The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1880-09-15
ITS EFFECT ABROAD.
The Commercial Estimate of the
Action of the Tennessee
Democracy.

party, the repudiatiouIsts, so called,
having held meetings secretly and
formed the plan Of Overlhrowing the
State credit wing and then declaring
themselves the regular party in the
State. An attempt, it is said, was
to have been made 10 do this in the
convention for choosing delegates TO
the Cincinnati Convention, but it
was given up because & count reveal
ed that the Sta,e-credit people we're
in the majority.
The next step was 10 capture this
recent State convention and declare
in favor of poslponing all action in
reference TO the debt until after
decision is reached in the case of
the New York bondho!ders against
the Tennessee railroads. iArgu-
ment on this was begun in Nashville
April 27. Iast.) But a State-credit
man was chosen temporary chairman
of the convention by vote of $40
to 293. and he made pronounced
speech on that side, which was re-
ceived with applause another State.
credit man was chosen permanent
chairman, and he followed with a
speech in the same vein, denouncing
all forms ofrepndiaLion. A straight
out" debt-paying man was nomina.
ted for Governor. The repudiation.
lists, after making a sharp fight
against the majority report from the
committee on resolutions, signed by
81 out Of the so members, at last
seeded and held a convention Of
their own. adopting a platform and
making a nomination. They favor
the payment Of two millions only Of
the debt; deny tie validity of bonds
for war interest; oppose tax-receiv-
able coupons, and favor the submis-
sion to the people of all propositions
for debt payment. Upon this last
point they made their sharpest fight
in the regular convention.
Tennessee debt stood at about
2O1 millions in bonds and little
over 4 millions in past-due interest,
at the beginning of 1879. More
than two years ago large body Of
the bonGholders offered to fund at
SO cents, and the Governor, at the
beginning of 1879, strongly urged
the acceptance Lof this proposition.
On Feb. Is, 1879, proposition from
New York bondhOlders. made in
January, to receive 6 per cent. So
year bonds representing go per cent
Of principal and accrued interest, or
4 per cent. bonds. with tax-receiVa.
BILE coupons, for the full face of the
bonds and interest, was referred to
the appropriate committee of the
Tennessee Senate. On Feb. 10 the
House refused. IL to 32, TO adopt a
resolution for settlement by 4 per
cent. bonds on the basis Of so cents,
but the opposition was understood
to be upon grounds other than the
intrinsic merits Of tbs proposition.
In March the legislative investiga.
ting committee submitted two re-
pOrts--a majority aud q minority
one-the latter arguing that there
should be no discrimination between
creditors, and that all outstanding
bonds should be met as they are the
Senate committed the majority re.
port, which recommended the rejec-
tion of certain bonds. and the fund
ing Of others on terms varying from
83 to so cents. March 81 the fund.
ing bill was passed, to settle at so
cents and per cent. interest. and,
shortly after, the bondholders' com.
mittee reported TO the Governor that
two.thirds of the States creditors
would accept this.
The degree of significance to be
attached to the split in the conven.
tion and party is less than Gight be
supposed, for it is literal rather than
actual, the repudiationists being
able to muster in their convention
only 20, while the vote for their can.
didate for temporary Chairman in
the full convention was 293, and the
full vote was 1888. The persistent
mo cEedit" men are thus only q
small fraction Of q small minority,
aud the treatment Of this subject by
The full convention may he taken as
fairly representing public opinion in
the State. For we must remember,
in the frs. place, that public opinion
on such a subject is not an abstract
one about the merits of a debt. but
concerns the very practical matter
Of paying it, and that the burden.
someness of the payment goes very
far 10 determine the view taken of
the obligation; next, that Tennes.
see. with the whole South, is now on
a somewhat improved condition. The
State has escaped pestilence this
- "a o.o., docoav1a are