Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-09-02
THEN AND VOW


Senator Harris on 600 IN 1871.
Let the people of Tennessee read
the following letter from Isham G
Harris, which was written to Gov
James ID. Porter, IN 1877, and ask
themselves ii they are willing tC
follow after the teachings of such
mutable advisers. Senator Harris
is now stumping the State with his
harrangueS against the settlement
of the State debt, backing his iudg-
ment and argument by offering, in
his frantic appeals to the people, to
bet a ginger cake that Bate will be
elected:
UNITED STATES SENATE CHAM
BER, WAsHINGTON, Nov. II, 1877.
Gov. James ID. Porter-My Dear
Sir II ann glad.to see your procla-
nation convening the General AS
sembly in extra session, at an early
day, to take action upon the propo-
sition Of the holders Of the bonds of
Tennessee. g.
l understand that they propose to
accept new bonds for sixty cents in
the dollar, in full satisfaction of
our present bonded debt. This
proposition, coming as itdoes from
the b0ndholders, the State can af-
ford to accept; but in my judg-
ment she cannot afford to compro-
mise her dignity by making a diff
/ ferent proposition or seeming to hig-
gle for other terms, but must, as it
seems to me, accept or. detEjrae this
proposition. lis s,...-.....,
Indeed, to make "a different proDo-
sition, and hold IN te1TOrenl over the
heads of our creditors the threat of
reputation to the extent of the diff
ference between the propositions.
The ability and zeal of the gen
tlemen composing the committee
sent by the legislature, at its last
session, to New York to confer with
the bOndholderS warrant the conf
dent belief that they obtained the
best proposition that the bOndhold-
ers were willing to make, and frank
ness cOmpels me to say, much bet
ter proposition than ! had any rea-
son to expect.
The acceptance OF this prOpO5i-
tion saves to the people of Tennes-
see 40 per cent. of their debt,
amounting to more than IS, 200, 900.
The question is, shall we accept it :?
We must accept it and in good faith
pay the 60 per cent. of our present
debt according to its terms, or we
must pay. or repudiate the whole
debt.
Can Tennessee afford to repudiate,
with her antecedents, her history,
her fertile and productive soil, her
mineral wealth, her commerce, her
facilities for manufacturing, and the
indOmitable courage, energy, enter
prise and pride of character of her
people?
Reputation would not only des-
troy State credit (Which | hope we
may not have OCCASION to use in fu-
ture, but individual credit would
be greatlyimpaired, if not destroyed
also; immigration retarded, the
influx OF capital repelled, and with
it our commercial, manufacturing
and mechanical interests crippled, !,
if not Frustrated. r.H 1
Oppressive as may be the taxation
to pay this debt, l am satisfied that
ii we place it on no higher ground
than that of pecuniary interest, we
promote those interests much more
by paying than by repudiating the
debt.
But aside from the question of
pecuniary interest, for myself, L do
not hesitate to say, that l would
rather, much rather, give up every
dollar of property that possess,
than see the fair name of Tennessee
furnished with the stain of repudia-
ton. l, therefore, earnestly hope
that the Legislature will promptly
accept the proposed terms OF adjust
ment. Very respectfully,
- ati IsHAM G. HARRIS.
p. S.-I was told few days since
by gentleman of distinction, who
had just returned from Europe, that
an English company, formed for
purpose of investing large amount
of money in the mineral lands of
Tennessee was deferred from doing
SO by the prevailing apprehension
of repudiation, and the general
stagnatiOn that must follow repudi-
alton. l. q. III.