The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-04-22
.EHERSON ETHERIDGE.

ElHEROON ETH ERIDI e.
To the Editor of the Morristown Gazette:
There has been much speculation
as to the man most fit to fill the Cub.
ernatorial chair of Tennessee the
next term, and many suggestions
and nominations have been made,
but I do not recoIlect to have seen
the name of Emerson Etheridge in
the long list of aspirants.
As you know, sir, l am no politi-
clan in the popular acceptatien of
the term, and do not wish to be un-
derstood now as taking an informed
ding position in the political hash
pot; but theIe are some questions of
vital Importance to Tennesseeans
that are entirely outside Chat is,
either beneath or dbOve) the attention
or comprehension of the average
a0hole-hog politician of the present
day, who feels no loftier aspiration
than to ego it blind" with his party,
and vote for the nominee, whether
qualified or not.
What care we whether our law
makers are called Democrats, indie
pendents, Conservatives or Republi-
cans, if our laws are wholesome,
properly adapted to our wants, cir
cumstances and necessities, condu-
Give to the greatest good Of the whole
people, administered with economy
and purity of purpose, and so framed
and arranged as to impose the least
possible burden of taxation upon us.
/ have lately taken occasion, in
the columns of your paper, to call
attention to the expensive. and I'M
satisfactory nature of our Judiciary
system, and have proposed and sug.
gested certain needed reforms look
ing to the curtailment OF expenses,
saving of costs, and the expediting
Of business.
In the interests OF the tax payers
of the State / now have the honor to
suggest another method by which
our taxes may be greatly lessened.
You are aware that just after the
close of the war, and while about
three-foarths or more of the tax pay
ers of the State were excluded from
the privileges of the elective fran
chise, large number Of State Bonds
were issued and put upon the market
and sold, ostensibly to raise means
for internal Improvements. These
Bonds represented many millions of
dollars, and they we've bought up by
spectators, for mere nominal prices,
ranging from 20 to GO cents on the
dollar. Ever since their issuance
and sale the people of Tennessee, a
large majority Of whom were not re-
presented when they were ordered
to be issued, have been taxed to pay
the interest upon them, and if moth
ing is done to prevent it, will be tax
ed to pay the principal.
To show the injustice of this, let
me illustrate: We will say that I'M
der an act of Assembly in 1866
State Bend for $1,000 was issued,
upon which the purchaser could draw
interest from d tie. The Bond was
put upon the market and sold for
S400. The purchaser of that Bond
has drawn interest upon 81 900 since
1866, with an outlay of $500, and de-
mands that the full face of the Bond
shall be paid at maturity.
Now / do not propose to repudi-
ate these Bonds, out and out, and
say that we will not pay anything on
them, but I do say that it would be
right for us to say to the holders of
the Bends. We will pay you back
your money with the interest on it,
and take up those Bonds and the in
terest we have already paid must be
added up, and deducted, and what
ever balance will be due you we will
pay, and no more.
There would be nothing improper,
nothing unfair, nothing contrary to
good morals in this; and by it we
could wipe out about $12, 100000 of
our Indebtedness.
1 say there would be nothing i'm
proper, unfair or contrary to good
morals in this, because 1st: The tax
payers of the State were not respon-
sible for the issuance of these Bonds,
and in morals they are not liable for
them, and the purchasers of the
Bonds knew this fact, and bought
them at heavy discount, because
the payment Of the Bonds was ques-
tionable, and refusal to pay would be
no surprise to them, nor would it
work any hardship. I'd: Because we
propose voluntarily to refund them,
(the holders of the Bonds,) all the
they paid out for the Bonds,
with interest on the same,
so that the holders of the Bonds will
lose nothing by the operation.
The interest on the debt of the
State now amounts to something
over $1,600,000 annually. The cur
rent expenses of the State Govern
ment are about 100000 or 100000
annually. Making a total sum of
about. say $2.3Oo,OO0, necessary to
be raised annually by taxation topay
the interest on our State debt, and
to defray the current expenses of the
State. Government. Under our pre-
sent system of assessment, which is
about as rigid and searching as hu-
man ingenuity could devise, the let
of the State will be about
81, 1900 or say $1.800,000 annu-
ally. This will leave a deficit of
about 100000. Where is this def
cit to come from? Can we stand an |
increase of the rate of taxation?
Why the lands of many of the small |
in East Tennessee will have
10 be sold for the taxes of the past
year The nrodncers cannot stand |