Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-03-18
CAN THE STATE PAY9 CAN SHE
AFFORD TO REPUDIATER

forty cent tax wall be sufficient, or that
we are not for a higher rate. We
wish to see such rate of taxation as
will meet the requirements of the State,
and we think higher rate than forty
cents may be necessary, but we think
it need be very little higher-certain-
ly not beyond sixty cents. That this
rate or lower one is amply sufficient
can be easily demonstrated by any one
capable of understanding figures,
Notwithstanding the statements of
few badly informed or badly disposed
repudiationists, that tax of from II
topper centwill be necessary. We may
be in error when we say higher rate
than forty cents is necessary and moth
ing more be required except proper as
sessment and collection for in our esti-
mate we differ as to the amount of tax
necessary from the former Comptrol-
Ter of the State. Col. Burch, who was
certainly inferior to no Comptroller
the State ever had. who had doubtless
gwen more thought TO the subject and
better understood it than any man in
the State at the time, in his report
to the last Legislature, dated Dec.
1874, says
"Ifthe amendments to the law which
have suggested are adopted, l have
no doubt that the rate, as now fixed,
with the taxes already due and unpaid,
will be amply sufficient for the next
two years, both to pay the current ex-
penses of the State and meet promptly
all of her obligations and that at the
expiration of that time, the present
rate of taxation for State purposes may
be reduced"
However this may be, certainly a
people with $6OO,OOO,OOO, owing less
than SIS, 100000 or about four per cent
of their wealth, cannot be in con-
dition of insolvency. We have thought
much of the subject and candor COM
pels us to say, we can not escape the
conclusion that such of those as have
opportunities to be informed, and yet
are engaged in letter writing or speech
making for the purpose of disparaging
either the ability or inclination of the
State to meet its obligations, are either
specializing upon the ebb and flow OF
her credit, or seek to crafty their am
bition by riding into position upon a
short lived wave of prejudice, and We
do not hesitate to say that either class
are enemies to the reputation and pros
perity of the State. They have an in
fiuence for evil far beyond their num-
bers, for they appeal to a weakness Of
mankind and many good people, news.
paper men as we'll as others, will fol-
low in their vicious lead using theil
cunning arguments and appeals think.
ing not of the incalcuable injury they
do to their State, and honestly believ.
ing themselves friends of the State and
the people. In the language of the
late Comptroller, Col. Burch, we tax,
it for granted
that the Legis
lature will not violate the faith, honor
and credit of the State, now pledged
for the payment of the principal anC
interest. Should be mistaken in Thu
expectation, cannot tell how value
less Tennessee bonds and Tennessee
credit will become"
But Tennessee can pay, can sh,
afford to repudiate =? She has exc
cuted and issued her bonds, she ha
pledged her honor for their payment
principal and interest, and State honor
"plighted faith" if you will, we earn
estly submit is not all clap trap dnC
6mcom6e as some of our brethren o
the press are pleased to assert. Sh,
has sold her promises to pay, she ha
instructed the various courts in tn
State to invest the money Of the widows
infants, orphans, those afflicted will
idiocy and others helpless by reason
of their disabilities in her securities
and many OF her bonds are so held
Those investing their money in he
bonds knew their security for paymen
of these debts was the honor Of tn
commonwealth, that there was n
power to compel payment, stranger
did not doubt her honesty, but lik
Col. Burch took it for granted. Ca
she now afford to prove false to al
her pledges? Can she afford to set a
example of such deplorable morals
to her own citizens, is it her interes
to thus blight every industry With
her limits by having capital, energy
enterprise and labor shun her borders
, as the live business man shuns til
bankrupt. When the representative
of the intelligence of State proclaim
it right to refuse the payment of debt
honestly contracted, shielding tn
State behind her physical and legi
, greatness, it is an example to her cit
, zen which even if it should not affeC
his integrity and love of fair dealing
, will certainly surround him with a
air of suspicion wherever he may
which strangers will not readily ovel
look. We do not believe that th
State will repudiate its debt, or an
part of it, for she is well able to pa
and we suggest in all kindness to thu
class of writer's and speakers wh
spend much time in submitting plar
: how not to be honest and not to pa.
that they can much better serve the
fellow-citizens, their State and tt
cause of honesty and honest govern
, ment, by devising means by which II
reputation of the State may be prt
served.
: Mrs. BELKNAP is to be brought b.
4 fore the investigation committee as
5 witness. They ought to let the pot
: woman alone; neither she nor her di
C graced husband can do any more mi
8 chief and will soon sink out of sigl
j forever. He, of course, deserves 81
1-ora y,,D;s \ mani from uhioh FRO