Year: 1879

The creditors of Tennessee hav


never taken active measures to as


sert their claims, and the sui
: against the railways is the first ste
: of that kind. They have been re
posing in the belief that the Stat,
would not repudiate. In the rail
way suits we think they will fail
because we cannot see how any d
the numerous questions can be de
, cided in their favor and the case


of Chamberlain VS.. the st. Pau


Railway Company appears to US tc


be a complete bar to the whole case


If the compromise should be favor.


ably acted upon by the people, they


will acquiesce in that and stop all


other proceedings. If it should


fail they would be ready for the


desperate remedies suited to an


emergency. They would confront


squarely for the first time the dam


ger Of losing all, and take steps 10


make all.


The people of Tennessee are not


easily alarmed, and it is the part Of


cowardice to act through fear of
any consequence when one feels
himself to be clearly right. 1t is
| the part of prudence, however, to


avoid getting into difficulties which


can easily and hOnorably be avoid


ed. The bond-holders have discov-


cred that the State, as part of its


policy cotemporaneous with, and a


part of its internal improvement,


threw open its courts to al the


world, and said, il you have claim


against the State, enter our courts


and have it Investigated, if the


proper authorities refuse to pay it.


That law was in force during the


Issuance of all the bonds outstand-


ing. 1t was a remedy, and the on


ly remedy. 1t became part of the
contract. Not only does the United
States Constitution say that the
States shall passsnO law impairing
the obligation of contract, but the
State Constitution declares that the
legislature shall pass no law retro
spective or impairing the obligation
OF contracts. 1t must not only inn
pair, but it must not look backward !
TO the injury of any one having a
right. The courts have always I
held that while a remedy may be |
altered, yet as good remedy or at |
least an effective and a substantial |
remedy must be left. In this case /
the State repealed the law leaving a /
naked right and no remedy. viii |
the courts decide that the citizen is /
entitled to no remedy against the |
but must rely upon the /
2lO6LeSse o6Liqe of the sovereign, up- /
on good faith. That is true i'm or /
dinary eases, but having once given
a remedy the State is forbidden by |
the constitution of the United States
to impair it when it has become
part of contract. The law enact
ing and approving power i'm the
State is forbidden by the State Con-
stitution to do anything of the kind.
The courts have held that where
the State forsakes the lofty position
of the sovereign, and comes down TO
deal with men in business it puts
itself completely on their level. If
it engages in banking it becomes
liable as a banker. Ifit enters into
a partnership it has no right superb
or to those who share with il. Ifit
engages in borrowing money and
allows itself to be sued as a part of
the transaction, it cannot retract
and wrap itself i'm the unapprOach-
able robe of a sovereign who won't
pay.


1t is true that the court, after Civ
ing judgment for every bond issued
and outstanding will not go on with
the remedy, and seek to make his
for the creditor. They have
Joofdod EboF fbnx, onnpOf IL fIoA
but whenever there is q dollar of
revenue collected, they can and
will, at the instance of the iudg-
nent creditor, lay hands upon it
ior him. How long could we stand
before the civilized world under eX-
watched by the constable ?
How long could we endure the en-
Of stoppage Of govern
nent, courts, impairment of Justice,
Generalization OF society and des-
Of business ? We could
)etter afford to pay fifty millions
han incur that danger, and ii is a
certain future step. We cannot see 4
now il can be avoided except by
now or settlement then
It more, for they will certainly, If
Orced to an expensive and tedious /
insist on all.


1t is quite true that the creditors
10 not wish to resort to this rem
,dy. 1t is just better than losing it
III, hut not much. They will GER
ainly resort. to it rather than lose
t all. Ii we are resisting a wrong,
n Heavens name let us go on and
ncur any danger. We all know
md the very fierceness of the denun-
.iation of the creditors by those !
Who decline to pay shows that they
ire conscious that they are not right,
md are trying to keep up their
'ourage, and finding an excuse like
he wolf which ate the sheep for n
leep injury inflicted by its gran
lam. We can avoid all danger by
lOing what is both right and pru-
lence on our side, and equity and
and we believe justice,
IN the other to an Impoverished
,eople-impoverished, but not so
much as we pretend, or else we
lave enormously misrepresented
Dur resources.