The home journal. (Winchester, Tenn.) 1858-188?, 1882-07-05
AN ADDRESS
Issued by tho state Credit
Democrats.
Their Reasons for Departing
from the Action Of the
State Convention,

Inc undersigned, committee ap
pointed by the Democrats ofTennessee,
to present to the people Of the State the
reasons which impelled them to depart
from the action Of the lteadjusters, sub
nit the following:
The joint convention of the two wing.
Of the Democratic party, which assem-
bled ut Nashville on the goth instant
failed TO harmonic, and for the reas IN
that large majority Of those present
adopted resolutions in regard to oul
State debt plainly and distinctly in OPP
position to every declaration made here
tofore by the Democratic party and to
the fundamental principles Of Demo.
cratic government.
The resolutions declare the settlement
of the State debt made by the Legisla.
ture with our creditors to be unwise, be.
cause 1t is not in accord with the views
Of the people, and agreeing that what il
commonly called the State debt proper
shall be paid without abatement, except
war interest tenders to the other cred.
itors an offer to settle by paying one.
half the sum due in bonds Of the State,
bearing interest until maturity at the
rate OF three per cent. per annum.
| This offer was made after months Of
discussion through the press and on the
hustings, and, therefore, must be ac.
cepted as the ultimatum of majority of
the joint convention. The subject has,
for years, engaged the attention of our
people to the exclusion of almost every
other one of local interest. As far back
as 1869, when Mr.. Brownlows rule was
overthrow and the disfranchsed major
ity of the people took control of the
government of the State, resolution
was passed unanimously by the Lcgisa-
turc, and that overwhelmingly Demo.
cratic, declaring, "That the people of
Tennessee will never signalize their res
toration to the control of public affairs
by sanctioning in any manner an indil-
ference to public obligations" and that
expectancy, together with the honor
and good faith of the State, demand
that the interest on the public debt be
paid at the eariesc practicable moment,
and its principal securely provided for
Mt mnturity."
This utterance by the Legislature was
approved by the Democracy. and John
Z. Brown, their candidate for Governor,
in 1870 and 1872, obcdient to their
wishes, took high ground in behalf of
the State Credit, declaring everywhere
upon the hastings that it was the duty
and interest of the State to pay the en-.
tire debt. This position was sustained
at the ballot-box by majorities of many
thousands.
In 1874 and 1876 the Democracy in
conventions solemnly declared their pur-
pose to oppose reputation in every
form, and in 1880 affirmed it to be their
purpose and duty of the Legislature to
settle the debt with the States creditors
upon terms to be agreed upon with
them.
The Legislature, after conferrlnp
with the crelitors, has agreed upon
terms of settlement with them In &C.
cordance with the terms of this settle.
ment, embodied in bill, enacted into
law, now in force, the creditors are to
receive in payment, new bonds for sixty
per cent. Of tie sum now due, with a
graded interest of 3, 4, 5 and 6 per
cent. per annum
The offer was voluntarily made by the
creditors was the subject of discussion
between them and a committee of the
Legislature. THIS settlement recognizes
the so-callcd equities of the State, and
saves to it more than 81 100000 No
b)dy claims that it does injustice or
wrong to the people, in fact, everybody
knows that the proposal was made in a
spirit Of liberality that meets the appro.
baton of men of every party, for It is
not pretended that weare unable to nav
the interest as it shall become due, or
provide for the payment of the principal
1t maturity. The only objection offered
to it in the late joint convention is that
t lis unwisc" because it "is not in ac-
'ord with the views Of the people" c
For that reason, and that alone. as $
he resolutions adopted show, the ma. O
Drlty propose t, disavow the settlement d
nd tender an offer to the creditors up +
n the basis to which we have heretofore n
,ferred. h
The offer is not the act of II legislative d
ody, the law-making power of the n
tate. 1t comes from party acting in i
$ own interest, and is intended to pro. n
tote the success Of a party movement. n
IS intended, to use the works in ev- d
rybody's mouth, to secure Democratic d
armony and defeat what is claimed to q
a trick of their adversaries. 1t seeks I,
bind every member of the Democrat. n
party however strongly convinced he s
'ay be, that honor and fair dealing, n
10 peace and repose Of society and the n
ood of the State demand the full and r.
rompt performance of the contract al. a
lady made. "
In effect the action of the majority af h
rms that the State, in respect to its OBJ il
cations, disregarding every considera. d
on of fairness and justice, should abdi. Il
tie its high functions as sovereign 1!
ID its obligations to do equal and ex- b,
t justice, and leave every question,
neither involving the liberty of the &C
Teens or the rights of property, to be nc
termined by the majority of domi- M
Mt party. be
The minority in the joint convention "
mot accept the action of the majority tn
n correct exposition Of Democratic in,
timents, or consent to be bound by bo
IS a declaration of Democratic princi. sn