Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1881-04-09

mass al We AAANC aAWdH0 uuhC1SIOOd
it, been, that no settlement ought to
be made unless it met with the APP
prevail of the creditors, and this
found expires sion in the platform
adopted in the August convention
Of 1880, in the following plain lam
guage: "We leclare that we favor
a settlement upon the best terms
which can be agreed upon as a result
of negotiations" This clearly inn
piled an agreement upon the part of
our creditors.
1t is true that in view of the re-
suit of the Coe Arbitration, fixing
6O-6 as a just settlement, and the
subsequent agreement of some of
the states creditors to accept a set
Element at 80 cents, that our people
had reason to expect that an agree
ment to settle at 80 cents could have
been obtained, and indeed if the
democratic party had not been de-
feated by the c~auseless bolt of the
repudiating faction, there is little
doubt but that a 80 cent proposition
could have been secured. But the
s~tate-credit democracy and its poll
cies met defeat in November, and
only succeeded in electing 26 out Of
100 members of the General Assem-
bly,. This small minority could not
induce the lOw-taX members to o
operate with them, on the contrary,
thes were elected upon a platform
which pledged them to recognize
no part of the debt save what they
called the state debt proper, being
a little over two million dollars.
When the 1908 proposition was
made by the creditors, they met in
caucus, and resolved that they
would Oppose any settlement ex-
cept as tc the sO-called state debt
proper. During the debate in the
house upon the 1908 bill, repeated
propositions were made to them by
s~tate-credit democrats, looking to
an agreement upon a fifty cent bill,
but they were scornfully rejected.
Upon the other hand, the republic
can majority in the house u%nhesitat-
ingly declared that they would
favor no settlement save that pro-
posed by the creditors. In this di-
lemma were many state-credit
democrats, who had favored a set
Element at 80 cents, and opposed
making coupons receivable for
taxes. They we're compelled to
elect between the only settlement
offered and the only one which had
any possibility of passing, and a re-
lection of any settlement. The first
required them to accede to a settle
ment which was apparently higher
than they had been led to expect,
and with it to accept the coupon
feature. The alternative meant
either the triumph of reputation
or republican ascendancy; certainly
the defeat of settlement meant as
they saw it, the disintegration of
the s~tate-credit democracy and its
absorption into the ranks of repudi-
alton on one side, or of debt-paying
republicans on the other. They
could not secure such a settlement
as they had agreed to favor, and be-
tween settlement and no settlement
the majority nobly assumed the re-
sponsibility of voting fer the 1908.
After all, this settlement was
almost the equivalent of sos. The
interest was the same, and the prin-
cipal was thrown over to our de-
scendants, who should control the
state 100 years from now, and the
tears shed yer the burden thus
passed over to them, were about as
sincere as those shed over the grave
of Adam by Mark Twain. Besides
if those who resisted this basis,
were sincere in their desire to
speedily pay Off the principle, this
settlement afforded every OppOrtu-
nifty, for the low rate of interest,
three per cent. and the long bond
80 years-would make the market
value of the new bond not over
seventy-five, with a range between
fifty and seventy-tive. As the bund
was not due, the state could honor
ably go upon the markets, and with
its surplus revenue, buy and cancel
at the market price. Thus this set
Element Is the equivalent of 1913,
and thus a better settlement than
500.
This settlement isirrevocable and
unrepealable. The settlement be-
comes a contract, and as such, is
forever under the protection of the
courts. The opposition to it can
be effectual /; it a con
plish nothing. DemagOgues may,
for a time, endeavor to mislead the
people with the idea that it can be
re-opened; but the good sense ofthe
people will soon settle down to the
conclusion that opposition will be
of no avail. We congratulate the
people upon the fact that this ques-
ton is at last settled, and removed
from the:politics of the state. We
congratulate them that this body Of
death, which has so long encum-
bered our prosperity, has been re-
moved. We congratulate them
that they al again, with pride,
cherish the fact that Tennessee has
preserved her fair fame, and is yet
worthy of her ancient glory and re-
nown. No longer need they hang
their heads in shame, for Tennessee
stands redeemed and disenthralled,
her honor and her credit unfair
nished by the blight Of reputation.
let all chickering's cease. Lei all
bigh and low tax slike rejoice that
this question has at last been
,oIIv settled. We look for new me
70 fow in all the veins of the state