The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-07-30
Tennessee Legislature and State Credit.

Tennessee Legislature and State Credit.
The Columbia Herald rates Gov. Por>
ter soundly for not calling the Legislature
to remedy the financial trouble of the
State and failure to pay interest. Gov.
Porter would certainly not be justified in
calling a Legislature which showed no
| disposition to provide for the State debt.
He would be mourning expense for noth>
ing it seems tous 1t is bad enough as it
is. To call Legislature which was little
short OF a reputation body would make it
worse Cl0rkSUjlte Tobacco Leaf.
Whilst the newspapers of the State
have almost unanimously expressed
opposition to a called session of the Gen
eral Assembly, they have with equal una
nimity assigned as reason, their want of
confidence in the action of the General
Assembly, in the direction of maintaining
the faith and honor of the State. A care
full review of the votes given on Financial
propositions in the 39th General Assem-
bly,, shows beyond question that heavy
| majority OF the Democratic members
were true to the platform upon which they
were elected Retrenchment, reform, and
maintenance of the faith and honor of the
State, without increase of taxation.
The first blows directed at our State
credit we're given by the leader of the Re-
publican party with a zeal and prompt
tude worthy of a better cause in the
! e NJ G;Ae1-
in House Bill No. 3, ITO authorize the
reception of bonds and coupons for tax
es;' and House Bill No. 4, For the pay
ment of the State debt" The effect of
the first was If it meant anything more
than to disorganize our party TO allow the
rich tax payer to wipe out his dues to the
State with bond or coupon that could be
bought at 90 cents; and thereby render it
| impossible for the State officials to meet
the interest due semi-annually on the
bonded debt. The fate of the bill was
rejected on second reading; vote, ayes
"a, nays As Mr.. Gibson's House Bill
4, was, as we now recollect, bill to take
up the debt of the State debt at 60 cents,
with new bonds. This bill was referred
on its second reading, to Joint Sele ct
Committee on Revenue Bills, where it
slept the long sleep.
Mr.. Gibson's last thrust at the honor
and credit of the State was in House Bill
No, 446, which was entitled bill 'To do
justice between the State and holders of
her bonds" In this bill he proposed to
take up the Indebtedness OF the State With
a coupon bond one-twentieth of which
would mature annually. The ia tie of this
bill: rejected-ayes %, nays II.
House Bill No. 6, introduced by Dem
ocratic member, Mr.. Head, For the
payment of the State debt" Tin short
hand way was at its second reading with
drawn by the author.
House Joint Resolution No. So, intro
duced by Mr.. Head, fixed the rate of tax
alton at % cents. This was amended
by Mr.. Cole inserting unless it shall APP
pear that the necessary expenses and
credit of the State demand a higher rate,
provided that there shall be no increase
of taxation" The resolution was di>pos-
ed of by resolution in lieu, introduced by
Mr.. Hurt, referring the resolution to
Joint Special Committee on Finance.
So it seems that the enemies of the
State Credit" and the Democratic party,
whether Republicans or Democrats, were
powerless. So much to show the tone of
the 39th General Assembly. Now, what
did it accomplish in the way of retrench-
ment, reform, &c. 2
1t is claimed that in the matter of Grim
inal prosecutions the changes effected
will reduce that expensive branch of gov
eminent Mt least 100000. 1t is certain
that the expenditure for insane asylums
is cut off. 1t is certain that the railroad
property is brought in, giving additional
revenue of from 100000 to $3.50, 900
annually. 1t is also claimed that the
assessment law will add $4,000 to the
revenue; and. the dog law, if held to be
constitutional, will produce $250,000 at a
low estimate. A grand total of $500 900
to $500, 900. With these figures, can the
purpose of the Democrats in the Both
Gensral Assembly to maintain the faith
and honor" of the State be questioned =?
The only action on the other side of tn e
question was that of suspending the COL
backed by an official statement from the
Treasurer that such was the credit of the
State that money could readily be borrow
ed to meet any deficit Of the Treasury, and
with the ''preseut rate OF taxation.' fla
mistake was made bere, 10 the General
Assembly responsible for it2 We say en-
phatically, No. Where are the members
of the Assembly to look for true state
ment of the financial condition of the
State but to the reports made to them by
the Comptroller and Treasurer? Did not
the Comptroller's report show an excess
of assets over liabilities of about one and
a quarter millions of dollars, and was not
this increased by 100000 to $780, 900, as
shown above, lin their judgments at least)
and was not interest charged to the
delinquent tax payer, thereby relieving
the prompt tax payer from any burden
on account of interest paid on borrowed
money? All this to our mind shows per-
feet good faith on the part of the General
Assembly, and also ability to properly
meet the requirements of the Democratic
PLATFORM and it is but Justice to the DEM
ocratc members of that body to be al
lowed further hearing" under the pre-
sent entangled, conflicting and bectoHded
statements that are made in reference to
the States financial status.
in grand style, The follGWing letter was