Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-10-28
souralas POLITICAL INTELLIGENCE
Now YORK. world

New York World
1t Is sorry sight to see the fac
tons OF the Democratic party in
Tennessee fighting each other so
bitterly that Senators jackson and
Harris have been canvassing the
State together, each speaking
against the others position and
this sorry sight would be less hui
initiating than IL is II the quarrel
were &. quarrel of only local impor-
lance. OF momentous local impor-
lance, of course, IL Is, but it has
come to be of national Importance
to the Democratic party. Whether
Tennessee shall pay or repudiate
her debt concerns only the State
and her creditors; but whether the
Democrats of Tennessee repudiate
the debt concerns the whole Demo-
cratic party. The debt-paying, or
Estate Credit Democrats, who are
striving to maintain the credit of
the State, deserve the recognition
and encouragement of Democrats in
every other State.
The course OF events in Tennessee
has been parallel to the course of
events in Virginia up to the time
when Malone sold himself and his
party to the Republicans. The Re-
adjusters in Tennessee, still claim
| ing to be Democrats, attempt to
defend their position by saying
with reproach to the whole party
that the Democrats antagonized
Malone, not because he was a repu-
diator but because he betrayed
| them. 1t is a silly and untrue de.
| Tense, for even if Malone had never
sold himself, and if he still pretend
ed to be Democrat, the Democrat
ic party in Virginia would have the
same position that it now has and
should be held responsible for re-
pudiation. The staunch Democrat
ic party in Tennessee therefore
deserves credit for its opposition to
reputation precisely as the staunch
Democratic party in Virginia de-
served credit when the repudiating
so-called Democrats and their allies
brodght shame upon the State; and
just as the party in Virginia has
clean hands, SO in Tennessee,
whether or nor it can succeed in
saving the honor of the State, it
will save its own honor, and there
by the honor of Democracy. 1t
upholds the rigid Democratic doc
trine of an honorable settlement of
the debt that has been set forth in
every State Democratic platform
since 1872, except in the platforms
of the "Low-tax" or repudiating
faction.
According to proposition made
last winter by a committee of the
States creditors, and accepted by
the Legislature, the whole debt of
the State and the accumulated in
terest is now funding in this city
in bonds at SO per cent, which
bear 3, 4, 5 and per cent. interest.
Although the funding is going on
rapidly, at lower rate, too, than
the State had any right TO expect
from the bondholders, the repudia-
tors are crying out against it and
they propose to annul this whole
action. The State has been unfort-
innate in the management of very
large part of the debt. For mil
lions OF dollars of its bonds it has
received no adequate return, but
this does not in any way relieve it
of the obligation to pay them. If the
repudIatOrs elect majority of the
members of the next Legislature,
they can at least refuse to levy tax
to paythe interest on the new bonds
and thus again cause endless confus-
ion, another pOstpOnement of the
settlement and perhaps ultimate re-
pudiation. But, whichever party
elects majority of the members of
the Legislature, the estate Credit"
Democrats will save the Democrat
ic party from the responsibility of
reputation in Tennessee precisely
as the funders saved the party from
the responsibility of reputation in
Virginia. Malone denied cardi-
nal Democratic principle and ceased
to be a Democrat the moment he
became repudiator. The repudia-
tors in Tennessee may continue to
call themselves Democrats, they
may vote for Democratic candidates
for Congress, and when the quarrel
shall have passed they may, as
many regulators in Virginia have
done, join the party again; but they |
have forfeited their right to be rec
OgniZed now, and certainly the |
party will not be held responsible
for their blame-worthy action.
Tennessee is able to pay every dol
lar of her debt, unfortunately man.
aged as large part OF it has been,
and she ought to have paid it long
ago.