Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-07-09
THE DEBT CUES IONIN TENNEs
GEE.
>har tha People BE HI nest or Dis
hOnests- he situation Phn "Sr PHI
ed by an Adv0c it OF Hepudiats0n.

To the Editor of the Cincinnati Gazette.
LIBERTY, Tenn, June 59.-The State
debt question split the Democratic party of
Tennessee wide open last summer, and
Republican triumph was the result.
This question is still unsettled, and is the
source perpetual
Wrangle sand
War whoops
Between the politicians of all parties and
shades of opinion.
In 1878 the bondholders fell fat on their
bellies and pleaded with our people as fol-
lows:
"Pay us fifty cents on the dollar and
per cent. interest and we will consider the
debt as cancelled"
But our people felt in their bones that
they didn't owe fifty cents on the dollar,
nor anything like it, so they went to the
polls and knocked the proposition into a
| cooked hat
Then the bondholders opened their barls
| and succeeded in packing the Democratic
State Convention OF 1880 with majority of
delegates who, to the
Cnnk and
Jingle
OF the dishonest dollars in their pockets
proceeded to put plank in the platform
which committed the party to the 20 and 4
swindle-in other words, plank that recog-
nized S13, 500, 900 of the alledged debt, to
| say nothing of the interest.
Thereupon the
| Unbought and
| Unbuyable
| Delegates made bolt, held convention
nominated a ticket, and declared in favor of
paying the honest Indebtedness of the State
but not a pewter penny more.
''We viii pay for the Capitol Building, "
they said, 8 and the Hermitage, and the
agricultural and school bonds, where the
latter are untainted by fraud but the rail-
road bonds were conceived in sin and
brought forth in iniquity, and not a red
cent of them will we recognize"
According to their calculations the valid
Indebtedness of the State was only 50, 500
900, or S11, 900, 900 less than the sum ac-
knowledged by the SO and convention.
The Republicans favored settlement on
the basis of sixty cents on the dollar, and
per cent. interest
While the Greenbackers swore that they
farthing more than 50, 125, 900.
WE'LL the State election was held on the
same day that the Presidential election came
off, and the vote was, therefore, under the
supervision of United States marshals.
Owing to this fact, the niger vote was
protected.
That vote was cast solidly for the Repub-
lican ticket
And that ticket went through whoop-
ing.
1t was bad enough. the Lord knows, tina
the white people should be sold out by the
politicians, who sought to commit oul
party-and succeeded in committing par
of ito the so and iniquity.
1t was still worse when the nigger--whc
owns no property, and for whom taxation
has no terrors- should carry the State il
favor of the 60 and infamy.
But the measure of wrong, outrage anC
injustice to the toiling taxpayers of tn,
State was filled to the brim by the
Thieves,
; Sharks, and
ii Vampires
. Who hold the fraudulent bonds,
How?
will tell you:
The moment that the radical governo
elected by the radical guinea bucks was wei
in his saddle, the bondholders stepped for
ward and said
We revoke our former proposition--w,
repudiate it in toto. We will make no com
promise. Our bonds call for $4,000, 900
and you must pay it. dollar for dollar, will
3 per cent. interest, until the last penny il
paid"
And the governor, in defiance of the fac
that he was elected ON the so and platform
l. Il
mending that body to comply with the de-
mands of the bondholders-- Recommending
103 as fair sediment of the whole ques
ton.
The legislature kicked at first, but the
bondholders opened fresh bar'ls, and the
measure was finally passed by the very Skin
of its teeth-a .leao members 0oting for 1T aoht
lad gOted 10 defeat 1T the eery day before.
1t was with deep and burning sense OF
injustice that the people heard of the re-
suit, and men of all parties united in de-
nouncing the reckless scoundrels who ere
| trying to make our citizens nothing more
and olhing less than hewers of wood anc
drawers of water to handful of rascal,
SPECTATORS
Indignation meetings will be held through
out the State on the 4th of July, and tn,
white manhood of Tennessee will see to i
| tIlat the IUo outrage is never cOnSummateu
Aye, they will prevent it, PEAcEABLY Il
THEY CAN, BUT FoRcIBLY IF BENIGNAN,
MEANS SHALL FAIL.
Why?
Are the people of Tennessee dishones
because they propose to defy this law?
No.
They are as honest as any people Jude
. the clinging sun.
, But they know,
And the bondholders know,
That the railroad bonds are
Wormy,
Putrid and
Sinking
With fraud, FRAUD, and noting unde
Heaven but FRAUD.
There be men in Yankeedom and Europ
who have lived in luxury and splendor fo
years and years on the interest of thes
misbegotten bonds, and now they cry OF
for
The principal, in order that they an
their posterity may dwell in palaces an
riot in plenty.
If this highway robbery were submitte
to it would
Bankrupt cur State.
Reduce nine-tenths of our people to per