New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-11
TALK WITH JUDGE KEY.
TIE s,GvuIcANCg OF THE VOTE on 1HE DEBT o.
rNNEssEr-REPUDGAIlUN AND ITS EMlNEN
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TIE srGNuICANCE OF THE VOTE ON I'VE DEBT o'
lNNEssEr-REPUDIAIIo AND ITS EMINENT
ogIGINATOEs.
TiY TELEGRAPH TO THE TBnUNEl
WASHINGTON Aug. Northumberland eJ,
who has been distinguished for bis outspohen ana
earnest opposition to the schemes OF Ito Perpetrators
in Tennessee expressed himself freely IN regard 10
tbe1e,ult of the recent election in that state IN
long conversation to-day.
Jndge Key has little doubt that the proposed
compromise OF the debt at 30 cents on the dollar
has been defeated. In reply to a question as to
what he considered the significance OF the result,
Judge Key SAID that ne regards II as an indication
that at present tic feeling of the people is III favor
Of absolute repudiation. lie thinks, however, that
fine discussion over the results of the election VIII
develop a better sentiment, so that something may
VET he done toward an honest settlement with the
creditors of the State. The result Of the election
though not final Judge Key regrets for another rea-
son. No provision has been made for the payment
ofinterest for several years. and the auearages OF
interest. which amounted to over 100000 on the
1t of last January, accommodating at the rate OF
81 100000 year. As the debt thus increases the
prospect of its payment Of course diminishes. I'm
less the Governor calls an extra session of the Leg
stature nothing further be done until the next
regular session in January, 1881.
Judge Key says that the attitude OF Governor
Marks is not very well defined. lie is claimed by
both sides It was in his power to avoid tine pres
en disaster 10 tho credit Of the State by pOsponng
the time of the election. He Intentionally uuin-
teutionally called The election at the busiest season
of the year. Even after be had fixed the day
strong effort was made to get him 10 change il, but
be refused Judg, Key thinks it probable that if the
election had not been held until next Fall, when
q fun vote could have been called out, the people
D t1,n IN mi ed IN
them But, he SAYS, the truth is that the question
ought not to have been submitted to the people at all
They will always vote against any increase Of tax
ation and Of course this plan could not be carried
out without increased taxation. On being asked
why the Legislature did not dispose of the matter
without referring it to the people Judge Key Ge-
pied that the Democrats became afraid of the issue,
as they found that the reputation element was
RAPIDLY gaining ground ia the Legislature, and they
feared the effect on their party. ,
I'm Tennessee judge Key said. about 1870. Andrew
Johnson and Emerson Etheridge aSpired to seats in
the United states Senate, and Thought the Iepudi-
that one generation had 10 right TO saddle q pubic
debt upon a succeeding generation, ana mat every
public debt ought to be considered as iqmdeteo
Whenever the amount Of interest PAID was equal 10
The original debt. While hr. johnson dd NOT adNO-
cote outright rcpudiaiion he iald tut I0uItaJoh
for II. He DISCOURAGED tie pay llcnt Oh ute IA
tiOuai as well as The state otol. MI. nm
ordcc who Yves III the state senate about
lint time. not 10 Zoe outdone by Nh johnson,
;oroduced bin TO reduce tie rate OF taxation from
six mills to two OF course this would have put the
PAYMENT OF any interest on the public debt out OF
The question. Mr.. Ethcridgc said That creditors
could wait His bill became q law, bat 10 was Ie-
pealed the next year. In 1876, however the rate
was reduced 10 one mill Judge Key saws That TOO
little attention was paid to tine regulators bE botl
parties for a long Time ID not being supposed that
they would gam strength enough to become dan
per0us: and " hen the danger was realized II was
nOtsquaIely met, especially bV the Democrats III
whose ranks most OF the repuaIatOTs are found.
It's known that Judge Key favored the readiust-
uent which the people have just rejected, because
he considered it the least of two evils. lie repre-
gppts n small minority of the Democrats and an
overwhelming majority of the Republicans In leu
ness-e who have boeU obliged TO make the same
choice The rcpudating Democracy OF that State
seem TO have succeeded i'm completely sitting the
voice Of those who believe in honest payment OF
honest debts: and tine prospect OF the STATES cred
itors receiving any returus on their investment are