The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-08-05
STATE FENkHGEs.

We give. below the conclusion of
observer article, which was COM
menced last week. It is able and
pointed, and should be read by all.
But, had nor such relief been given,
could the July interest been met ? 1t
could not. How was the July inter
est of this year met? 1t was by the
hypothecation of part of our remain
ing small stock of collaterals, and pay
ing between s and 9 per cent. for the
money. This shows the extremity Of
our finances in December last when
this money was borrowed and before
the last legislature assembled to de
strov State credit. It is true, as shown
by Mr. Treasurer Morrow, after deduc-
ting the usual per cent for commission
ers TO collect and insolTenc'es and re-
leases that only S26S, 6S4 Of taxes for
year 1874 remain now due; with this
the other side seem to think all ould
have gone on veil, and our interest
account have been Paid. How Is this?
1t is shown hy the state Treasurer that
100000 of money borrowed IN Dc
cember to pay interest remains due
and unpaid. That 500, eco borrow
ed otherwise remains due and unpaid
That over S300,GC0 o. warrants
heretofore issued remain due and un-
paid That the July interest account
is soc, 009, aud that the current eX-
pcnses Of the State Government must
be met. All this ankes up to July
81, 800, 600, to be met, and all with
the foregoing piiiul deficit OF taxes for
1874 and the deficit OF desperate taxes
due before, yet this S2GS, SSl due now
On taxes of 1874 being scattered with
humble farmers throughout &c State
who have no bank account to check
upon, nothing other than indus'ryand
muscle, have greatly blessed, and like
Jonah's goura that in a night reached
such fabulous growth, in u short while
have multiplied and increased almost
beyond measure. 1t is manifest we
could not have Paid with the deficit Of
1874 in pocket. Nor could We have
negotiated. TO illustrate, a loan Of
$500, coo, if we could not one Of $780,
600, with the. credit of the great State
Of Tennessee back of it all. Nor ought
we to borrow money ut 9, 8 and 10
per cent. to pav interest, or ANYTHING
else. With such debt We have over
Us, and paying such interest, we can
never, unless an unparalleled era of
prosperity set in, pay off the principal
of our debt. Away with tinkcring.
Every one at all posted knows that
for a State to take lalTre sums of
money at such a rate, is r6inously
high and unsound. If no better f.
nanciering prevail, the people may
come to think at last, when the last
pound of such interest, and the prin-
cipal are called for, may think, | say,
that they, Ike the Israelites Of old,
are called upon to makebriek without
straw. But while referring 10 the
danger Of goading the people to des-
perate turns by laundering fnancier-
inc, for my single self, L am for pay
ing all Just debts, indiyidualand State,
and under all circumstances.
/ beg to refer to en- exceedingly
remarkable faet. Its that while the
giltedged column say 50 much about
the honor and credit of the STATE, and
about not paying honest debts, they
forget to say one word as to the duty
Of the State to make good her contract
with her own citizens, by advancing to
the creditors of the bank Of Tennessee
the States deficit Of the amount; as
agreed in the charter of this bank
given by her own legislature. 1t is
received as true Il have not the pre-
else figures before me) that the State
has never paid in 81, 800, 900, of the
s5,000000, provided by act of the