Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-07-22

State. but not for paying interest on
the bonds IS well, two mills addition
al, or in all six mills on the dollar of
real property is the rate at which both
current expenses and the interest on
the bonds can be met. Now the reso-
luton does not absolutely determine
this sum, but contends that after re-
ducing the expenses of the State to
the lowest possible figure. that ought
to be the basis of taxation, plus the
two mills on the dollar necessary for
interest az above estimated.
The amendment is intended as
compromise. 1t was offered in the in
terest of small section Of the county
whose real policy is that nothing shall
at present be raised for paying inter-
est. Unfortunately, like most COM
promises devised on the spur of the
moment, it is much worse than the
original proposition of the parties pro-
posing it, as will soon be seen.
The estimate of two mills additional
to the present rate, as the necessary
provision for paying both State ex-
penses and interest has been SO gener-
ally spoken of and discussed, that it
could not be unknown to the parties
devising this amendment; il must
therefore have been their purpose to
propose rate which would pay halfthe
interest.
This is the proposition we propose
now to discuss.
We do not hesitate to avow our
opinion that, bad as that would be, it
would be better not to raiseany bonds
at all for the payment of interest on
the bonds, than to raise an insufficient
sum.
As the law at present stands, the
treasurer is obliged by law to pay any
coupon that may be presented, provid-
ed there is money in the treasury
raised for that purpose; butthe is no
means by which the bondholders or
any one else, except informed by the
treasure, can ascertain when such
funds are in the treasury, and when
not. 1t is impossible not to see what
door this opens to favOritism and
corruption.
We are making no insinuations
against the present financial officers
of the State; as far as we know, they
may be capable and upright men; but
we have had ample demonstration of
late, that the best way of keeping men
SO, is to throw as little temptation as
possible in their way. SupDosingit goes
no further than favoritism, how easy
for treasurer to inform some preferred
bondholder, or some friend who can
purchase coupons for the occasion
cheap, that there is money in the treas
ury; he gives sixty cents on the dollar,
say, for his coupons and Immediately
goes to the treasurer and cashes them
at par, while other bondholders having
equal claims with him, but not having
a friend at court to post them up as to
the condition of the treasury, look at
their coupons despondently, wondering
how he could have been so foolish as
to come into possession of them.
But see how easily corruption might
supervene upon favoritism. Suppose
corrupt treasurer in office; such things
have been and may be again-well,
there may be hundred thousand dol
lars in the treasury available for paying
coupons, confederate is informed of
it and nobody else, he is instructed to
buy up 100000 worth OF coupons,
which he can do for $4,000, present
them to his confederate; the treasurer,
who pays out the full par value for
them, leaving a nice little balance of
$4,000 to divide between the two.
Ought any public officer to be subjected
to this temptationP No? our unal-
terable conviction is that enough
should be raised to pay all the interest,
or none, and in this light we under
stand Judge Smiths speech where he
says:
IF we are not able or willing to
raise money enough to pay the interest
on the debt of the State, | see no
necessity for raising any more than
will be sufficient to pay our ordinary
expenses. There is no necessity to ac-
eumulate several hundred thousand
dollars in the treasury each year which
might be prey to dishonest officials,
&C."
We have heard fears expressed that
these words of Judge Smith might be
understood as implying that the judge
did not deem it matter of primary
Importance that money should be
raised to pay interest on the bonds.
This would be a serious misunder-
standing of his meaning; we know him
to entertain the strongest opinions on
the necessity of doing so, but we un-
derstand him to mean that If the fill
estimate for paying all the interest can
not be raised, then it is better to raise
none for that purpose-and we have
given, we think, strong reasons for
agreeing with him.
However the amendment was lost,
and the convention stands pledged by
a majority of "A to 8 to the doctrine
that enough to pay the whole interest
must be raised.
Some irritation was expressed by the
opposition that what they considered a
compromise was not accepted, and
some delegations withdrew from the
convention, but, before the convention
separated, several of the delegates re-
turned to the house and announced
their intention to vote for the nomi-
nee, and we are every day receiving
new evidence of the desire of the peo-
pie to discuss this difficult subject in a
friendly manner and in the spirit of
mutual concession.
We are gratifed to add that the
spirit of acrimony in which this finau-
cial difficulty has been discussed
throughout the State by the press is