The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1882-05-04

A just, Practical and Simple
Solution of the State Debt
Settlement.


democratic state credit standpoint. L
believe we owe the debt and that it
ought to be paid, but how are we 60
ing to do it? This is the absorbing
question. This is the question which
has divided the democratic party and
given the state to the republicans. 1t
was a question of no easy solution be-
fore the late supreme court decision,
and now it is even more complicated
than ever. In fact it seems to me that
it has rendered any satisfactory COM
promise at this time practically impOs-
sible. Let us look at the facts as they
actually exist, Invested of our opinions
as 20 what they ought TO be. The
state owes a bond OF 800 bearing 6
per cent. interest. The creditors offer
TO fund it into a new bond of 500
bearing per cent. interest, the latter TO
be secured by making the coupons re-
ceivable for taxes. The supreme court
says it is unconstitutional to give this
security, and the legislature has no
power to make a settlement that will be
binding more than two ye9rs. This
leaves us in state of practical repudia-
ton, with no power to contract with our
creditors for a permanent settlement
upon any basis whatever. What are
we to do? What can we do? Looking
at the stubborn facts as they exist, in a
practical, common sense way, L do not
see that there is any permanent and
satisfactory compromise possible upon
any basis whatever. Besides, the
creditors are unable to agree among
themselves as to figures, and the debt
ors are worse divided still. Then il
creditors could agree among themselves
o. ? of
harmony in their own ranks, their two
figures would be so wide apart that
agreement would be impossible. But
even if an agreement were reached,
there comes in the late decision to
defeat it. Then the question recurs
again, what can we do? The latest prop
osition of 80 and 4, 3 and 6, is farce.
1t comes from less than one-fourth OF
the bondholders, and should not even
be entertained by the governor or the
legislature as respectable. Another
extra session of the legislature and an
other series of printed bonds woull be
but another fruitless and unnecessary
expense TO the state, as no legislature
can settle the question under the con-
stitution, and no settlement by 1.-THE
present legislature would be acceptable
to the people.
But, Mr.. Editor, there is one way out
of the trouble, and it is the best, easiest
and most practical way, alter all. 1t
may not meet the views of professional
politicians and demagogues who have
private ends to accomplish and offices to
gain through the perpetual agitation OF
this question. But this question can
never be settled by the politicians. 1t
must be done by the democratic people
through their primary meetings and
county conventions. Let them select
delegates who have no axes to grind,
men who want this matter honestly,
and permanently settled.
With this view | have below formulated
a platform for the adoption of the dem
ocratic party of the state, upon which
think all democrats may unite without
the surrender of any preconceived opin-
ion or principle whatever, which | re-
lieve will put this question to rest in 4
manner satisfactory alike to debtor and
creditor-to high takers and low tax
compromising either the
rights OF the one or the honor of the
other. The state convention is invited
to adopt it because, LIST, it is right; End,
it will harmonic the party; Bird, it will
assure democratic success; 4th, it will
satisfy the creditors and settle the
question:
RESOLUTION.
The democratic party being the DOM
inant party in Tennessee by an over
majority, it is a self-evident
fact that it is the only one through or
by which a settlement of the state debt
question was ever possible, as no settle
ment could stand unapprOved by that
party, and believing that under the late
decision of the supreme court a settle
ment that would be either permanent,
satisfactory to the bOndholders, or pro-
luctiye of good to the state or its cred
tors, is rendered practically impossible,
and believing that as we can offer the
creditors no better security than they
now have they would wisely decline to
'und their old bonds into new ones
Of less denomination and bearing a
smaller rate of interest, thereby reduc-
ng their claim against the state without
my additional assurance of the payment
IL either principal or interest hereafter,
and believing that any attempt now to
and settle the debt would
lot only not be productive OF good re-
suits To either debtor or creditor, but an
expense to the state and a
urther complication of the question.
H..
he democratic party will for the pres
mt waive the question of compromise
With the creditors and will hereafter,
until such time as circumstances may
'ender n settlement practicable, favor
uCh legislation as will from year to |
rear, without oppressive taxation, pro-
'ide a sufficient revenue to meet the |
current expenses Of the state, ecOnomi- |
ally administered, and 4 reasonable |
urplus from year TO year as the pros |
,erity ct the state may justify, with !
which to reduce our bonded obligations;
nd It shall be our purpose at each bien
Iial session OF the Legislature to pro-
ide for the purchase of bonds in the |
market 20 the extent of our ability.
Believing that this is now the only
easouable, just and practicable sOlu-
ion of the state debt question, as it now
lands, we cordially invite all parties To
mite with us in its adoption and eXecu-
ION, believing that rs the wealth of the
tate increases from year to year the ra-
% of redemption may be increased ac-
without burden to taxpayers,
nj as the ratio of redemption increaS-
; and the debt becomes less and less the
onds will appreciate in value, ana IL
ally in few years the debt will be
entirely, and at figures
lore satisfactory to creditors than
Duld be obtained through any refund
x settlement now possible. At pres
nc we are practically in a state OF rcpu-
IatiOu, no interest having been provid-
for during the past several years, and
being now impossible under the SUI
RENE court decision TO give our cred
ors any assurance that it will be pro- |
ided in the future, we believe the {
and the people, both state {
edit and low tax, will cordially unite l
it'll MS 10 bring this question which I
IS so SOrely burdc ned and VeXed the
sOple and their creditors to a simple {
luton, and the debt itself to a speedy
nj final reduction. Anything less l
ould be unjust to the bondhOlderS. q
nything more is impracticsble, if not l
possible. i
Now, Mr.. Editor, what do you say OF a
y sugEeStion2 Since il was written l i
we submitted it to a number of gen Fl
men representing the two extremes L
low tax and state credit, including q
chairmen OF the two committees, and a
ey all give it their unqualified en- o
rsement. Besides, have the asSur- u
&c that many low tax republicans p
ii vote with the democrats on this a
ltfOrm. Now let us lay our preju- n
,es and impractieable theories aside d
d adopt the only possible way out of $
r difficulties. DEMOCRAT. L
Society Bellies 81