Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-01-10
REPuDIATrON IN TENNESSEE.
Judge sneea's speech.

Henderson Ky RspOrtsr.l
We have heard and read a good deal
about the possibility and even proba-
bility Of reputation in u neighbor-
ing State, and from comments that we
had seen upon it, we were led TO the
conclusion that the Hon. John i. 4.
Sneed, of Memphis; had assumed a
position in its favor. Knowing Judge
Sneed as we did, we confess We were
very 10th to believe that he had advo.
Gated, or even favored, a policy that
could only result in dishonor to his
State, and entail its evil effects upon
future generations. A careful, and
even critical, perusal OF his speech
delivered at LaGrange on the 10Th of
November last, has failed to discover
to us a paragraph, a sentence or a
word that by any sort Of fair and
legitimate construction could be re.
garded as ~favoring or even limiting at
a reputation of the State debt Of
Tennessee. We will even 90 farther
and say we find nothing in hat speech
which can be tortured into repudia-
tion doctrine, and we are strongly in
clined to the opinion that those who
charge this upon one Of Tennessee's
noblest sons have never taken the
trouble to read the speeehupon which
they profess to base the charge.
Judge Sneed very truly says many
of the bondholders purchased their
bonds at fifty and sixty cents on the
dollar. We happen to know of one
who did so, and is perhaps the most
persistent and abusive of them all.
This is the Rev. r. s. Moran, who
told us, out Of his own mouth, that he
bought the bonds he holds, at fifty or
sixty-we are not certain which, but
think ffty-and now he is one Of the
very foremost to insist on having his
of flesh" There are doubt
less many others Of the same sort.
But, Judge Sneed does not advise q
to pay, or a dishonoring Of the
States obligations. After an able,
Just and fair review Of the whole sub
Iect, and a truthful presentation of the
Of his State, he concludes
bis speech with the following para
which is alike honorable to
him, to his State and to the creditors
who he believes will, upon an honest
showing voluntarily abste their de-
II there is anything like re-
pudiation in it we shall be glad to
have the sentence or word pointed
out:
But, you ask me, what can We do?
How and when is this incubus to be
thrown Off My answer is, throttle
this iniquity of the 1908 in the courts
if you can. Fight it 10 the last ditch
that is lawful. If, after testing every
lie Iislative and judicial remedy, the
result is ultimately against you, like a
brave and law loving people, you can
but submit to your fate. But il the
victory should be on your side, then
meet your creditor with a candid front
on some honorable ground, tell him Of
your misfortGnss, tell him that your
rich men cannot pay high taxes now,
and your poor men can scarcely buy
their daily bread. Tell him not adol-
lar of his debt will be repudiated. But
do not presume to dictate your ulti
matum You may propose, but let
him dictate your terms of a settle
ment. Ifthey be within your power
to pay, then begin the good work Of
payment at once. But if not, bid him
abide the coming time when the scars
of civil war shall disappear, and then
do all you can to pay the uttermost
iarthinQ. Meet your creditors in the
right spirit, and | will vouch for a
settlementthat will be just, generous
and satisfactory. But whatever be
the issue, let no foul heritage of dis
honor 90 down 20 the generations that
are to come after you. For "a good
name, at last, my countrymen, is
rather to be chosen than great
riches"