The home journal. (Winchester, Tenn.) 1858-188?, 1882-01-18
HON. JMo. v. WRIGHT.
His Position on the state
Debt.
Tho Causes Of His Defeat
Clearly Set Forth.

NOIt MBih, IENN', DpN. 80, 'cNh'
Hon. w. N. Cowden: Dear Sir-ln
the News Of the 22d you say: "lf Judge
Wright pledged himself to veto any set
tlement above 5O.4, we do not know it.,
and do not believe it," You are right.
| made no such pledge at any time, at
any place, or TO any person, either pub
licly or privately. The democratic par
ty in the platform which they made, and
on which / was nominated for governor,
made no ouch pledge, nor was it suscept-
ible Of any such construction My po-
sition was clear and unmistakable, and
on all occasions was in perfect harmony
with the platform Of the party. In
that platform four distinct propositions
we're clearly get forth. /. The validity
Of The bonded Indebtedness Of the State
of Tennessee was admitted. 2. The
democratic party were in favor of a
speedy settlement Of the whole debt.
3. 1t favored the best settlement which
could be obtained by negotiation and
agreement. 4. IT was unalterably and
utterly opposed to reputation in any
form. 1t was for the maintenance OF
the public faith, state and national.
With these positions clearly and dis
tirctly set forth, accepted the nomina-
ton, and if at any place or at any time
| deviatcd a hairs breadth from their
open aud undisguised advocacy, even
against the heaviest pressure, am not
aware Of it. 1t is true that ] expected,
and 50 stated, that if the democrats
succeeded we would be able to get ma
terial reduction of both principal and
interest, and | believe so now. This
idea was based upon the fact that the
holders of our debt had at one time pro-
posed voluntarily to take 90 cents on
the dollar, with 6 per cent. interest,
and some of them afterwards offered to
take 30 cents on the dollar, with 4 per
cent, interest. Both Of these PROPOSE
tons were rejected, the last named one
by vote Of the people at the ballot
box. 1t is true that in my address |
tried TO show what the debt woald be if
reduced to these two standards, and
what amount Of taxation would be nee
essary in order to carry such settle
ment into effect, and said it would not
require more than 10 cents tax On the
800 to do it, precisely the amount Of
taxation levied to carry ont the provis-
ions Of the settlement made by thc pres
ent legislature.
These facts the people all over the
State know TO be true, and any attempt
to misrcprcscnt me or my positions will
be futile. ] was defeated not by the
republicans who | told the people would
probably, if they got in power, settle
the debt at 100 cents ON the dollar and
6 per cent. interest. There was nothing
in their platform or in the announce
ments of their candidate which demand
ed either negotiation or agreement. 1t
is true that the candidate Of the repub-
lean party did say that he would be
glad if the creditors would offer reduc-
lion, but at no time did he propose to
negotiate with them for a reduction.
| was defeated by democrats who
were opposed to settlement at 60 and
6 and SO and 4, and who were unwill.
ing to settle on any terms, the great
bulk of the debt, but proposed to settle
only about one-tcnth of it and leave the
balance unprovided for. These same
men or their representatives in the leg
islaturc refused to join the state credit
democracy in the passage Of substi-
tute, cmbodying 5O-4 settlement
This last remark may not be true as to
all of them, but it is certain that many
of them did. This state of affairs exist
ed when the creditors as | suppose offer
ed to retain the principal of their debt
and reduce the interest to 8 per cent.
which was precisely the same, so far as
the vote of taxation on the people is
concerned, rs if they had agreed to take
so cents on the dollar with 6 per cent.
interest.
If the members of the Legislature who
were elected as state-crcdit democrats,
on the position that they were for the
best settlement which could be obtained,
believed the one offered to be the best
which could be obtained, then there was
neither treason nor Inconsistency in vo-
ting for it. If there we're other state
credit democrats who honestly believed
that better settlement could have been
obtained by defeating the one offered,
then no one can blame them for voting
against it. 1t was not the settlement
which !, together with my political asso-
ciates, expected or desired, but if it was
the only alternative by which the state
could be saved from the stain of rcpu-
diation, then it was intellectually more
desirable than the latter, During the
pendancy Of the bill, whenever inquired
of, | universally announced in sub
stance the above opinion, and my opin-
ions were published at the time.
lth tue pleuges when any member
may have made to his constituents, |
have nothing TO do, That is matter
between him and them, With the pas.
sage of the bill, | had nothing to do fur.
Their than whatever little influence my
opinions as above stated may have had.
did not converse with my own immc-
ilate representatives on the subject
prior to its passage. As to the present
status CT the whole matter, ! have but
title to say. The whole question is
low before the supreme court Of the
tate, comprised of judges elected BY
he people Themselves and supposed to
De possessed Of wisdom, learning and
lnblemishod characters Whatever
heir decision may be shall be content