The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-10-21

the debt considerable amount OF money
was paid into the Treasury each year
] 1867. .....-.......-... SS1S,9ES A
/ 1868. 998, go IA
/ 1869. 10O,%o4 90
! See Comptroller Blackburn's report
! 1866, page 90, 1869, page 8 and -.
The amount of the debt on the LIST of
| April, 1874, was $27, 800, 2S6, showing a
reduction since list Of January, 1870, of
/ $16, 072, 266, besides paying large float
ing debt OF the debt now existing &c.,
939, 525 are secured by solvent assets,
leaving only $20,C80, 857 to be provided
for.
How was this reduction brought about?
By the sale of insolvent and almost
worthless railroads the debt was greatly
reduced. These roads had been a source
of expense to the State, and had assisted
greatly in increasing the debt. The
railroads which have been sold brought,
and are to bring, into the Treasury S..
59S 600, which is at least twenty-five per
cent. more than they could now be sold
for if you take away the expenditures
made on them by the companies pur-
chasing them. The sale of these roads
was made under the supervision of Fran
els ID. Fogg, II. j. Mckinney and a.
Wright, three Of the ablest and purest
men in the State, whose characters are
made more bright by the attacks made
upon them by such men as Horace May
nard.
1t is true Mr.. Pennebaker in his report
estimated these insOlvent roads at So,
$40, 600, but the actual sales and the
proof showed that his estimates were er-
roneous by more than three million Of
dollars. The funding bill passed at the
last session Of the Legislature did not al
low interest upon past due bonds as did
those passed during Mr.. BrOwnlOW's adj
ministration.
The Democratic convention which
met at Nashville, Aug. 10, 1874, very
wisely omitted to express any opinion
either as to the funding bill passed dur
ing Mr.. BrownlOw's administration or
as to the funding bills passed at the last
Legislature. 1t would have been just as
appropriate to have passed resolutions
in regard to the 18th, 18th and 10Th
amendments to the Constitution of the
United States or in regard to the alien
and sedition laws as it would have been
to have passed resolutions in regard to
these funding bills, 50 far as they were
accomplished facts. Bonds issued under
them are binding upon the State whether
the laws under which they were issued
We're wise or unWise. It is here proper
to remark that nearly all Of the bonds is
sued to new railroad companies during
the administration Of Governors Brown
low and Senter have been returned into
the Treasury under a law passed by the
Legislature which met October, 1869.
In regard TO the bonds not yet due,
they may or may not be funded, as Leg
islatures hereafter to be elected may de-
termine The whole amount Of bonds
issued under the late act up to this time
only amount to 50. 999 900.
Both Democratic and Republican con
yeations passed resolutions in favor of
the payment of the State and National
debts, and of preserving untarnished the
honor and credit of the State by meeting
all their Just obligations Whether fun
ding was d wise policy or not does not
properly form an issue in this canvass,
since men Of all parties voted for and
against it. The last funding bill was
voted for by majority Of Republicans
in both branches Of the Legislature, as
follows:
On the final passage of the Funding
law, Senators Jones, Mcconnell, of
Biount, Patton and Bichards-4 voted
aye, while Mckeuna, Melton and Nor
gan-Only 3-v0tcd nay. The vete in
the House is more striking, eighteen Re
publicans voted for the Funding bill on
third reading, and only eight against 1t.
Those in the affirmative We're Beals,
Carnes, CottrelI, Couch, Duncan, Eokcl,
Houk, Jeup, kecble, Magiil, Mcleod,
Patton, Perkins, Reagan, Ready, Rut-
ledge, Snyder, and Tate, Turner. elected
by Republicans, also voted for it. Those
in the negative were Brooks, Hyder,
Jesse Martin, Mulverhil, Riggs, " est,
Weston and Williamson. House Jour
nal, page 4l2. Senate Journal, page 800.
Wherever the Republicans have con-
troll Of State Governments in the South,
they destroy the credit Of the State by
mourning enormous debts, and imposing
burdensome taxation. In Southern Re
publican States the rate of taxation is as
follows:
Alabama. Observation-Disclosures. 70
Mississippi. -.... ..-.-....-..--.. W
South Carolina ................. 70
Louisiana. Observation-Disclosures. 10
In Tennessee under a Democratic Adj
miuislFati0n with a tax of only 40 cents
we pay the expenses Of the State Gov
eminent, and the interest upon Il large
bonded debt left us as a legacy by Re
publican Administrations We have al
so with n tax of ten cents established
system of free schools, highly creditable
to the State which nothing but the pas
sage of the Civil Rights bill can destroy.
During the last scholastic year 4Sl AZ
scholars have been enrolled, of whom
"a, 41S were blacks.
In none ofthesc Southern States I'M
der Republican rule, do they as we are
informed, pay the interest upon their
bonded debt notwithstanding their high
rate Of taxation.
Not only do the Republicans in the
Southern States impose high State taxes
but they are much more burdensOme in
their National taxes. The receipts into
the Treasury, as appears by the last re-
port of the Secretary of the Treasury,
We're $500, III, 613, or more than eight
doIlars>per head of the entire population
OF tire United States, if it be, as is sup
posed, 40, COO, 600 or sic, GOO, 600 upon the
people of Tennessee. This does not in
clude the indirect taxes imposed by the
tariff secured by the enhanced price of
of everything we buy. The tariff of
1870 was much higher than either the
tariff Of 1928 or of 1912 as appears from
the following table:
Articles. 1923 1872. 1879.
Fianneis, 4oa55 per c 80 per G 7oa75 per
" goods, 1''-' A pero. sspero 7Oa75 per c.
GunDy bags
and cloth, Is perc. Free Os per C
This is a fair specimen, and shows such
enormous burdens imposed by this tariff
upon the farmers and labOring men.
Although we only set out to answer
inquiries in regard to the financial con-
ditfon of the State, we cannot refrain
from making a few remarks upon other
important questions. In order to infiu-
ence elections in other States, it has been
said by the Republican candidate for
Governor in a speech at Knoxville, THAT
the pistol, the bullet and the dagger
were the arguments FesOrted to by the
Democrats in answer to the Civil Rights
bill This was not only untrue, but
must have been known to the speaker
and his hearers to be untrue The en-
tire Democratic press of the State and
the Democratic conventions without a
dissenting voice have condemned law
lessness. The State Democratic Com
Il il