Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-07-29
RATIFEp BIZ THE PEOPLE.

RATIFIED BYTHE PEOPLE,
and the debt created by their authorit,
and In accordance with their wishes
! The amount of bonds in 1861 was $40,
| 1O5,6O6 This was for turnpikes, rail
roads, State bank, capitol and hermi
tage, and all of it was approved by tn,
/ people. These are the bonds that ar,
now outstanding, except 81, ,157 900, anC
of this amount $2,623, 900 are due b.
solvent railroads, leaving only 81 ,534,
| 600 about which there is any doubt
and even these were recognized by tbs
conservative legislature of 1869-70
There is no reason to question the
validity of the State debt. Our OWL
supreme court, at its last session in
jackson, decided that the sale of bonds
for less than their face value did moi
! invalidate them in whole or in part.
! BENEFITS RESULTING.
Were there any benefits resulting
from the creation of this debt2 Gov
ernor johnson stated them clearly in
his messages. which have been quoted
He says: ''They are developing our
| hitherto hidden and latent resources,
and bearing off, at cheap rates, to the
markets of the world the mechanical,
agricultural and other products OF the
country" that they bind the State to-
gether from Carter to Shelby, and
make us one and the same people in
in agriculture, commerce aud mechan-
! les. AS a consequence of this debt,
the value of property in the State in
creased from $186, ,621, ,119 in 1852, to
1899, ,048, 1852 in 1860. The average
value of land In 1852 was So 81 per
acre, and in 1860, So 13. In the coun-
ty of Maury, the value of land was, in
1854, S., 5,210,052, in 1859 it was 81 ,353,-
279, and in 1874 it was 81, ,539, ,849. In
Carol county the value of land in
1854 was 81. .407, ,126, and in 1874 it was
$3, ,131, ,289. As it was in Maury and
Carroll, so it was throughout the State
wherever these improvements were
made. Governor Johnson's predic-
tions were fully verified and his argu-
ments in favor of the system sustained
by future events. Since the war, ap-
preparations to large extent have
been made to renew the railroads that
were much injured, in fact, nearly,
destroyed by the war. AS before
stated, the bonds to railroad COM
panies since the war have been under
authority of an act of the legislature
passed in 1870, mostly returned into
the State treasury as good. The taxa
BILE property of Tennessee, in 1865,
was $194, ,849, ,3S7, and it was in 1875,
z1 IL I Al -
discuss whether the bonds issued by
Governors Brownlow andSenter were
properly or improperly issued, since
they haYe been mostly paid, and those
that have not been paid, have been re-
cognized as valid by the legislature of
1869-70, and by every succeeding leg
islature which has met since that time.
To receive the benefit of bonds and
raise no question as to their validity at
the time of their issuance and after
ward to deny their validity, admits of
no defense
WHAT SHALL BE DONE WITH THE
DEBT?
The debt having been recognized as
valid, the SERIOUS question is presented,
what can be done with it? 1t is very
large, all will admit, and it is heavy
burden upon the people of Tennessee.
Notwithstand the increase in the value
of property in the State since 1852,
which amounts to near $92, 100000 the
net income of property owners and
taxpayers is very small from causes
which it is not necessary here to dis
cuss, some of which arise from govern
mental extravaganza and mismanage-
ment, and some from causes under the
peoples own control, and which they
can, and I hope will remove. We
have not paid the interest on the State
debt for years, except twice, and unless
something is done we may not do so
for years to come. What can we then
do? Can we honorably make any
agreement with our creditors which
will be just to them and satisfactory
to ourselves? Denouncing bond
holders and capitalists does no good,
but may do much harm, What
we need to improve our country
is capital, and if we denounce the
men who lend us the money, what
right have we to expect them to aid US
by the loan Of their capital. suoh a
course tends to drive away from us
that which we so much need, and
which our people are so anxious to OBJ
tain. Let us deal fairly and justly
with bondholders, as with other men,
and show disposition to pay the debt
of the State, 40 far as we aFe able. In
this way we will get iberal terms from
our creditors, and benefit ourselves in
the future, IF all the bonds were now
owned by the men who originally
bought them, while the legal obliga-
tion would be no greater than it now
is, yet the moral obligation, or, rather,
our sense of justice, would make us
feel like paying the whole amount,
principal and interest, without the
abatement of one jot or title. But
the fact that they are now owned
principally by men who bought them
at great discount, which depreciation
was not our fault, but owing to our
misfortunes, should make them lenient
ID dealing with us. We know they
cannot force US to pay, but an honest
individual, will pay what he can,
although there is no power of COM
pulsion. There is no peculiar honesty
in paying debt when we can be COM
PEELED to do it, but he who pays when
there be no compulsion shows true
principle. If we can make an arrange
ment with our creditors, not under
threats, but upon full and free oonsglc
tation, we should do SO, and, this will
be an injury to no one,
RATE OF TAXATION.
In determining what arrangement
we can make, we should consider what
should be our rate of taxation and
what our probable revenue. l do not
believe that an increase of taxes will
increase the receipts into our state
treasury. As our laws for the cnllec.
ton of taxes now stand, We would
merely have more delinquent tax pay
ers. Unless we can COLLECT the taxes
now LEVIED, there is no use in any
further increase. The first thing to be
done is to secure the payment of the
taxes already levied, for it is unjust
that some men should pay taxes, and
others, who have as mqeh, er more
property, should pay none, An increase
in the rate of taxation might reduce
the assessment, and thus no more
would be raised than under the pres
ent rate. A few years hence, when
the private debts are all paid, as they
will be, the country will be in better
condition fOF an increase of taxation
than it now is, even if such an increase
should become necessary. The people
/ ell ol7 All