The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-23

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Reputation lie not as many people
suppose wiping out proceSs-and
it does not settle anything. To de-
cline to pay isto repudIate. This oc.
ours quite frequently among individ.
uals, and the repudiatOr is brought
iHtO court and compelled 70 pay.
Under the bankrupt Law q man
could upon certain easy conditions
wipe out all his obligations. That
Law has been repealed, and the wip.
Jog out process between individuals
except by payment, or by the con-
sent Of the creditor Is no longer in
use.
A State cannot and never could go
Into bankruptcy. 1t cannot destroy
its obligation to its creditors by re-
pudiation. One Legislature may re.
pudiate, and the very next one can
reverse their action, aud provide for
the payment Of the debt. Rspudia-
tion is an act which to be effeotual in
relieving a State must continue for
ever. Year after year the refusal to
pay must continue. The moral and
legal obligation ofa State never ceas.
ss until it is discharged by payment.
No statute OF limitations inter.
venes to bar the creditors rights.
Maryland, Illinois and Pennsylvania
have all repudiated, or refused to
pay their debts at one time. They
refused to compromise or settle, ana
the result has been that each one OF
them finally took up the entire debt.
principal and interest and paid it.
If Tennessee refuses to compromise
at 50-4 On the 9TH day of August,
We make the prediction now that she
will repeat the history Of Pennsyl.
vania, Illinois and Maryland. This
is the argument Of the Peter Geddes
ring of bondhOlders who are fighting
the settlement. They are rich and
can wait as Mr.. Geddes told the
Commissioners twenty or thirty
years for another generation to pay
the debt" They know that Ten,
uessse is a State rich in natural re.
sources, and that when prosperity
returns to the country her resources
will be developed.
They believe she will then pay
all, principal and interest. They
argued to the commissioners that
the era Of great prosperity for this
country is nearly upon us, and that
Tennessee Woald pay all. Time il
what they want. The railroad suit 0
are q sham, a bluff game. The men
who are prosecuting them hays no
confidence in them. They are fight.
ing for ti@s, for delay, in order that
they may get more than 5O-4 from
the State, the ring is formed so 40
to raise . jSint fund to deRray the
expenses Of litigation. 1t is small,
but the few individuals in it are
worth more than all of Teunesse's
debt. They are money autocrats
who want States to crawl in the
dust at their feet and beg for terms.
Because they own two millions Of
Tennessee bonds they want to dic1
tate to Tennessee, and all the bel.
ance of her creditors. They have
raised an immense fund to defeat
this settlement. Heavy assessments
have been made, and every agency
they can bring to bear will be used
to defeat this settlement in order
that they may make us pay more in
the future. Pretended friends Of
the people will go about iAsinuatinG
doubts, trying to keep usen hrsm VO-
ting, or urging them to vote against
it. All this is the moving OF thS
wax figures by the skillfnI hAud Of
Peter Geddes' ring of milIionAireS.
The people are determined 70 make
this settlement. and the demagogues
who are bankrupt in everything bat
impudence viii be scorned iby the
people whom they seek TO mislead.
Post master General Key, wife and