The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1876-03-09
Current Opinion.
Under Which King, BezOnian2

Under Which King, Bezonian?
In our issue of last week we spoke
in terms more emphatic than COM
plimentary, of the unfortunate fl ,
nancial condition of Tennessee, and
of the imperative necessity for some
prompt and decisive action on the
part of those in power, looking to
the preservation of the State credit
and the meeting Of all our just liza
bilities. Whether so intended or
not, it cannot be denied that the
open letter from the Governor to a
citizen of New York, the despond-
ent tone of our leading newspapers,
and the evasive utterances and non
committal position of most of our
prominent men, together with the
absolute failure of the State to meet
any portion of her interest for more
than a year, all combined have had
a most damaging effect upon State
credit abroad and at home, and
strengthened the cause of repudia
tion beyond measure.
Missouri 6 per cent. bonds re
main steady at 1927 per cent.
bonds Of the war-impoverished and
much plundered State of Georgia
are quoted at SO to 1O2, while citi-
zens of Tennessee have the mortif
cation of seeing their own paper,
with a years accumulated interest,
dancing-apparently at the bidding
ef some unseen hand behind the
curtain-any where from 40 to 10
and by way of dealing a finishing
blow at the fair name of the old
commonwealth, and humbling her
completely in the dust, suggestions
are thrown out that the Governor
shall go to New York and endeavor
to effect some sort of compromise
with the bondholders. The day
that the Governor of Tennessee
leaves Nashville on such a mission
as that should be set apart by her
citizens as day Of fasting, humih-
alton and prayer forever afterwards.
The sovereign State of Tennessee
cannot be sued-her bondholders
are at her mercy and she can pay
them all or nothing as she chooses,
and if a blot is to be placed upon
her hitherto bright escutcheon, in
Heavens name let US make the
most of the miserable bargain and
wipe out the whole debt at once.
But before this is done, let the issue
be brought squarely before her peO
pie. Let her sons speak-let them
answer at the ballot box whether
they will sell their birth right for a
mess of pottage. And before we
pass upon this vital question let US
at least endeavor to get some intelli-
gent understanding of the situation.
At the beginning o. one year we
are cheered by the information,
coming from the Financial officer
of the State and addressed to the
Legislature then in session, that we
can keep down our interest-pay
our current expenses, and have a
handsome balance left in the treas
ury. The Legislature adjourns GER
tainly having done something in the
interest of economy, and in one
short year we are informed, upon
the same high authority, that by
Jnauary, 1877, we will be more than
100000 in debt, and by January
1878, we will be behind on our cur
rent expenses and interest more
than three millions OF dollars
while the only Democra daily
published at the capitol of the Stat,
declares that the future ''is gloomy
and unsatisfactory" and more thar
intimates that about the best thing
to be done is to scuttle the shiI
and let her go down.
Look on this picture then oil
that"
CoMPTRoLLER's REPoRT-JANUARY, ,1s75
Financial condition of Tennessee, Dec
10, 1874.
LIABILITIES.
Warrants outstanding IS 2S3, ,29O
Loan account -...-.. 65,OOO 0
Interest due Jan, 1875 " 6s7 ,25O 0
$I,O35,5 $40 i
ASSETS.
UncOllected Taxes ...... 81 ,S2S 1882
Cash on hand .... ....... 32S, ,704
Interest due Jan. 1875 from
Railroads . ... 9S,666
$2,255,6O4 4.
Assets over Liabilities $1,22O,763 76.
CoMPTRoLLER's EsTMATE-JAN'RY 1s7
LIABILITIES.
Amount over due Jan. 1,1S77, $2,446, %
Interest July, 1877 .....-.... 600,O
January, 1873 ..... G00,C
{" School Fund Ap1,'77 75,3I
+, - . Oct, II 753
4 Bonds f. T. Univer'y Ply
< Current expenses 1877 .... 640,
$4,459 o
ASSETS.
It Unpaid taxes of 1875 and pre-
, vious years ......--.... $1,000
= Unpaid taxes of 1876 .-.---..... 74l Z
Privileges and other taxes col
lected by clerks .-......... 300
Dog Tax Observation-Disclosures 1000
Railroad tax for 1876 collected
after January, 1877 -....-.--. 67,0
5, $685.
5. Over due liabilities Jan. 1873, $3,140 !
Increase of overdue liabilities
since January, 1877 . 693, Z
8 "Can such things be and ov,
IS come us like a summers cloU
le without our special wonder" We
= our public officials utterly inc