrued
interest, and the reputation of the
remainder, or $18,9O3,OOO and &C.
erued interest. We desire every
reader of the CHRONICLE and every
voter in the State to understand
this question, and have endeavoret
to state it fairly and plainly, 81
that there can be no misunderstood
ing.
And wishing to deal frankly will
all, we say in all candor, that thost
who believe that the railroad deb
of the State, or nearly nineteenth
of the whole, ought never to be paid
should lose no time in arrayinI
themselves with Col. John II. Saw
age, Dorsey B. Thomas, and tn
other champions of the "low-tax
party, as they call themselves, o
repudiationists as they are properl,
known.
AS we understand Savage, Thorn
as, Wilson & Co., they favor tn
payment in full of $2,105, 900 an
accrued interest, and the repudis
ton Of the remainder of the deb
amounting now in all, principal an
interest, to more than twenty-fou
millions. ~
Our position is we'll known. W
are in favor of the payment of tt
entire debt, unless the creditor
voluntarily agree to relinquish
portion of it. If they do agree
this, we are in favor of prompt
accepting their terms, and the lev
of such a tax as will enab
US to keep faith with o,
creditors. We will support no ms
for Governor next summer, or for
seat in either branch of the Legi
lature, who does not stand squarel
on this platform, no matter what b
politics may be. IF the f" low taz
men, or repudiationists, are hone
in their position, they will suppo
no man who is in favor of payir
any portion of the debt, created Fl
the construction Of railroads, f,
they say that portion of the de
was created without authority.
This will be the issue when Il
people of Tennessee are to elect
Governor and a Legislature, and
can not be lodged, if the peor
will properly inform themselves.
you are for maintaining the hon
and credit of the State, resolve n,
that no candidate for Estate off
viii get your vote until he has flu
convinced you that he will fay
the settlement of the debt up
your basis. IF you believe Il
nine.tenths & off, it, shouldsoz
repudiated resolve Ito. support