Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-08-16
make every possible exertion and
undergo any reasonable hardship
to maintain their own integrity and
the honor of their Commonwealth.
The La.e E.eeison.
From the Baltin ore sur.


From the Baltin ore Sun.
The bill as passed by the Legislature
provided at least some sort of b settle-
ment, and many persons thought that
in such a disOrderly state Of affairs,
such a chaotic condition of public
opinion and morals, it was best to take
what they. could get now, rather than
walt upon the uncertain future.
Hence there was sort of tacit assent
to the act of settlement on the part of
many of the bOndholders, as evidenced
by thief fact that those holding certain
proportion of the debt had to accept
its provisions before lhe Governor was
author ed to submit the act TO the
general vote. The holders of the
bonds did not make any canvass for or
against the act, but the majority
would doubtless have accepted it's rat
ification by the people as a fnality.
The conservative press of the State
very largely advised the people to vote
for the aet of settlement, aud SO did
the best of the few speakers who took
the stump for it. They did not think
that the act embodied all that Tennes-
see could do and should do, but were
appfehensfve that it was au that the
State could be brought to do at the
present time, and were particu-
larry anxious that the matter
should be finally disposed of.
If the proposition fell through, the
result would be continued non-pay-
mentof interest, a continued aceumu-
| lation of unfunded debt, every dollar
of which would add to the peoples
| burden and make those among them
who were not strictly honest more dis
posed to shirk the entire burden of it.
Hence, the leaders of public opinion
very gen orally, in the press and on the
stump, advocated the endorsement of
the compromise at the polls, and there
was but very little eX pression of opin-
ion on the other side. In spite of all
this, however, and of the very advan-
tageous terms, l0gin1G .facie,s which the
State would get by such a settlement,
there was only an inferior part of the
popular vote out, and in this small
vote the compromise, it is estimated,
has been rejected by the people by a
conclusive majority. This it must be
confessed, is a very ~disheartening re
suit, but still it was not quite uneX-
pecked nor entirely without its COM
pensa iens.. AS the Nashville AD1eri-
can of the 9Th says, bitterly enough
$50 much for extra constitutional
remedies. In this Republican gov.
eminent an attempt to play out.
little bit Of pure Democ-
raey deserved the fate it got"
In other words, the Legislature, con-
sistipg of the elected representatives.
of the people, was competent to create
the debt, and should have showed
itself competent to settle it. To sub
nit matter which it was their duty
TO determiue to the hazards of popu.
lar vote was mere demagogy, and the
outcome has been Reputation. There
ara few of the bOndhoIders who live
in Tennessee. TO the bulk Of the
people who thought about the matter
at all, the question submitted to them
was merely one of an increase of
taxes. II the Legislature desired the
people 10 vote on The real issue, they
should have been asked TO vote forn
| or g against" reputation. The appeal
to the ballOt-bOX has deserVedly failed.
| The people have refused to assume the
possibility which the Legislature
ignobly shirked. The question is
once more as it was before the last
Legislature met. The people have re-
manded it again TO the proper persons
the only ones who had authority tC
deal with it at al. They have not
said, by their vote, that they would
resist paying any taxation which
the Legislature might impose
upon them for the purpose of hOnOra-
b,y meeting the States obligations
Nor will they object-though they
may umble-unless misguided by
false councillors. Meantime Tennes
see still owes $24 900 900, upon which
interest, for WHICH no PROVISION il
made, is daily accu ulatiDg. Some
sort of adjustment of the State deb
must be effected, OF course. Advice.
from Nashville are to the effect tina
the matter can be adjusted without
much trouble. It is believed thst til,
Republican party, being ia a fatal mi
nority of about fifty thousand votes il
Tennessee, will take high ground il
favor of the paymenta0f the debt, dol
lar for dollar, which none even of tn,
States creditors ask; the Democratic
party, on the contrary, it is expected
will incorporate in it's platform tn,
proposition to fund the debt at SO PEE
cent, with or per cent interest, ant
the next legislative and gubeTnatOrla
canvass will be made up upon tina
issue. If the people elect the So
candidates, the farce of submitting tht
question to the people will not be re
peated. If the candidates on thi
issue should be defeated, it will be IN
derstood then that the dtb:.adj asst
ment question has been settled at tn
polls.