Year: 1879

e ted the public press and paralyzed
= it's usefulness. 1t has invaded the
pulpit and built strange fires upon
the sItars of religion. 1t has SUR
t rounded our Legislatures with un'
' scrupulous lobbyists who, to make
money for themselves. seek by legis-
: lation to put the bonnet up or down
: in the market, as their interest at
the moment may suggest. In my
opinion, therefore, the public welfare
demands that the question shall be


settled. :,
A diversity of pursuits and inter-
! ests has been the prolific source of
dissension upon this question. Our
business men are interested in sus-
!. tanning credit. as they make money


by the use of credit, and hence as


a rule they have warmly sustained


every proposition looking to a settle


ment of the debt. While on the 9th


er hand, those engaged in agricultur-


al and mechanical pursuits have less


interest in credit, and with no incen-


tive other than the obligations of


honor and justice to animate them,
| have as rule antagonized every prop


osition looking to an adjustment that


was not apparently founded in equity


and justice. Hence the conflict.


And now that plan Of settlement


is submitted to the people which has


heretofore been deemed reasonable


by the representatives of the agricul-


Sural and mechanical classes, lit seems


to me that if it is defeated we will


be thrown at once upon hazardous


sea. l know that the people of Ten


nessee are utterly opposed to repu-


diation, and that they recognize it


as poison which taints the whole


history of people. Now it seems


to me that if we cannot unite upon


the proposed adjustment that there


is no other upon which we can likely /


unite, and therefore practical repu-


diation will be the inevitable result. I
A part of our people oppose the ad-


justment because it is too highland a


por% baoouoo ~ ic foO IOrw IF a mid |
die ground between the two extremes


cannot commmard the approval of


the people, certainly neither extreme


may do so.


Recent events have changed the


whole complexion of this question
and made this the last opportunity
the State will ever have for favor.
able adjustment of the debt unless
my judgement is at fault. I will
state my reason for this conclusion
briefly. The adjustment proposed {
would not have been adopted by the I
but for the offer made by {
the railroads. and they made the Of |
fer simply because they saw no ad {
iustment would be made unless they 6
to perform their part. i
Suits were pending against them, $
and while the weight of legal opinion i
was in their favor. yet they preferred I
q compromise rather than risk the re- t
suit of the suits. Suppose no settle s
ment is made and the suits are de. i
cided in their favor, is it not clear i
they will not pay dollar they can L
avoid? On the other hand, if the i
suits are successfully prosecuted, n
5he great bulk of the debt will still b
be left for the State to settle, while i.
,he railroad companies whose prop b
erty is sold by the bondholders will {
be clamoring and lobbying for indem- .
nifty from the State. After the suits c
now pending shall have been settled a
adversely to the bondholders, all of s
hem will be willing TO accept the 4
adjustment proposed, but there is q
something less than three millions Il
n bonds now outstanding issued to 0
he solvent roads. The holders of D
,hese particular bonds are profound. v
y interested in defeating any settle a
nent until the suits are decided. If b
hey succeed in successfully prose- L
cutting their suits, the amount they Il
will receive will exceed the amount a
he State proposes to pay. If they q
all in their suits they expect to par r,
icipate in the benefit of any future y
ettlement which may be made. 1t t.
8 their policy, therefore, to hasten a
heir suits and to postpone settle. I
nent. The proposed adjustment v
makes this line of policy imperative a
IN their part, since it provides that


day should be fixed limiting the il
,rlvilege of funding under the law, ii
nd they know if the adjustment is


atifed by the people that they will fl
ely upon the State or railroads be-


ore their suits can possibly be de-


ided. Consequently the bondhoIders


Till leave no stone unturned todefeat :
he proposed adjustment. Their !,
lne Of policy is clearly outlined in 1
heir recent published manifesto.


n fbat they saak tn anconrara ou