Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-06-17
WILL 50-4 HARMoHIzE.

as no longer an open question. The
second demands that the settlement
made shall be readjusted after the
manner of the unhappy state of
Virginia, and the canvass made
upon a proposition to repeal the
settlement act and forceably settle
at 50-4.
The main objection to the settle
ment made by State credit men, is
not that it is unjust, extortionate,
or illiberal, or beyond the ability of
the State to meet it, but that the
success of the Democratic party In
the next State election demands
that a Democratic policy shall be
formulated with which to oppose
the settlement sustained by the Re
publican party, and it now seems
that the men who are demanding
what they are pleased to call a DEM
Ocratic settlement haveabout agreed
To substitute 5O-4 for the act of set
Element now the law of the State.
IL the matter is to be looked at from
the low standpoint OF party success
and party harmony, will this 5O-4
policy bring about the desired re-
suit? We now confidently predict
that no policy will bring more GER
tain defeat, than an effort to unite the
Democratic party upon a PROPOSE
tiOn to readjust the late settlement
by substituting 5O-4 for it. The
reasons for this prediction are obvi-
Gus. First, there are at least %, 600
State credit Democrats who have at
all times conscientiously insisted
that the bonds OF the State should
not be scaled without the consent
of the creditors, and hence have
stood fast by the principle that the
creditor must be consulted i'm any
proposed settlement. Some State
credit men innocently ask, why
such men cannot now support 50-4
having ii in 1879? The an
swer is obvious. The act which
proposed a settlement at 5O-4, dis
tinctly provided that it should not
become law until it had first been
ratified ut an election held for that
purpose, and next that the Govern
or should only order such election
when creditors holding bonds equal
in amount to those who had suD-
mitted the proposition for settle
ment at COG, should have signified
their willingness to accept settle
ment at 5O-4. The Governor did
issue his proclamation ordering the
election so required and he did, over
the great seal of the State, declare
that the creditors had signified their
willingness to accept the proposed
settlement. Thus these men, stand
ing then as now, upon the PROPOSE
ton that the creditors must first as
sent, could and did cOnscientiously
vote for that settlement. Another
and stronger reason with such men,
for opposing the proposed policy, is,
that the creditors and the State, by
and through the only methods by
which State can bind itself, have
sOlemnly and legally agreed upon
terms of settlement, and already
the holders of our bonds are fund
ing their old obligations and receiv-
ing receipts calling for the new
bonds so soon as they can be EN-
graved, and it is stated that one
million of old bonds were thus Ia
ken up upon the first day the States
officers announced themselves ready
to make the exchange.
Thus to now favor SOL, is to sup,
port redduStnaent of a settlement
sOlemnly agreed upon and in course
of execution. Can it be expected
that such policy can receive the
support of men who for years have
been struggling to bring about a
settlement honorable to the State
and just to the creditors? Can
they be asked to now aid in destroy
ing fair, just settlement, and to
compel the creditor to submit to q
settlement to which he docs not
consent, and against which he pro.
tests? But what are the prospects
of securing the support of the Low.
tax or Wilson's element of the par.
ty? Three years ago they voted
sOlidly against this very PROPOSE
ton. Thousands of these men hon.
estly believed the State did not owe
this debt and they voted as they
believed. Others had no decided
convictions either way and voted
against that proposition because
they did not understand it, or be.
cause they wanted to keep the ques'
ton in politics. Many of the latter
class may, and doubtless will, sole
ly to defeat the Republican party
support a settlement at 50-4, as
they would support the settlement
already made if the Democratic
party shall plant itself upon it
But how about the other class, who
were then as they are now homes
in their belief that the State did mo-
owe the debt, but that the railroad:
did? Many of them now say thai
if they could be convinced that thG
debt is due, that they would scOrr
Reputation of all or even part
Are these men any better satisfied
now, than they were three year
ago, or two years ago, when they
voted for Wilson? Are they to bt
expected to throw their conscience
to the dogs, and vote for that which
they have been voting against fO
years, and all because a wants t.
he Governor, and Il Congressman
and c TO go to the Legislature,
Col. Yancey, three years ago, trieC
TO lead them to support 5O-4, bu
they scorned his leadership ant
charged him with having beer
bought up, he is again attemptin!