Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-03-10
GBe Daily C5roaitIt,
THE BASIS OF HARMONY.

On the receipt of the news of the
recent decision of the Supreme
Court Of Tennessee on the State
debt question, we gave it to the
readers of the CHRONICLE under the
prominent head line, "REPUDIA-
TION. :" For this we were taken
severely to task by at least one
Democratic newspaper, the editors
of which pretend to be, or have pre-
tended to be in favor of sustaining
the honor and credit of the State.
We paid no attention to what was
said at the time, believing that sub
sequent events would fully justify
our first conclusion.
Almost Immediately after the pros
mitigation of this decision, a majors
ity of the Democratic newspapers in
the State that had stood up for
State credit, came out in favor of
some policy, which none of them I'M
dertook to define, that would har-
monte the factions of that party on
this question. They only said that
mutual concessions were necessary to
bring about the much desired event
The mutual concessions are com
ing.
The first formal movement in this
direction was made at meeting
held in Memphis, Tuesday evening,
March 18th, i'll which it is claimed
that ''high-tax, ''low-tax" and mo
tax" Democrats participated, and at
which the following preamble and
resolutions were adopted;
Whereas, We recognize a great
variety OF opinions among the people
of the State rs to what would be a
Just and proper basis on which to
adjust and settle the public debt of
the State we think it would be wise
and patriotic for those favoring the
highest figures and those favoring
the lowest to make mutual conces-
sions and compromises, and agree
upon Il common basis for
an equitable and honorable
adjustment and settlement of the
debt, and therefore, speaking for
ourselves as one of the communities
of the State, be it
Resolved, by the Democrats of
Shelby County in convention assem-
bled, That in view of all the circum
stances, conditions and misfortunes
that have afflicted the State for the
last twenty years, the vast destruc-
ton of property, and the general
ruin entalled on the State by the
late war, the impoverished condition
of the people resulting therefrom,
and their consequent impaired ability
to pay, the shrinkage in values of
nearly every species of property, and
the reduced prices at which the
bonds of the State have been pur
chased, and the equities in the case,
we favor an adjustment and settles
ment of the public debt on basis
of fifty cents on the dollar and in
terest at the rate of 3 per cent per
annum, and it shall be our unaltera-
bic determination to stand by and
execute such settlement in the ut
most good faith.
Resolved, That we cordially invite
the Democrats of every-county in
the State, irrespective of their pc
culiar views, to cooperate with lis
in this movement, and with this view
we respectfully and earnestly recom>
mend to the State executive cons
mittee of both wings of the party, to
issue call Immediately for an elec4
ton OF delegates in the various coun-
ties of the State on the first Monday
in June, to attend State Democrat
ic convention, to be held at the Capt.
toll in Nashville, on Thursday, June
l5, 1882, for the purpose of consid-