The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-06-23
W INDEBTEDNESS.
oW TO LIQgzD4TE THE SANE

HOW TO LIQUzD4TE TIE SINE
To the Editor Of the Morristown Gazette:
I see my friend, Mr.. j. H.. Crozier.
jr., in his communication OF the 10Th
inst. after trying to prove the alb
surdity of a false position asserted
to have been taken by myself in ref
erence to the liquidation ofohr State
debt, winds up with these remarks:
@Mr. Editor, if any one writes a
communication for your paper, rfdi-
culing the seriousness with which i
undertake to prove that a certain
quantity is not equal to a larger
quantity, and the seriousness with
which Esq. Z. undertakes to prove
that it is, please don't publish it for
ny sake. As regards Esq. Leeper,
it wouldn't matter for he is perfect
~ reckless"
Well, it is human nature for men
under certain circumstances to form
an opinion as to the character Of.
others, and whether that opinion be
true or false, it viii have its bearing
on d mind but whenever a man
begins to conclude that everybody
else are fools but himself, that don't
chance 10 see things just as he does,
is sure to underrate plain matters Of
fact. when ~emanating from any other
source than himself. Nov, suppos-
ing my friend Crozier to have been
honest land / have no doubt he Was)
in what he supposed my position to
be when he substituted so years in
place ef54 in answer to my first CON-
m~unieation. Still, he had no right
to misconstrue the propositions and
final result of the principle laid down
by myself for his benefit in my last
communication. / will again repro
duce the latter part of the last para
graph in said communication, which
if my friend had examined right care
fully, he might have been saved the
seriousness" with which he under
took to prove "that q certain guam
tity is not equal to q larger guam
tity.' or that mathematics "are sus-
ceptibIe of demonstration" Here is
what l said in the latter part of said
paragraph: add these two amounts
together and subtract the sum from
the S495 90, above not accounted
for, and you will have the debt paid,
and $40 q yet un~aceounted for;
add to this last sum the increased
value of the coupons over our pres
ent State bonds, and you will over
balance any loss by discount that
might be claimed in balancing q part
of the interest by undue interest"
The value of State bonds are de-
termined by what they will sell for
in market. Ours are constantly
changing hands at from 40 to 20 cts.
in the dollar, with the past due cou-
pons attached. And the citizens of
Tennessee are already taxed to the
farthest extent of their ability to pay,
consequently there is no reasonable
prospect of any advancement in price.
Now, if the plan | proposed a short
time since will raise the value of our
bonds to anything like 100 cents in
the dollar, the holders of tue same
will realize a fortune without any ex-
on their part while we will
be placed in a condition to make +
prompt payments as the coupons
fall due, which will keep them always
very nearly, if not altogether par.
Confidence will at ono be restored
between the holders of our coupons
and the State, and fuctuation ia the
value of our Indebtedness will cease.
Now, for the benefit of my friend, I
will close by changing the phraseol-
ogy and method adopted in solving
The principle laid down for the pay
ment of our State debt in my last
while the result will be the
same if carried out.
Now supposing our State bonds to
De worth 80 cents in the dollar that
at compound interest FOR SO
years will amount to $5,472 on each
thousand dollar bond then take "a
of coupons worth S58 each at
he date Of maturity, and pay the
iame according to the plan laid down,
md the coupon holder, by annually !
.ompounding the same, if promptly
aid as they fall due, win realize
.6,026 ga at the end of said SO {
ears. 0rsuppose we compound the
anne in each case semi<annually. the
Inference in favor of the coupon
older will still be greater. {
/. F. LEEPER.
r
LODGES sENDS a RI t