Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1873-03-27
Mr.. NOBLITT said:

canvass made before my people
with the lights then before me,
advocated the funding of the
public debt, / then believed it
right in justice to those that
held our obligations and that it
would not be an oppressive bur
den upon the tax payers of this
State.
] said further, that in general
legislation | should claim for
myself the privilege Of acting
upon my own judgment upon all
questions that were brought be-
fore the deliberations of this
body; that / would favor every
measure that looked to the pro-
motion of the interests Ct great
masses Of the State, and with the
same eaInestness and zeal OPP
pose any measure that would
curtail their rights, or be oppres-
sive alike 10 the laborer and tax
payer.
But, sir, Developments in this
hall, within the last few weeks
have not only convinced me that
it would work a hardship upon
the toiling masses and wealth
of Tennessee, but would hazard
the rights Of those that hold our
obligations.
/ Then, sir, as an honest man
and a Tcnnesseean that loves his
State and her proud name, |
shall oppose the funding, not on
ly her entire debt, but any part
thereof. To fund as proposed
by this bill or any other funding
bill. will make our inter est bear
ing debt at least tTenty-;hree
and a half millions.
That, sir, at six per cent. per
annm will in round numbers APP
proximate one and half mill
lions. Add to this the current
expenses of the State, and YOU
find our State tax run up to o.
yer two millions; add this to the
county, corporation and railroad
taxes and you have the enolmi-
fty of three hundred millions of
dollars, paying four millions Of
dollars forthe privilege ola State
government, whichis thirteen and
one-third mills upon every dol
lar invested in the State; add to
this high rate Of interest which
will be incr ased 10 a great
er ratio, and every dollar in mon
ev used in this State will cost
from fifteen TO twenty cr cent.
per annum. That will force the
entire country into Reputation
Of both public and private con-
tracts: go into whatever section
Of the country you may You will
find the people grooming under
the burden Of local and general
taxation. For this bill to be-
como a law will drive the plow-
man from his field, the ,1.anter
from his home, the merchant
from his counter, The bankerfrom
his desk, tho mechanic from his
trade, the manufacture and the
| wheels Of commerce into other
States, the laborer with his illit-
crate children 10 a western home,
for the next legislature will be
sent here by apeople clamOrous
fora reduction of taxes; they will
abolish the present school law,
and III a short time thereafter
utter Reputation will not only
be discussed as a probability,
but, sir, will become a law of the
land. Now | ask, who is benc-
fitted? the bond holder, no; tie
tax payer, no; then why fund?
. AS there are no good reasons for
funding, / propose to show still
IfurthcrgOodreasonsf ornot fund
ing.
There are over five millions of
!ourObligations that are not bear
ing interest. If we fund it it be-
comes an interest bearing obli-
CATION, which would increase
our annual liabilities three hum
idrcd thousand dollars, and not
one farthing toOur assets. / take
it, sir, a coupon is no more an
Understanding obligation than
a Comptroller's warrant; it is
just an order to pay.
The accruing interest upon
our debt, outside of the school
fund, is only nine hundred thou
sand dollars per annum. Now
let us provide to meet this in flu
ture and sinking fund to pay
off the past debt as rapidly as an
already over taxed, but honest
people can pay. You may use
all the inquisitorial powers of a
Roman triumvirate and you can
not run the taxable property of
this State above three hundred
nillinnS Won MAY nut ON a.