The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-07-24

under the direction Of the Legisla-
iure, is certainly OF that character. 1t is. in
deed, crisis of the greatest magnitude Ia the
history of our State Its importance cannot he
overes6mated. 1t involves the pecuniary iu- /
terest and prosperity, and what is infinitely ]
more important, the good name and character |
of our great State for the present and the future
Tennessee has a name among her sister States, !
and before the world worth preserving In |
peace and in war she has ever occupied the
front ranks. Her reputation for honor and
good faith is worth more to her people than all
her mineral wealth, il is, and her fertile
soil and salubriOus climate. All these adyan-
tages would not compensate for tie loss of her
honor and character for integrity. These are
the jewels of a State as well as individuals.
Every citizen has an immediate and personal
interest in the character of his State
for heightened honor and the sfrictest good
ia tn. There IS 10 sacrifice too great for the
preservation of these from the slightest blemish.
AS to these generalites | would suppose there
can be no diversity of opinion.
Now, let rs see how they apply TO the great
question to be decided by the peOpleon the 18th of
August next.
We find ourselves indebted to the extent Of
about twenty-four millions of dollars evidenced
by bonds payable 10 bearer, under the great seal
Of the State. Our changed condition since the
debt was contracted, created equity for a re-
ductlon, which was recognized by the creditors.
The amount OF abatement matter for the
adjustment of the parties under all the circum
stances of the case. TIE creditors, after taking
into consideration our great losses OF property,
resulting from the war, and the dimlnutiOn IN
value OF that which remained, voluntarily pro-
posed to settle at so cents in the dollar upon
long time, at per cent. interest. This was con-
sidered fair and liberal by Gov. Porter, and he
called the Legislature together to consider it.
with recommendation that it should be ac-
cepted. That body refused to accept, as they
did also proposition of 80 cents in the dollar
with the same interest. The whole subject was
brought before the people in the last election
fvuH az -1-An-
sides The result was, that the people, through
their representatives of the last session, after
much debate and conflict of views, agreed upon
a middle ground, that is, to pay one half the
debt in thirty years, at per cent interest. The
act, however, required that if certain proper
ton of the creditors gave notice of their willing
lngness to accept to the Governor, be should sub
nit the question TO the people. He has officially
announced that the required number have
signihed their Willingness to accept and ordered
that the people meet at their respective pre-
cincts and vote on the question on the 9TH of
August next.
On this question I am asked to give my Opin-
ion to the public | have no hesitation in COM
plying with the request, and feel that am only
performing the duty OF a good citizen in do
ing so.
The question is not now whether the Legis-
lature mas power to contract debts aud bind the
people, for that has been everywhere and by all
the courts settled IN the affirmative; nor IS 1t
whether there were Irregularities or frauds in
the Issuance of the bonds for their validity has
been acknowledged over and over again by all
the GoveEnOrs and Legislatures since their is
suance. 1t is too late now to make any defense
on those grounds. l do not now propose to ar
que these questions, but simply TO give my own
| opinion for what IL is worth. In this opinion
feel clear, upon full examination of the subject.
Then, II only remains for the people to decide
| between the payment of debt for which they
| have bound themselves by their representatives
| or so much of it as the creditors willing to
accept, or Tepttdjdte it. There are extremists on
| both sides. Some say they are unwilling to
| pay less than the whole amount, as it would
| tarnish the fame of the State to pay less
| than the amount they owe, and Others
on various grounds insist that nothing
| should be paid. The middle ground is that as
sumed by the Legislature, which is to pay one
half IN 30 years at per cent, and upon the
adoption or rejection of which we are 10 vote.
This IS a compromise of the conflicting opin-
ions OF the Legislature after full consideration
aud much debae and difficulty. 1t IS also
compromise with the creditors, which is fair
and honorable, under all the circumstances of
the clse, TO both parties, and will leave stain
upon our honor. The same course has been
pursued by and with our sister Southern States.
They now relieved of the embarrassing sub
| Jet aud the high way to prosperity,
with high credit and uOyant hopes and bright
| prospects, None of them have obtained better
terms, IN view of thcr resources, than IL Ose Of
| fered to us in this proposition. 1t would be
! dsperaging 20 State to reject the terms
| thar our neighbOr States have accepted. Should
we not as q fair and just people, be content
with the remission of one-balf of oar debit
VIII not cur sister States, and the world re-
I gard disgTaced and no more TO be trusted,
! or even respected, if we fail to accept COM
| promise so fair and liberal2
| X will not only affect the credit and standing
| OF the State, but that of every citizen and his
/ posteriIy. We have seen the effect OF repudia-
| ton upon the character Of Mississippi. At any
| sacrifice ali wise citizens viii avoid such fate
| for Tennessee.
| II this compromise is rejected, the judgment
| of Just men everywhere will be against US, aud
the creditors will be sustained in every possible
| effort the law wiz allow to coerce US TO pay the
whole amount. They have already made
! strike at our railroads, and if they succeed in
| making them liable, as some very able counsel
| think they will, expensive and embarrassing
| question will follow between them and tie
| State. But if they fail other modes of making
the State liable will be resortcd to 10y the ezas-
| perated creditors. These have been pointed out
| and forcibly presented by Col. Colyar in his
| able arguments on this subject. Creditors feel
| ing that they are right, and their most liberal
| propositions for compromise rejected, with pub
| lie opinion on their side, will resort to every
| mode of compulslOn that the learning and in
| genuity of the ablest counsel can suggest. Al
! though these are considerations which may
! properly be looked to in making up our de-
! cisiOn, yet | would place the case on higher
| grounds-those of honesty and good faith. We
| nave the lasting cement Oh the money received
| on our bonds in our railroad sy stem, and the
! wealth and prosperity II has produced. May it
| not be asserted with confidence that we could
| not have built single railroad without this
| aid? From this source alone we will receive at
least 100000 into the State Treasury annually
| besides other advantages too varied and nu-
| merous for enumeration. Now, a rejection of
this compromise would he a declaration TO the
| world that Tennessee Is not willing to pay one
| half OF the amount of money borrowed to make
| the Improvements that have secured to her
| people and their posJeriJy such incalculabe
| benefits. Can any fair man think it honest to
| retain and enjoy the benefits and refuse to paw
| the price-eyen one-half of it? That is the
| case plainly stated. But ia addition to the
| Justice of the case, the acceptance of the CON-
| absorbing ard yexed question in their fu-
! ture elections and leave them with
! a debt that be easily managed
| wi bout oppression, instead Of one
of double the amount of which they cannot
! relieve themselves without dshonor and re
proach Can any patriotic and intelligent citizen
! hesitate as to his course who will look TO all
these inevitable consequences Let us get clear
! of the milestone on our necks by assuming a
| burtheu bear, and preserve our honor.
! Not half of the voters have any pecuniary
/ interest in the question they have no taxes To
pay except pod tax, which cannot be applied
but all men and their children after them have
a vital interest n the credit and honor of their
State. They have not even the excuse of the
! influence of pecuniary interest for voting
| against the settlement. But they may we'll be
| governed by the purer and higher motive to
| save their State in which they expect to leave
! their children, from the disgrace of reputation