Year: 1877

THE STATE DEBT.


| The position Of the Tribune and
Age is no equiyacal one with regard
to the State debt. No journal of any
respectability, or with any claim to
intelligence, could afford to cOunten-
ance the doctrine of reputation in
any form or shape. Reputation is
the last resort of a dishOnOrable
debtor who has made up his mind
to skulk his obligations, even at the
risk OF swamping his reputation for
honorable dealing. The moment
that Tennessee gets the consent of
her mind TO repudiate her obliga-
tiOns, that moment she sinks into
utter disgrace. She cannot survive
such degradation any more than
an individual can who deliberately
turns his back upon all honor and
self-respect in the discharge of his
obligations to his felloW-man. They
both stand in the same relative at
titude, with this marked difference:
that Tennessee can't be forced by
law to meet her obligations, while
an individual can. Therefore, with
the former it is altogether a matter
of honor, and honor alone which
she may or may not respect. Ifshe
choose to disregardit, her shameand
folly becomes the more apparent
and the more reprehensible.


In our judgment the press of the
State was never before, in our histo-
ry, invested with such sacred re-
spOnsibilitieS as now. Much, very
much, depends upon its wise and
judiciOuS counsels as to what the
people of Tennessee in the present
emergency should do. 1t dare not
counsel reputation. This would
wreck the honor of the State, des-
troy her credit for all time to come
and throw her far back in the race
for future eminence and renown.
What is now expected of it to do is,
to educate the public mind of Ten
nessee to a higher and a more con-
scientiOus appreciation Of State pride
and State honor. This is its mission
in the present condition of the pub
lie mind of the State, and every
honorable instinct demands that it
should perform its works in this re-
gard faithfully, cOurageously and
persistently.


We do not disguise the fact-it is
too palpable not to be seen-that
there is a growing feeling in all parts
Of the State and among all classes
Of our fellQW-eitizens, and Including
both of the great political parties of
the country, to ignore our State OBJ


legations. ANY one who has watch
ed the course of events on this sub
iect for the last two years at least,


must be convinced of this alarming
tendency. 1t has cropped out in
various sections of the State, and in
some instances, if we mistake not,
resolutions have been passed in a
few public meetings denOuncing our
creditors as miserable ShylOcks and
taking the ground that we are unS
der no obligations, whatever, TO pay
them any part of What we owe them.
Nor, as intimated, has this state of
things been confined to one party
alone, as has been so reckleSsly
charged, but both parties, There
have been, too, some very indiscreet
appeals made to the people from the
hustings on this question, and, from
all accounts. they were applauded
when they should have been Kissed.
He who would go before the people
of this gallant State, whose escutch-
con thus far in her history has never
been stained by one dish0norable
act, and urge them to repudiate her
obligations is an enemy OF the State
and of the people, and should be
dealt with as such.


We think the late General Assem-
bIy of Tennessee acted unwisely in
two respects, if no more, with re-
gard to the adjustment of the debt,
First in making tha Hon, John H,
Savage chairman of the committee
to visit New York to confer with
the bondholders; and, second, In
not accepting and promptly endors-
ing the ultimatum of the h0ndhOld-
eIs in proposing to compromise the
matter on the basis of sixty cents on
the dollar. Col. Savage was known to
entertain ultra views on this subject,
if he were not astraight out repudi-
atOr. He had made, again and
again, infammatory and ill-advised
speeches before thepeople in various
| sections OfTennessee, advising them
to trample under foot the claims of
our creditors-to hold them in alb
iect allegiance and to eYtQrt from
them his own unfair terms. All
this is yet fresh in the public mind,
/ Again, Col. Savage was known to
be a hot headed, hasty, abrupt and
/ impracticable man, and, therefore,
was not fitted to deal with the re-
! spectful and straightforward busi-
1 ness men of New York. The bus
/ mess men of that metropolis have
been trained in the school of polite
/ dealing in their transactins, and are
not familiar with the acts OF def
ance. He was not, therefore,, a true
type of the business mind of Ten
nessee, and consequently, left an un-
favorable impression on the minds
of our creditors with reference to
our real feelings and sentiments.


The bondhOlders,. we are free to
say, in our judgment, made fair
and equitable proposition to COM
promise the debt at sixty cents on
the dollar, and why the Legislature
! did not accept it, and accept ii


promtly, is sdmething We are una


BILE to fathom. Were they afraid OF


the people? There was no necessity


for this, as the people, who are al


ways honorable, would have sane


toned the act.-Rnocritke Tribune


and 1ge.