New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-02
which concerns them far more than 1t does us,
and which we are quite content to leave thehl
10 answer
YENNESSEE.

TENNESSEE.
Tennessee Republican asks: Should Re-
"pnblcans vote against the so-caled fifty
"and four compromise of Tennessee indebt-
"edness, or go fishing on election day, al
Glowing Democracy to become wholly re-
"sponsible for the reputation of one-haf Of
"the debt 2
The Republicans in each and every State
must seek success only by doing their whole
dnty 10 their country. They have 10 right to
permit reputation of the National debt by
inaction in Congress, so that Democracy may
be the more deeply disgraced. Neither have
they the right to inflict disgrace and lasting IN
Jury upon the State of Tennessee, and some in
iury upon all other States, by permitting that
State to do a dishonest thing. The Democracy
is disgraced enough already. 1t has become
as fully responsible as it possibly can be Tor
all sorts of reputation, entire or partial
open or covert The duty OF Republicans Is
to resist it, in this as in every other form OF
disloyaty, as strongly rs they can.
The so-called compromise which pro-
poses to pay only One-half of the State
debt. and to reduce forcibly the interest
on the rest from seven to four per cent, is in
reality IN attempt to rob public creditors OF
nearly three quarters of their property, as re-
spects that debt. 1t is recognized In every
honorable business or commercial circle as
dishonest scheme, excused by no actual neceS-
sity IN the condition of the State, based mainly
upon the greed and dishonesty of taxpayers
and supported by the feeling, prevalent among
Bourbons and unrecOnstructcd rebels, that IN
thus way it is possible to steal some
thing in return for the emancipation
of slaves and the losses sustained III
a disastrous rebellion. No considerable num-
Der of intelligent and respectable persons
anywhere regard the proposal as in any re-
spect more decent than the stand and de-
"lIverp of the vulgar highwayman. The
taxes in that State are much lower than In
most States its debt is not relatively large or
heavy and as TO nearly the whole OF IT there
is not the shadow of a pretence that 1t was
not incurred by the people in good faith, and
for actual value received An attempt to repu-
diatc part of "A debt, under such circumstances,
differs from outright reputation OF the whole
debt only in being meaner and more cow
ardly. Ii the Republicans of Tennessee have
self-respect, they will spare no efforts to de-
feat it.
Whether they succeed or fail, the taxpayers
of the State will eventually gam nothing. 1t
is the formal opinion of Mr.. Charles O'COnor,
the most eminent Democratic lawyer living,
that the entire claim Of the bOndholders IS
absolutely valid, not only against the State
rs trustee, but, if it fails, against the rail-
road, of the State. He advises clients that
the entire claim can be collected from the
railroads, for, though they have once paid
something to the State in settlement, the
State has kept back the money from
the bondhoders to WHOM it belongs,
and so is in the position of a de-
faultIng trustee who has stolen money paid
to him for tine true lenders. If this view Is
sustained, the railroads will be obliged to pay
again. and in full, and they will assuredly
have power enough, sooner or later, to com
pei the defaulung trustee, the State, to make
good their loss. The honest way Is the cheap
way: the State ought to pay its debts in full.
and repudate the repudiatOrs.