New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-23
THE TENNESSEE DEBT QUESTION.
sprcrLATIoys AS TO THE PROBABLE ACTION OF THE
NEXT LEGISLATURE.
TRY TELEGRAPH TO TIE TRIBUNE.

lBr TELEGRAPH TO TIE TRIBUNE
WASHINGTON. Dec. 22-The course of the Ten
nessee Legislature which meets In January, on 'he
state debt question is looked forward to with some
anxiety by the better class of Democrats here, who
DO not want 40 see their party diScredted Just by
double act of repudiatIOn--the reputation OF
part of debt which has been scaled down already.
and the reouliatiOr of settlement just made with
the States creditors.
The process of funding the debj at sixty with in
terest at 3, l. . and Ter cent under the law of
this year. progress, bat 1t is expected that the
incoming Legislature, which has a l6w-tax or re-
udIation majority of more than fifty will over
throw the settlement of last sprng and offer the
holders of S27 900 900 out of the 100000 only
30 cents on the dollar with 3 per cent inter st.
his IS III fact. amO t inevitable, seeing that th1
campaign was fought that issue, and lntelli-
gent Southern Democrats who take special
in crest in the matter say that 1t is
at ieast q question whether the pond
holders will not be wise to accept even
such settlement, the danger being chat If 1t Is re-
cct ed the low-tax ,mocrats will then 60 ore step
further and repudiate the whole debt; The repu-
ddtOn spirit is growing in Tennessee. They point
to the fact that General Bate the Governor-eiect,
said in the campaign that If the bondholders would
accept the tiftythTee proposition lac would let
tncr bonds 'mOul0er ana fo' ; anu th' loHo VI 'o
low-tax press has been very bold. Nothing, indeed,
conld well have been bOlder than the declara-
tIons of the low-tax cOnvchtlon winch
denounced the settlement made by the Legislature
not as one which it was beyOnd the ability
of the people to meet but 'unwise' because mot
in accord With the views Of the people"
Southern men here who take gloomy view OF
the outlook in the ate say that party which IS
capable of declaring as the iOw-tax Democrats did
in their papers throughout the campaign. that be-
cause they represe jed twO-lhIrds of the wealth OF
the state they had the night to say how the debt
should be paid, will not hesitate long for an excuse
10 rerudiate the whole debt. Their pretexts and
arguments are so hmsy to show that they
are really relying on the population spirit
and on nothing else. They propose, for example,
70 nav the holders # $1,000, 600 of the
debt in full and the remainder on y one half, on
the pTetext hat tie later portion went through
yarlons processes of crest fun ing, ETC.. whie
tho Democrats were disf anchiscd during and atier
tbe war whereas the s. 100000 was issued Tor In
ternal improvement :, etr., lOhg be.ore the war.
The re Il reason Tor their Willingness TO COncede the
validity of the old DEBT u.s. O1 course, tbdI 'he
amount OF it is very small.
so far from the states Oelng unable 10 pay inc
drbt, the census shows that the whole
can be pad in at mo!t aSy iOwer o,ber rae Stale
IN the Union. The only hope of preventing
The forclO ole readju nen' which is now expec ed,
ems to lie tne warnings OF the press, Within the
S,ate ana without, that capital Will not go 10
state where repudiatOrs rule; Democra's mere
frankly confess that of their reasons for not
wan ing to see the roauj justment 20 through rs Il at
tbev wont be able then to throw stones at the Re
puOhcans Oh account of MahOne.