The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1876-03-22
a." Radical legacy oftilc bonded
ADebG A Grave Problem

d 1t Is serious problem what is to /
l. done with the bonded debt fastened G
+ the State under the Radical regim,
we may lament as much as we may ths
f there Was no occasion for this debt; thu
when Federal bayonets put adventureI
1 IN possession of our State Governmer
the debt on account of current expend
f lures was but S211, 900; that instead c
this debt, at the enormous rate of tag
alton imposed, there ought to be larg
balance TO the credit of the State tina
, there is nothing to show for these heav
liabilities which have been incurred t,
!. enrich the adventures whose only oblec
was the acquisition of pelf at the cos
OF the impoverished taxpayers tina
the debt was not incurred to carr,
out any of the Legitimate ends of govern
ment. Indulge these bitter reflections "a
we may ,despise in our hearts the profit "a
cy and corruption that have ehtailed thi,
curse upon US, still the problem remain,
to be solved, what is to be done with it
Gen. Chalmers resolutions in another
column set forth the facts as they exist.
They show the utter imposibility in the
| present pecuniary embarrassments Of the
/ people, the shrinkage of values, and the
low price of their chief staple, for them
to comply with the arbitrary terms Of
the law of 1874. At the present rate of
taxation for State purposes, in conse-
quene of the decrease of values under
Radical mismanagement, the yield Of
revenues to the State, under the four mill
tax, for current expenditures Will amount
to 1921, 900, whereas, nearly double that
sum will be required to meet them,
and to pay the interest, and the
bonded debt that will fall due on
the 1st of January next. 1t cannot be
done. There must be an extension OF
time. If the present Legislature is
pledged to anything on earth, it is TO re-
duce expenditures and taxation. The
people expect and demand it.
The law of 1874 provides that the
bonds shall be divided into six series and
payable annually in as many years from
the 1st of January, 1877. Section 6
provides that for the payment of the
interest and principal of said bonds,
special tax of three-quarters of one mill
on the dollar should be levied for the
year 1874; ''and all subsequent years,
g until and including the year 1881; and
g an additional tax Of one and three
" quarters mills on the dollar On the tax
" liable property in the State, is hereby
Z" levied for the year 1876 and all subse-
"quent years up to and inclusive of the
year 1881, or until the interest and prin-
g ciPal of the said bonds are paid. This
section ought to be repealed. Section s
of the same law will still remain in force,
providing for the collection of one-half
of one mill which can be applied to the
payment Of the interest Of the debt; and
the Legislature when it meets in January
next, with a full knowledge of the effect
of the reform measures which it will !
have instituted, will be enabled to de- /
eide what future action should be |
taken with reference to this accused |
legacy left on their hanqs By the |
who have lad possession OF
the State government. 1t was a usur- /
patton on the part of the Legislature of
1874 to prescribe what the rate of TAX
alton should be for the year 1876 and the
subsequent years mentioned in the law, |
and Was denounced as such by us at the |
time, and the men who perpetrated the
act were given due notice that the Leg
which the people would there
after elect to serve them would not be |
bound by their action. In nothing that |
we have said is reputation dreamed of. |
We are not prepared to say that it would
be even proper to scale the debt as Lou
isiana and other States have done. We |
do not even advocate reduction of the |
rate of interest, Notwithstanding the cir
attending the creation OF the
debt, but with a full knowledge of the .
pecuniary distress and impoverishment of
the people and their utter inability to
with the 9Th section of the act of
1874. we insist that it should be I
repealed.