The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1882-04-05
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THE STATE DEBT.
Interview with q Veteran on the
-t,. State Credit Side. Il,
4'''++ 'f--3 Chaftanootia Times.

Interview with q Veteran on the ,
.,. State Credit. Side. Il. +,
Chattanooia Times
AT our request Major w. ;Jg Sykes,
OF Columbia, furnishes tis the following
as his views, on the present, status. of the
debt question and probabilities OF its
settlement :. s,...,
He does not intend to take any part
in the politicali CONTESTS of this year,
but as he had heretofore taken a some
what active part in. The, discussion he
didtnot hesitate, when. asked. to, give
his opinion very frankly upon this
question in which every Tennessean
was Interested. e..fs a-tf4 ti,aal 7
He was apprehensive that no settle-
ment would be made. This arose from
two causes On the one hand, the.
bondho!ders, or portion of them, did
not seem to understand the true state
of public sentiment in Tennessee, and
either could not or. would not learn. it,
That any proposition to settle this debt
at 6o-6 or 100 was worse than useless,
as it would not be acccptcd or sustained
by the people. Any settlement that
would not be SUSTAINED by then was of
no value to the creditors. ION the other
hand he. was apprehens iYe that any
offer that the State might make would
be such as would not be aoeepied by
the creditors, and such as would not be
consistent with the dignity ST the Statf {.
He desired harm Ony in the Dam oeEatic
apafty upon just aud reasonable settle
meht, but not upon one which, would
be far below the Malone settlement in
Virginia, which. was near, two thirds of
the debt with8 per cent. interest. and
this is far above a 5e;3ior even a 5O-4
settlement. He thought a settlement
between so and so 4 would be aceepta-
BILE to both debtors and creditors. Z" This
was not and should not be party ques-
ton. Any settlement should be accept
able to a majority of both parties in
order to be sustained.
AS to whether the settlement would
be coercive, that was not q matter to be
discussed. ANY settlement under 100
would be more or less coercive, be-
cause the creditors would get 1905 Fl
they could. The fact we have not paid
the interest for many years, and the
further fact that many of our people de-
sire not to pay more than g., SOC, 900 of
$27, 600, 600, make any proposition from
the bondhOlders coerced prop Osition.
The real question aud the true test is,
which is best and fairest under existing
circumstances-what settlemeutmWill
be accepted by, rather than acceptable
to, the creditors As they have hereto
fore propose 6O-6, 500, 1908, which is
virtually 500 and 50-4, makes it certain
that they cannotget more than q aver
age of those with the consent Of the
people, which is about sos, 4 and 5 or
SOD, SO. To go too higher or to come
too low would alike prevent a perIna-
nent settlement which is SO necessary to
the future welfare of the State. i a
majority of our creditors or the bond-
holders committee fail or refuse to make
a proposition which will be acceptable,
then our duty is plain. Let US accept q
reasonable proposition made by any
creditors or creditors, or let us make a
fair aud reasonable proposition to them
taking their own former proposition as
q basis. We must not refuse to settle
this question upon mere technicalities
or matters OF etiquette. If my creditor
will not make proposition to me
which can accept, will make one to
him for his acceptance or rejection,
rather than to pay him nothing. This
is practical.
1t is to be hoped that Tennessee will
not be compelled to drag her slow length
along, fettered by the chains of repudia.
ton, until her young men of energy, OF
spirit, and of pride of character will
leave her to seek homes in States free
from this stain. y.
The best disposition that could be
made of the question would be to refer
it to constitutional convention, where
the whole matter might be disposed OF
finally, the one way or the other, by a
reference of it to the people, irrespec-
tive of party.