Year: 1875

! The paths which TIE members Of the


Tennessee Legislature are now treaif-


ing are not paths Of pleasantness aud


peace. The flowers are few and the


ihorns are abundant. State Finance


Is the question that most bothers the


members OF the present Legislature.


On one side they hear the mutterings


OF the tax-ridden people, which they


are anxious TO relieve, and ON the 9TH


er they see the disgrace of Reputation.


which they are determined to avert.


Both sides are beset with dangers. It


IS dIfhoult for politician to steer be-


tween two such hazardous reefs. But


they should remember that straight-


forward honesty is the lest policy. The


only way to encounter danger is to


meet it boldly. The present Leeisla-


ture is overwhelmingly Democrats and


1t should have no dificuliyin under


standing its duty. The last Democrat


lc State Convention blazed the way;


ITS landmarks are broad and distinct.


1t pledged the Democratic party of


Tennessee to the maintainance of the


State credit; but opposition to any in


crease on the present rate of taxation.


With platform so unequivocal, unan-
lmously adopted by nearly one thous-
and delegates, no Democratic member
OF the Legislature should hesitate as
to his duty. He is pledged to sustain
the plighted faith Of the present. rate Of
taxation. But we see a disposition in
some members Of the Legislature to
disregard their pledges and ndinstructions
by demagogical efforts to reduce the
rate of taxation, without knowing or
caring anything about the effect it
would have upon the credit of the State.
All sorts of paltry subterfuges are re-
sorted to, with view of evading this
question. The old talk about the fraud
uleut bonds has again been revived.
Notwithstanding the fact that the fraud
ulent bonds have been liquidated years
ago. Even il there should be fraudu-
lent bonds still in existence, the ques-
ton Is this Let the State be honest
and provide for its honest debts, and
let the courts ofjustice decide as to the
legality OF all bonds supposed to be
fraudulently or Illegally issued. Re-
pudiation Is dangerous question to
engraft upon any party platform. If
the Democratic party of Tennessee dis
regards its pledges, made In State con-
vention, on the 18th Of August last,
and by quibbles and dcontemptibls clap
trap, fayors reputation, it will tie a
mlllstone around its neck and sink it,
with all the great realities of liberty
and redemption that cluster around its
name In fatal defeat. II there be any
fraudulent State bonds, let the courts
of the country decide them as Illegal,
and the State should pay no more
to them than a private
citizen would to note with his pri-
vate signature. But every honest bond,
with the great seal Of the State placed
to 1t by the representatives of the peo-
pie, must be paid. Tennessee has here
tofore honored her obligation, and her
credit has been unimpeachable. The
question of the maintenance of her
credit not only concerns her honor, but
her practical and economic interests.
IF no provision be made by the present
to do what the Democrat
ic party of the State is pledged to do
provide for the Indebtedness of the
State-she is driven dishOnOred out of
the money markets. of the world, and
in these days of disordered finances no
State can afford to sacrifice its credit.
1t is too costly an experiment to be
upon, for all the millions that
the people of Tennessee might save by
repudiation.-Memphis Appeal.