The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1877-04-12
Representative Manson on the
State Debt.

Representative Manson on the
State Debt.
MEssRs. EDITORS: The most important
question to the people Of Tennessee at
present is the adjustment of the State
debt. It was generally thought for
some weeks before the adjournment of
the Legislature that Gov. Porter would
call an extra session for this special pur-
pose. Indeed, it seemed a settled fact,
for, on more than enc occasion, he sigDi-
fed his intention of doing so:
1t was evident to every one who con
versed with the members of the Legis-
lature during the last session that a large
majority Of them were not willing to ac-
cept the go per cent. proposition made
bY the commission acting for the bond
holders to the committee chosen by the
| Legislature to confer with them, without
first having an expression of opinion
from the people whom they represented.
I was one of that number, and I wish
here to make a few statements in regard
to this matter, and if the Governor
does convene the Legislature in extra
| session lam very anxious that the peo-
/ pie 10 every district in the county viii
| hold meetings and make known their
| opinions and wishes on the subject; for
in matter of such vital moment, OF
such lasting Importance to the people
whom l have the honor to represent,
and to their prosperity, am exceeding
Iy anxious to act in accordance with
their will.
The total debt Of the State
funded and registered to
Dee 90, 1876, is 500, POS .4OC
Amount yet to be funded, 1,I63 DOC
To this add interest due to
July l, 1877, 1885, COS
of the State, 27I53,4os
Assets; Amount due the
State from solvent rail-
roads and delinquent pur-
ohasors of railroads, 3,458, 145
Bonded liability over assets
position, %. 692, 26s
Sixty cents on the dollar or 70
3 5 of this amount, I4,21S,95 78[
This caulation is based upon the as
sumption that the railroads and delin.
quent purchasers of roads will pay, a
least, the interest on the amounts they
owe the State as it becomes due; and
have left the endorsed bond account
amounting to one million three hundred
and forty-seyen thousand dollars, out o
the question altogether. think it al
most certain that the bonds held by tn,
charitable and educational institutions
of the State will not be scaled and tina
the interest bearing debt of the State
should the proposition Of the bond
holders be accepted, besides that OF
which the railroads pay interest win he
in round numbers, $I5,OOO,OOO inter
est on this sum per annum at SIX ne
cent win be 100000 Amount neces
sary to run State Government $500 COZ
Il put this $50, $50 less than Comp
troller's estimate Interest on schoo
fund, $l50,000, making in all 81 $4,000
to be raised by taxation yearly to pay in
tsrest and State expenses. The privilege
tax with amounts collected from insur
auce companies, express companies, etc.
viii probably amount to S30O,00O
leaving sI,250,OOO to be collected OF
J property.
The amount of taxable property. ac
} c5rding to the assessment Of 1875, wa
S278 ,G20,534 Under the assessment Il
be made during the present year unde
: the new law l think 10 one viii CLAIM
that the taxable property il the Stat