Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1875-04-08
Giving total $50 ,406

NlNlnp JOUal -S0,OOo,4UO
Mr.. Morrow concludes his estimate
with these remarks:
Now. if all collection can be made
within the year as above, including
the tax on railroads, then we should
have a surplus in the Treasury OF
$349,S15, but if collections average
as they have since 1865, then even
this tax would hardly yield enough
to meet Jul demands as they ma
ture.
'In conclusion, I desire to express
as my opinion, that q forty cent tax
WiW not meet our liabilities as incur
red, unless it is supplemented by
vesiting in the Executive offices Of
the State, power to meet deficits by
temporary loans but with this pow
er to barrow, guarded by such res
trictions as would be proper, we can
get on with a forty cent tax. 1t will
be absolutely impossible, by any sort
Of tax collections, to meet the July,
1875, interest, and rid ourselves Of
debts that must be met before that
time. No rate. of taxation that may
be imposed for 1875, will bring the
funds in time. 1t must be paid, if
paid at all, by temporary loans, o
that the interest is not q preferred
claim" l should like for some gen.
tleman, on the other side, to show me
where the relief is to the people in
vesting power in the Executive Off
GERS of the State to meet the deficits
by temporary loans. Of course there
is none.
Then Mr.. Speaker, the question is
just this
Shall we burden the already over
burdened tax payers of the State with
an increased tax, in order to meet
these obligations, or shall we, as a
matter of necessity, suspend the pay.
ment of the interest in order that the
people may recover from the effects Of
the war and the recent financial pam
les, and so recuperate, build up and
enlarge the basis Of taxation, as that
they may be enabled, at some future
day, to resume payment | am for
suspension first, because | believe
the people, in their present distress
ing condition, are utterly unable to
pay secondly, because l believe that
if the policy Of suspension is adopted
a compromise of the debt, upon just
and equitable principles, can be ulti-
mately secured, an object we all
ought to seek to accomplish, for, in
my judgement, it is the only solution
to the problem. The people can necer
pay the debt as II stands. A part of
it was contracted in violation of law,
in that the bonds were sold in the
market at a rate greatly under par,
when the law required that they should
not be sold for less than their face
value. This law was written upon
the bonds themselves. 1t has been
+ unjustly increased by funding bonds
} at 6 per cent. when they were only
drawing 3 per cent, and also by
compromising the interest three
times.
But let this be as it may, for the
: present | go back to the plea Of ina
, bility, relying upon it alone. | sale
the people were unable to be further
: taxed at so high a rate, and so they
: are. l know the high tax men upoI
this floor are urging to the contrary
$ They talk much about the State!
4 wealth, her immense resources anC
the abundant ability of the people t.
f pay yet, Notwithstanding these rep
}. reservations, the fact remains tina
/ remains that out among the people
all over the State, there is universe
c distress-a universal cry for none,
t to pay taxes and to meet the ordinar..
: demands of business. Commerce
. and trade are languishing the man
s ufactories o the country are closing
and thousands of operatives are shor
d at bread; devastating floods hay
wept over a large portion Of on
State, and carried off the substanc
o of the people business Of every DIES
e cription is in a state of depression
o the debtor class of the people ar
k PROSTATE, while the creditor porto
e is standing over it with an uplifte
If and a heavy hand. 1t is hardly ne,
Ie essary to refer to the causes whic
IS have led to this condition of affair.
Dt When the war closed we had q Gu,
is rency amply sufficient to meet all on
s. demands. The country was full
n money, and we had easy times. Br
n those in authority said we must n
Y, turn to "speeic payment" The polio
ID of contraction was then inaugurateC
Of This policy was soon felt in til
D. South and West, and we asked for il
tiation. The bill passed Congress
q but failed to become a law because {
le the refusal of the President to sign i
,e The result was that capitalists in til
Id North and East we're enriched, viii
" the people Of the South and IVES
re were impoverished and left withol
to a currency sufficient to meet the
wants. Contraction has been to
BIT rapid the attempt to return to spec
)r payment has been too hurried IL
VS. people have been unable to adju.
a. themselves to it; hence the panic
tn hence the condition of affairs all ov,
tho -nnnntru tn.dnu Ihis is the mi,