Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-08-26
HOUSE, HARRIS, HHiTTHoRNE AND At
kIHS,

4AC OpAAAAOLlS Vi tiiOSC SCiAbACtAACA
upon the 60-6 proposition, with
coupons, should be frequently read
In 1877, pending proposition al
60 cents, with per cent. interest
coupons receivable for taxes, Hen
John +. House, then a member ol
Congress, said in a letter addressed
TO Gov. Porter:
"The settlement of the State debt
on a basis satisfactory to our cred.
itorS and to our people is consum-
nation every one must desire, who
values the welfare and honor of our
State.
"If | were a member of the Ten
nessee Legislature, and our credit
ors should make proposition to
settle the debt on the basis of 60 cts.
on the dollar, / would not hesitate
a moment, between accepting such
a proposition, and the ruinOus poll
cy OF doing nothing, and letting
our debt drift on to posterity, grow
ing in volume every day."
Hon. w. j. Whitthorne also
wrote to Gov. Porter:
"The basis of adjustment submit
ted is one that our people can hon.
Orably accept, and however desira-
bic lower terms might be in view OF
their distressed condition, yet | am
fully persuaded from your own
patriotic action, and that Of the
able legislative committee cOnfering
with the bondholders, it is the best
attainable proposition, and one that
should be accepted at once.
"With restored financial credit
Tennessee becomes at once an invit-
ing field to labor and capital, and
soon in renewed energy and increas-
ed wealth will rank with the first
States of the Union and stand the
peer of the best in prosperity and
happiness of her people,"
Hon. J. d. G. Atkins also wrote
to Gov. Porter:
81 do not hesitate to say, were l
member of the Tennessee Legis-
lature, 1 should promptly accept by
my vote the proposition of the
bondholders to reduce the face of
the public debt 40 per cont, thus
relieving Tennessee Taxpayers of
about ten million dollars. Tennes-
see can. honorably accept, but can
not afford, in my judgment, to
make propositions for the reduction
of her public debt" 3..
Senator Harris, the Governor who
signed most of the bonds, also wrote
to Gov. Porter .ts
81 understand they propose TO
accept new bonds for 60 cents on
the dollar, in full satisfaction of
their debt. This proposition, COM
ing as it does from our creditors,
the State can afford to accept, but,
in my judgment, she cannot afford
to compromise her dignity by max
ing a different proposition or SEEM
ing to higgle for other terms, but
must, as it seems to me, accept or
decline this proposition.
"Indeed, to make a different
proposition and hold in terrorem
over the heads of our creditors, the
threat of reputation, would be re-
pudiatiOn to the extent of the diff
ference between the propositions.
The acceptance of this proposition
saves to the taxpayers 40 per cent.
of their debt, amounting to more
than nine millions We must ac-
cept and in good faith pay the 60
per cent. of our present debt, ac-
cording to its terms, or we must
pay or repudiate the whole debt.
Oppressive as may be the taxa
ton to pay the debt, i am satisfied
if we place it on no higher grounds
than pecuniary interest we promote
those interests much more by pay
ing than by repudiating the debt.
But aside from the question of pecu-
mary interests, for myself l do not
hesitate to say that l would much
rather give up every dollar of prop
erty possess than see the fair name
rOf Tennessee tarnished with the
stain of reputation.
81 therefore earnestly hope the
Legislature will promptly accept
the proposed terms of adjustment"
In what respect has it become
less necessary to settle? Is it not
the more incumbent to maintain a
settlement made? Is it not nullifi-
cation and Reputation to readjust
it? Clearly.