Year: 1879

worth. In this opinion feel clear, up
On full examination Of the subject.


Then, it only remains for the people
to decide between the payment of
debt for which they have bound them
selves by their representatives or so
much Of it as the creditors are willing
to accept, OF. repudiate it. There are
on both sides. Some say
they are unwilling to pay less than the
whole amount, as it would tarnish the
fame of the State to pay less than the
amount they owe, and others on vari-
Gus grounds insist that nothing should
be paid The middle ground is that
assumed by the Legislature, which is
to pay one-half in 80 years at 4 per
cent. and upon the adoption or rejec-
ton ofwhich we are to vote.


This is a compromise of the conflict
ing opinions of the Legislature, after
full consideration and much debate
and difficulty 1t is also Il compromise
with the creditors, which is fair and
honorable, under all circumstances of
the case, to both parties, and will leave
no stain upon our honor. The same
course has been pursued by and with
our sister Southern States. They are
now relieved Of the embarrassing sub
ject and are ON the high way to pros
perity, with high credit and buoyant
hopes and bright prospects. None of
them have obtained better terms, in
view of their resources than those Of
fered to us in this proposition. 1t
would he disparaging TO our State to
reject the terms that our neighbor
States have accepted. Should we not
as fair and just people, be content
with the remission of one. half of our
debt? VIII not our sister States, and
the world, regard us rs disgraced and
no more be trusted, or even respected,
if we fail to accept a compromise so
fair and liberal.


1t will not only effect the credit and
standing of the State, but that of every
citizen and his prosperity. We have
seen the effect Of repudiation upon the
character of Mississippi AT any sac
rifice all wise citizens will avoid such a
fate for Tennessee.


II this compromise is rejected. the
judgment Of just men everywhere will
be against US, and the creditors will be
sustained in every possible effort the
law will allow to cornce us to pay the
whole amount. They have already
made strike at our railroads. and if
they succeed in making them liable, as
some very able counsel think they will,
expensive and embarrassing questions
will follow between them and the State.
But if they fail other modes of making
the State liable will be resorted to by
the eXasperated creditors. These have
been pointed out and forcibly present
ed by Col. Colyar in his able argu-
ments on this subject. Creditors fee
ing that they are right, and their most
liberal propositions for compromise re-
jected, with public opinion on their
side, will resort to every mode OF COM
pulsion that the learning and ingenui-
ty of the ablest counsel can suggest.
Although these are considerations
which may properly be looked to in
making up our decision, yet l would
place the case on higher grounds
those Of honesty and good faith. We
have the lasting benefit Of the money
received on our bonds, in our railroad
system, and the wealth and prosperity
it has produced. May it not be as
serted with confidence that we could
not have built single railroad with
out this aid? From this source alone
we will receive at least 100000 into
the State Treasury annually, besides
other advantages too varied and nu-
merous for mention. Now, a rejec-
ton Of this compromise would be a de


claration to the world that Tennessee
is not willing to pay One-half Of the
amount Of money borrowed to make
the improvements that have secured
to her people and their posterity such
incalculable benefits. Can any fair
man think it honest to retain and en-
JOY the benefits and refuse to pay the
price-even one-half of it? That is
the case plainly stated. But in addi-
ton to the justice of the case, the ac-
ceptance OF the compromise will relieve
the people from this all-absOrbing and
vexed question in their future elections,
and leave them with debt that can


be easily managed without oppression,
instead of one ST double the amount
of which they cannot relieve them
selves without dishonor and reproach.
Can any patriotic and intelligent citi-


zen hesitate as to his course, who Will
look to all these inevitable conse-
quences ? Let us get clear of the mill
stone on our necks by assuming a bur
then we can bear, and preserve our
honor.


Not half of the voters have any pc
cuniary interest in the question as they
have no taxes to pay except n poll
tax, which cannot be applied to any
other purpose than to common schools
but all men and their children after
them have a vital interest in the credit
and honor of their State. They have
not even the excuse Of the influence
of pecuniary interest for voting against
the settlement. But they may well
be governed by the purer and higher
motive to save tbeir State, in which
they expect to leave their children,
froR the disgrace of Reputation and
breech of good faith. Can any one
doubt that these direful results will
follow, if the present proposition is re
jected? Can any one expect, or should
any just man desire better terms than
the remission of one-half of the debt
for which we are bound by our bonds?
The effects of failure to accept TO
thes liberal terms will not be confined
to th2 State as a sovereignty, but viii
eNten to eXerY individual of the .nn,-