The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-09
WH1AKE sHoUzD SETTLE no W,

warned the people Of Tennessee itc
the best of our ability that whatever
the burdens Of payment the evils tC
accrue from non.payment would fal
outweigh them all. We are now o
the same opinion, 1t was our duty
at the proper time to DISCUSS these
questions squarely aud manfuIly, ap6
at the proper time when we believed
it would be most effective we dis
cussed as broadly as we could and a,
frankly and as fully as Information
and ability enabled as to do, the
principles underlying the question
Circumstance have somewhat alter
ed the amount involved and some
what the question presented. The
reputable elements of the low tax
party, the larger pOrti0n of It'll.
deed, the low tax as distinct from
the Reputation party-insisted upon
and obtained recognition Of the ina,
bility of The State to pay, insisted
upon an abatement Of one.third and
obtained what is a practical abate.
ment of one-third.--Now the ques-
ton, admitting a debt and inability
to pay it all, is. would it be better
to settle q question which has been
ruinous to our politics, destructive
to our prosperity, by payment of
what we have said we could and
woald pay, or to have the entire
amount of the debt impending, for
the future interests to work on and
to embsrrass our politics and to be
a bone of contention in future Legis-
latures?
Ifs State. can create a debt this
one was created. A policy of inter
nal improvements put into the con-
tribution by the representatives of
the people, intended to equalIze the
transport facilities of Tennessee
with those of States more favored
by water ways, evinced a pressing
need felt by the people Of the State
and its various Industries. From
that time down to 1860, every Gov
ernor Of either party, and every can
didate, every Legislature without re-
gard to party, earnestly engaged in
the promotion Of this end. There
was the slightest opposition, just
enough to show the overwhelming
strength and popularity of the poll
cy, in which counties and cities
Joined in and We'd with the State by
actual vote of the people. If ever
there was a policy which by univer-
salty and solemnity with which it
was inaugurated- and carried out
bound people in the bonds Of law
full obligation, and in honor it was
his. The conclusion can only be
avoided by one who insists upon
cutting loose from and ignoring the
entire past and its acts. This poll
" put upon the market before the
war all the bonds we are called upon
% settle except about two millions
and a half out of the $24.00O.000.
These bonds, too, were sold at prices
angling from 80 cents to above par.
The State, too, provided remedy,
rot against the purchaser, but
against the companies, for sales
made below par. If they have been
quoted low down it was our default
made them go. They were moreover
he bouds, not of any company, but
IF the State, made so that the credit
md faith of the State might make
hem sell. No bonds outstanding |
we're ever sold as low as so cents.
Passing over and admitting the
corruption of the period succeeding
he war until the Legislature of
1869, we come to the question Of the
liability of the railroads and of the
State. One paper insists that we
hould wait until it may be seen
whether the railroads or the State in
liable, insisting that the bondholders
ave, by their suits against the
Dads, admitted that their bonds are
ot the debt of the State. No such
question is involved. We do not
gree with tie bondholders who
ring this suit, aud we believe that
ut few holders are engaged in it,
nd that nearly every oue will nc.
ept this settlement. If they do not
re have lost nothing. 1t is, how
yer, absurd. nay, it is puerile so
histry, to argue that because We
ave these creditors TO almost any
xpedient to get their money, they
limit by resorting to the roads that
lie State does not owe them the
ebt. The State is primarily liable
them on the face Of the bond.
he roads would have been liable to
e State but their obligation to the
ate was extinguished.
The act which permitted the roads $
discharge their Indebtedness to /
e State in bonds of any series was
It the eenactment of similar
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