Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1880-12-25

Are the Hondholdczs About 10
Commit EsIundcre
TThe following il cut from the
Knoxville Republican; it is address
sed as viii be seen to the holders of
Tennessee bonds: these gentlemen
may possibly listen to common sense
from a republican source which
they would recoil from in demo-
cratic paper we leave them to rum-
mate on the counsel Of those whom
they consider their friends.-ED.
CHRoNIcLE.l
Facts are facts; and the differ
ence between q fool and wise man
is this: the fool shuts his eyes to
facts and stumbles over them and
gets hurt; and the wise man keeps
his eyes ON the facts, and TANKS
them, if in his path.
A majority of the people of Ten
nessee are opposed TO paying the
state bonds according to their face.
We are not discussing the rightful-
ness of this opposition, we are only
stating fact. If the bondhOlders
think that the late election means
that there has been any chSnge IL
public opinion in Tennessee on the
state debt question, they are on the
brink of a pTecipice. There has been
no change in public opinion.
Whether right or wrong the people
will never endorse any adjustment
by the legislature in excess of sixty
and six: and we feel Justified in say
ing that any adjustment at a higher
rate will never be made by the legis-
lature.
The people are now in a mood to.
settle the dispute amicably, equit-
ably and forever. The republican
party is solemnly pledged to this
course. The state credit democrats
are in favor of settlement, but in
favor of a settlement that can be re-
opened. The low-tax democrats are
opposed 70 paying any part of the
railroad debt.
The republican party desires to
take the state debt question our of
pOiitics-n0t that it hurts us politi-
cally, but that II is not proper
matter for political disputation. We
lock on the honor of state as like
tie honor of a woman, and too
precious a jewel to be cast before
political swine.
This we say in recognition of the
facts stated, while we deplore the
facts, And recognizing these facts,
we had hoped the bOndhOlderS
would have the good sense and the
business foresight to have fastened
to offer terms that would be consist
ent with their previous PROPOSE
tons. The canvass in Tennessee
was made on this proposition. But
the b0ndholders, instead OF coming
forward with a basis of settlement
consistent with the logic of events,
have published a declaration that
they contemplate withdrawing the
offers of adjustment by them here
tofore made. This action on their
part has fallen on the state credit
men like a chilling rain when warm
sunshine was reasonably expected.
The bOndholders need not think
that the state credit men, republic
can or democratic, are in love with
them. We favor the honorable set
Element of the state debt, not be-
cause we love the bondholders but
because we love Tennessee. Not
that the bondholders have done any
wrong; not that they have asserted
any claims that were not legal; but
they have admitted that there were
equities in favor of the state that
appealed strongly to their consider
alton. And considering these equi-
ties they sOlemnly offered to settle
with the state at sixty cents on the
dollar, the coupons to be receivable
for taxes. The legislature refused
to accept this offer, and offered 80
and 4 instead. This latter offer was
rejected alike by the people and the
bOndholders.
The late election was held on the
hypothesis that the so and 8 propo-
sition was made in good faith, and
would remain open for acceptance
until the new legislature could have
an opportunity to accept or reject it.
And we here and now solemnly
notify the bondholders that any at
tempt by them to withdraw their
pending proposition will be looked
upon by the people of Tennessee as
an act of bad faith closely akin to
trickery; and will cause a reaction
in public sentiment that will be
gratifying to no one but the repudi-
ators, and that can lead to nothing
but damage alike to Tennessee and
to the bondholders themselves.
The debt question is not settled,
not by large majority. The bond
| holders have it in their power to
| have it settled. To effect this they
must deal with the people honestly,
fairly and openly. The tricks and
devices of the stock boards must be
laid aside. The arts of the gambler
in public securities must be Omitted.
The peoples representatives must
be dealt with, not as though the peo-
pie were rascals who had no rights
and whose heads were through hal
tiers, but as though the people were
honest, sensitive to aspersions, Grip
pied in ability, but willing to do
what was equitable and right-and
while willing, nevertheless too
proud to beg, and too independent
to be bullied.
We hope the bondholders will
consider these matters. Their lines
of retreat are over bridges too weak
to be trusted. They are now daily
ing upon the precipitous edges of
irresolution. A single misstep may
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