Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-04-05
DON'T DO 1T.

Tho Tennessee Legislature Is just at
this moment engaged In II dangerous bit
OF work-playing with fire ut the door
Of A powder magazine. The PROPOSE
tlon before that body, and which has
passed the Senate and awaits action by
the House, IL similar TO our Funding
hill of 1871, only IL does not require the
payment of either so much principal or
Interest; but II attaches the very obnox-
ious tax receivable coupon feature, by
which the bondholdcrs garnishee the
revenues OF the State for n hundred
wears. We cannot wish our worst enc
my 80 bad fate as has been forced up
fon Virginia by this artful coupon inven-
don, that leaves no option 10 the people
Al ali, and trusts nothing 10 their honcs-
ty. hut takes the money out OF the hands
6f their agents In spite of them before
A. reaches the treasury, and arrogantly
detlcs the sovereignty Of the State to
Interfere with the right given the crcdi-
tbrIy the Legislature. No, because we
nave been caught in the trap ourselves,
ana only escaped by the sacrifice of our
Tall, we are not, therefore, 80 selfish as
~ Wish all our nelghbors In the same
dx; but, teaching by our experiences,
we would be warming example TO them
that they might avoid the pit into which,
led by the blind, we 30 carelessly and ~
heedlcssly stumbled.
we cannot get rid Of the burdens I'M
poscd upon us, for the courts have de-
clarcd that the coupons arc an irrevoca,,
bic contract that must be enforced anu
whose obligations we cannot Impair, and
therefore until the time runs out---thc
tblrty-four years, when the six per cent.
eoupona will be cxhnusted--we must
"grln aud bear IT," receiving them IA
directed.
Fifteen millions Of our debt bears six
npd eight millions Of Il bears three pcr
cont. coupons, which must be received
free of any taxation for all dues OF the
state of Virginia. We agreed to this
with our eyee open, and In spite OF all
the warning voices raised against u, and
now VIC must abide by the contract
There II but one way 10 get rid OF II,
and that W by borrowing the money "
redeem the bonds and thus stop Interest
on them but although this has been pro-
posed, unfortunately we arc poorer than
ne Sultan of Turkey In credit, and
tIultt ~ lOOF w tOu NWh'f =" "N"'.e
aud cannot ai this time borrow single
dollar for any purpose, and must, there
fore, submit 10 the hard terms our credi-
tors In the moment OF our political and
financial weakness exacted.
The Tennessee papers are right IN re-
alatlng this attempt Of the Legislature TO
eaddls their people with such another
"Old Man OF the Sea" ~ IL now riding
Virginia 10 death and driving her people
10 tie verge OF anarchy. Don't let them
DO n, but Insist upon retaining the mas
terry of your own finances and the right
10 pay your own money out In such
quantities and nt such tunes as your
Legislature may provide for The people
"A lhtir sovereign capacity direct. DO
not place II IN the rewer Of any court,
Htalr or Federal, 10 Annul the acts OF
YOUR Legislature or provisions Of your
Constitution, and dlapose Of your reve-
nuNs as majority OF lts judgee may
ihlnk the law demands. he warned by
our unfortunate example, and retain
your freedom and sovereignty. Pay
your lust debts like honorable and hon-
sst men, but do not submit to being
bo,,nd irfsyocAbly TO the performance OF
tnH sbngation w giving q self collect-