The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1876-11-16
OUR STATE CRI DIT.


ment is plausible, and we don't see
why this or some similar plan cannot
be adopted. Read it. We are all in.
terested.
1t was a matter of surprise to very
many that the recommendation of
Col. John {. Burch, made Lv him as
Comptroller, to re-establish the Bank
of Tennessee fell upon the last Legis-
lature SO powerless. The same sur
prise prevails with many now, that
the views OF Judge Marks upon the
same subject, stated some time ago
i'll an article of unusual vigOr, should
not have attracted more general at
tentioH. If it he said there are diff
culties, let it be replied, these do not
outw-s ED the great advantages that
would ensue. While | favor the es-
tablishment of Il State bank, both as
measure Of rereitue to the State, and
also to furnish directly, the people a
currency with which to pay taxes,
push productions and develop pros
peritv-neverlhrIess, at this writing,
| wish to submit another plan of
financial relief. But cfUre doing so
let me ask, is there not Il dire necessity
upon US, compelling an attempt at So
luton of the twisted problem Of our
finances?
For the present, so far as adequate
financial relief is concerned, We had
as well lay National politics out Of
the case. However, should we secure
the triumph of the Dc nocratic princi-
pies OF reform, and the repeal of the
protective taiif iniquity by the cleo
ton of Tildcn and Hendricks, there
will be occasion for the kindling of
bonfrc$ from the Lakes to the Gulf.
The standard Of values has been up
set. y tract Of land that would have
brought readily $1,000 Il few
years ago i'll cash, will not bring,
very likely, over Il 600 ut this time.
The people having become debtor
class by the sad events of the past,
as well as by the adj L.ling Of commod-
ities to one standard of value and then
overthrowing the same, for the last
several years, have made one uniyer>
sal and heroic effort to rcin>tate their
fortunes, literally " tearing the bosom
of the earth to pieces with their iron
implements OF industry" and banking
up produce III excess of the past; and
yet when put upon the market 50 lit
tie does this produce bring that it ca +
not with the body Of the people, do
more than pay current expenses, taxes
and interest, leaving the principal Of
their debts untcuchcd. Indeed it will
not, With great many. do 80 much.
and taxes, as every one knows, ,ale moth
ing like high enough to prevent the
growth OF our Indebtedness.
A great public debt Is curse. In
the end it i, chains and slavery.
Tennessee owes about So, ,000, coo
what will we do about it? Rrpudi-
ate it? MANY Sly 50. And it is true
that in the mi,!sl of any abundance OF
bread there Is au universal paralysis
Of pro>perity-that the dry~roE Is steal
ing through all our affairs public and
priyute-ihat enterprise and the ma>
terial industries lauguish-aEd that
labor, the L,,>i> Of all value, goes un-
rewarded. But is Reputation rem
edy for anythir 6? No! But if it
W.. kcd well for The State, even, lis
effect upon private virtue would be
ruinous. The citizens would argue,
w...at tlc State can do | can do.
Surely it is not desired in our eXigen~
cy to subvcrt honor and honesty, but
to find r'it ccmp.tlble Herewith.
The plan tia! submit is:
The issuance hy TIE State of paper,
in liquidation of debts. Such paper
bottonlcd on tqres My idea would be
to issue gay SI,000,OGO the first year,
for the next and succeeding years an
an. unt with minimum and maximum
limits. the same to be determined by
State Board Of Finance; thus con-
verting bonds for Ion interest bear
ing paper, according rs there might
be demand, and value preserved,
and crcaling ;,n elastic plan of relief,
well suited 10 practical operation. In
teIest coupons always first to be taken
up. The bulk Of such issuance to
be small denomination, the Object be-
ing to lave it thrown in circulation.
The paper to have the complete APP
pearancc of bLi,k bills. A. to name,
that is immaterial. Tax certificates,
warrants, Tennessee notes or bills,
either would do. The saving on in
tereat account would be $50, 900 on
every 81 100000 converted per an
mum; and this for every year after
conversion. Is this attractive? Is
there truth in mathematics? If so,
run out the calculation and see what
will be saved say in five years. The
difficulty in our tinanciering is,
we only pay an interest, and don't
pay :lll that, leaving the principal to
grow and grow forever. Until this
policy l. reversed We are verify ''hew-
crs of wood and drawers of water. >
In fifteen years feel sure the entire i'll
terst learn. indcltcdne>scould becon-
vert"d into Il n0n-intercst bearing in
dcbte,lne>s, aud absolutely taken up by
tlaes During the ensuing two years
IL 40 cent rate Of taxation could be
met bette: with such relief than %
cents without it. In tour yenrs go
cents on the hundred dollars could he
paid better than % cents now, and i'll
eight years an 50 cents tax could lie
paid with far m1re case than % cents
now, without such, or other relief
When we further reflect how, TN
der such IL reviv;ng influence, the az
gregate of properly, personally and
really, would grow and lengthen upon
our assessment roll, way cut by the
sure absorptino of such paper 10y tax
alton becomes clear Millions Of taxes
that cost so iiuch sweat, and that