Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-11-06

that way. During the canvass, the
democrats have tried to create
prejudice against the republican
ticket, by saying that we were for
paying the whole debt, whether the
creditors desired it or not. of
course this was untrue. We are
for any compromise that is honor
able, and will favor nothing that is
unjust 70 the people. The holders
Of Tennessee bonds, many of them,
have manifested q \ disposition to
compromise, some at sixty and some
at fifty cents on the dollar. We do
not believe they will change their
minds unfavorabIy to their creditor,
simply because the state shows its
self honest. We believe they will
still be willing to compromise on
favorable terms. q 4a 81
How to meet facts as they exist,
and do justice to our creditors and
the people, is a question that
will call for the exercise
of wisdom and patriotism. Hun
dreds of people hold our bonds,
some in small and some in large
amounts. AS rnle the smaller the
holder the more anxious he is to sell
and the less able to hold. We do
not doubt but many such holders,
either single or jointly, are prepared
to make definite proposition to the
legislature for a settlement. Don't
require such holder to come before
the legislature through some large
combination or syndicate, to repre-
sent some immense sum, but let
such holder set forth that he or she
is the owner of such and such
bonds, specifying their number, etc.,
and at the same time make their
proposition. Then let new bond
be issued, in accordance with such
proposition, cay fifty cents on the
dollar with six per cent. interest,
with coupons receivable for taxes.
This proposition the legislature
would undoubtedly accept, and
promptly carry into effect. We
believe the republicans of the
legislature would accept such a
proposition and so extend the act
authorizing a settlement with parties
specified, who had made such prop
osition, so that all other holders who
desired to settle on such basis could
do so if they availed themselves of
such provision in given time.
Of course we would not force any
one to fix. upon any given proper
ton of their claims, but we mention
fifty cents and six per cent. as 8
sum that no one could oppose. If
it is sixty the plan would be the
same. In any event, the coupons
must be made receivable for taxes,
as this is the only satisfactory guar
antee that can be given of the
prompt payment Of the interest.
We think it probable that al
, holders of Tennessee bonds would
be perfectly willing to avail them
selves of such plan before the ex'
piration of the time given, and thai
our whole debt would be settled il
r short time. Of course we woul(
settle no debt growing out Of tn
. Torbett issue until the courts hav
passed upon it and settled
r that we must pay it, nor n
= other debt about which Their
= is a reasonable question. w
s believe that we are legally an
? morally bound to settle the bonde'
3 debt, and it is of this We speak
The main thing to be done is t
/. convince our creditors that We in
f tend to be honest, and we believ'
? they will be just. and magnanimous
!. Whatever is done will requir
/ such modification of our tax law
? as will enable us to meet the inter
i est on the debt as finally settled
e and this must be done in such
= way as TO convince our creditor
t that we mean to perform what W
r promise. Guardians and other
0 would take our bonds and hundred
of eur own people would invest il
!, them. A large proportion of then