The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-30
AsERroUs AnrERNA7TKE
I N..hyirle American.

| Chattanooga COMMERCIAL one OF Lhe
abIest Republican papers in the
State, says:
The debt Of Tennessee could and
should be paid, dollar for dollar. If
| there are bonds which are claimed to be
fraudulent, let them be designated, pay
meut refused, and let the holders have
power to sue in our courts for recovery
If the courts declare bond fraudulent
it should not be paid; if our own courts
honest man would want to refuse pay
ment
The Commercial has a sharp eye
to party advantage, aud it is not
alone. Almost every leading Re-
publican takes the same position.
1t 10 the political leaders. hswever.
The intelligent rank and file. and
the leading East Tennessee journal,
the Knoxville Chronicle, are con-
sidering the interests Of the State
in favoring this proposition. We
ask the people of Tennessee wheLh.
or they are willing to lend them
selves to the interests of three
classes of men who have no commu-
nifty on this question except they all
use it for their own interest.
The bondholders who are engaged
in the suits against the railways say.
"vote it down, that we may see what
we can make out Of the railways,
and then take 8 chance at the State
for full payment" That is their OBJ
ject.
The Chattanooga Commercial and
a number OF leading Republican pol
iticians say, "Vote it down that we
may pay dollar for dollar, and use
the question in politics to secure
the assistance of State credit Demo
Gratis as a means to obtain power"
The nonepayment politicians say,
"Vete it down that we may keep the
question in politics as means Of
agitation and personal elevation"
They have used it in that way in
the past, and they are so using it
now, aud but for that question there
is not one Of them would have been
entrusted by the people with their
~ 1h0 I nriclofnrA
None of these avows his purpose
directly, but the Commercial frankly
says 1t means dollar for dollar on
all lawful bonds. 1t is easy for the
repudiationist to say they are ali or
part illegal. Every lawyer knows
better.
Vote down this proposition aud
the dollar for dollar is the next one.
AS to means of reaching it, we have
before pointed out the political
steps and the enormous interests at
work, and the fact that many will,
and justly, prefer anything to repu-
diation. A just and equitable set
Element can be made now, and it 10
the last chance. Let this go by and
there are not wanting means to
reach the State in the courts. The
course of opinion in the United
States courts, the Ohio and Arkan-
sas cases cited by Col. Colyar, show
how easy it will be to reach the
State. There 10, however, direct
means. The laws of Tennessee per.
mitted a State to be sued while |
these bonds were in process Of is
suance-not the old only, but the
new, down to its repeal in 1868.
The right to sue was q part of the
contract. The State could not de-
prive them Of that remedy without
supplying another substantial RENE.
dy. 1t could not pass law impair
ing the obligation Of contracts, nor
one taking away the only existing
remedy, when the right to use ran
with and accrued with the issuance
of the bonds. How such a suit
would be determined can be seen
in the fact that not one of those who
declare the bonds illegal dares al
low any court to pass upon the ques
ton.
It is certain that the bOndholders
will leave no stone unturned TO
make their money, and while they
would nearly all gladly accept the
rather than engage in a
long tedious aud expensive lawsuit,
they will not neglect to demand and
use every means to obtain the full
amount if they are driven to these
measures.
These are grave questions, and
Iuch as not to be lightly dismissed
Or ignored on account Of prejudice.
t will pay the people of Tennessee
o look these facts squarely in the
ace.
pETE KETTLE TALKS A PASSED.
MORE
Chattanooga Times.
Poats, who edits the Hawkins county