Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-08
Cgt 9ailp G5ronitle,
IEntered at the PoSt-Office at Knoxville, Ten
eossee, as Seeond-claSS matter
FRIDAY, APRIL 8, 1881.
THE PRESS ON THE DEBT SET.
TLEM ENT.


We surrender our entire editorial
space this morning to comments of
the press on the settlement of the
Tennessee debt question, as our
readers would doubtless like to see
what impression it has made upon
the press of the country:
Louisville Commercial (Rep.).
We print this morning the best
news from Tennessee that has come
from the old Volunteer State for
many long day. The Senate by
vote of thirteen to twelve, a small
margin, but a sufficient one, has
adopted the house bill for funding
the debt on the 1908 basis; that is
on tue plan of issuing bonds to run
50 years for the full amount of the
debt at per cent. interest. This
settlement is satisfactory to the cred
itors, because it was proposed by
49, it. is honorable to the State,
80 o aus" IL PrU'iaos for the payment
fetal to the people of Tennessee
because it disposes, on fair and not
burdensome terms, of a controversy
which has stood in the way of her
material progress and infected
her politics with mischieyous sug~
gestions for years past. *
We are proud and glad of the record
that Tennessee Republicans have
made in this matter, but we give full
credit to those Democrats who la
bored in the same good cause. Ten
nessee will stand higher before the
world, and her people will breathe
freer for yesterdays work. She has
done her duty and set good ex-
ample, and if she had only the testi-
mony of good conscience bel
resources would be ample, but she
will have much more. Materia
prosperity will come to her in amplel
measure than ever, and her imperia
resources will be developed to i'm
perial wealth.
Courier journal tDem.)
This bill meets every demand OF
honor and of Justice it has no taini
Reputation in any line of it. The
debt and accrued interest amount t.
S27,000,000, and the annual interes
at 3 per cent. will be $4,000. TIL,
assessed value of property in th,
State is only S211, 768,436, which il
very much below It's cash value; bu
.on this assessment tax of 361 cent?
will be sufficient to meet the inter
est, while for several years 10 cent
has been ample to pay all the ordina
~ expenses of the State, and leave
constantly accommodating balance il
the treasury. This shows that til,
condition of Tennessee, instead O
being desperate, is enviable, and nov
that she redeems her pledges anI
maintains her honor, she places her
self in the foremost ranks of tn
growing and progressive communi
ties.
The struggle has been very loni
and very bitter one, all the longe
and more bitter because of the tim
idity of certain men occupying tn
position of leaders in the Demo
cratic party, men who doubted bot
the intelligence and integrity of tn
people, and, believing the grea
masses were determined on repudia
ton, lowered their standard, and, i
the interest of Harmony" and Q
party expediency," urged men t
stife their consciences and betra
their convictions, in order to kee
the State out of the hands of tn
Republicans.
Here follows a history of tn
struggle of the State-credit elemen
in the State, of the split in tn
Democratic party, and the final re
suit of the election, the article COZ
Guiding as follows:
The legislature came fresh frol
the people, but there were gray
doubts of any settlement bein
reached. In the first place, from
party standpoint, it was evidently
the interest of the Republicans t
postpone any definite settlement, fc