Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1881-04-16
cav IN BE REAp5UsrEp.

~ Wv party anu tAANlA
official organs throughout the state
about readjusting the state debt and
thereby defeating the recent bill
passed by the legislature for its set
Element. There are some of our
readers who, perhaps, may think
this can be done, and who stand
ready and willing to follow these
angry demagogues in such a vain
attempt, and thereby foster and en-
courage a bitter and suicidal strife
within the already disorganized
ranks of the democratic party of
Tennessee. If there are any such,
we can only regret the fact, and
will herein endeavor to set them
right on this subject. The act to
settle the debt says:
Said bonds authorized to be is
sued under the provisions of this
act shall be dated on the first day OF
July, 1881, and shall be payable
nineiy-nine years after their date,
but the same shall be redeemable
w lnc SldlC at duI litnC dlACl tiC
expiration of five years from their
date, at the pleasure of the state.
Shall bear interest at the rate of
three per cent. per annum, payable
semi-annually on the first day Of
January and July, in the city Of
New York. Shall have coupons of
interest attached to each of said
bonds and for the %punctual pay
ment of the principal and interest
of said bonds the Iaith, credit and
honor of the state is hereby solemn
~ pledged.
Sec. 3. Be it further enacted,
That the coupons of said COmpro-
mise Bonds, ON and after their ma
turity shall be receivable in pay
ment for all taxes and debts due the
state, and said coupons shall show
upon their face that they are so re-
ceivable.
Thus it will be seen that these
bonds are to be refunded on July
/, 1881, or as soon thereafter as may
be possible, and that the coupons on
the same are to be made receivable
for taxes.
The demagOgues, if not their mis-
guided followers, who cry out and
seek to have this vexed and injuri-
Gus question re-opened, know well
enough that this latter section,
making the coupons receivable for
taxes, makes the settlement a on
tract, and puts the debt beyond the
reach of agitators and under the
protection of the courts, provided
the bonds are refunded before the
next legislature meets. 1t is hard
ly reasonable to suppose that the
bOndholders will delay the refund
ing of their bonds for two years
when they have a recent and posi-
tive warning before them in the
late example of Virginia. Virginia
passed a law settling most of herin-
debtedness, and gave n specified
time in which the bOndholders
might come forward and refund
their bonds. Some of these bonds
were to draw three and others six
per cent. interest. The holders of
the three per cent. bonds refused to
fund their bonds, thinking they
would get better terms from the
next legislature. In the meantime
the Malone party got into power,
and they not only paid a low rate
of interest but scaled the remainder
of the debt heavily. The bonds
bearing six per cent. interest, and
which were funded under the first
act, are now worth lis in the New
York markets, and the other bond
holders sadly lament their short
sightedness i'm not taking advantage
of the fine opportunity they had. 1t
will be seen that the difficulty in
their a 5 rests upon their failure I"
refund when they had the chance.
So if the bondholders of this state
should fail to refund their bonds
under this present law it would be
in the power of the next legislature
to rescind the contract in so far as
the bonds are concerned which are
not refunded at that time. But all
which are refunded at that time
will be beyond the reach of the
legislature. 1t will be perfect folly
to attempt any legislation to inn
pair their validity, and the sooner
that fact is realized and fully under
stood the better it will be for all
who are concerned. Is it not wise
to look at this important question
in all its bearings and calmly con-
slider the fearful consequences that
will arise to the state and the dem
Ocratic party if it is again agitated
We believe a majority of the peo-
pie of Tennessee are glad that it is
settled, and if they are not again
stirred up by designing politicians
and INSCRIPTIONS demagOgues, who
will seek to ride into power by
kindling anew their base passions
and prejudices, they will cheerfully
accent It as final and unrepeala-
bic and go to work with brave
hearts and willing hands to lift
this heretofore great incubus
from their prosperity and hap
piness. Take this damning sub
iect out of her politics and Ten
nessee and her democracy will see
a brighter day. The bonds will be
promptly refunded; they can never
be readjusted, and in a few years
Tennessee will be prosperous and
proud under a democratic rule.
PRESIDENT GARFIELD said, in re-
Spouse to a cOlOred delegation, the
other daV. that being a negro was