The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-06-27
tH EXTRA I SESSION OF TIE
LEGLsLARURE.
Nashville Cotton and Tobacco Record.

We notice that several Of our ex-
changes, among them the Morristown
Gazette in its last issue, reiterates
the suggestion of the american, that
It useless to call county meetings
to discuss the all-important question
OF the State debt. until it is certain
the Governor will call an extra ses-
sion of the Legislature.
As early as our issue of the 9TH
of May. and again in our last Issue,
we published the fact that Governor
Porter would call an extra session
as soon as the assessments are COM
pleted, which the Comptroller In
forms US will be about the 18th of
November.
This information is easily ascer-
tanned. rs the Governor tells not on
ly members of the press. but any
one who will take the trouble to ask
him.
As this is settled question, so
stated in a special message to the
Legislature, and continually stated
by Governor Porter to all who in
quire of him, We thinkit all Important
that the people should talk the mat
ter over, strengthen the weak kneed
members, and give all aid to those
who desire to make a last and final
settlement of this too much talked
Of matter. Some day when the men,
bers of the Legislature least expect
it, the Governor will call the body
together, and they will be surroun-
ded by all sorts of lobbyists pulling
and hauling them about by the coat
collars, to get them to blow hot and
cold at the same time, in order that
the bonds may be up for few days,
to let some big concern sell out, or
put down for few days to let some
other fellow get in. This game has
been played for ten years now, until
Tennessee bonds are mere shuttle
cock used as plaything by financial
apprentices to gmuse themselves
with. The people Of Tennessee
should send their Representatives to
Nashville to settle the question for
ever. The majority of the holders
of bonds are willing to accept 60
cents on the dollar-though OF this
it is useless to speak, as they will
be fully represented here at the meet
i2g OF the Legislature. and will be
perfectly able to talk for themselves,
and they, or the best informed ones
admit the equity Of an abatement Of
part of the debt. SO let them be
met as debtors in distress usually
meet their creditors, and if a settle
ment is arrived ct. give them bonds
for the new amount, with coupons
receivable for taxes, and levy tax
sufficient to meet them from year to
year. And let US all go to work to
arrange for q currency III Tennessee
by re-establishing local banks. that
an impetus will be given to mining,
manufacturing and agriculture, that
will create ability to meet the requir-
ed taxation. The Legislature by
chartering and fostering banking in
it's true sense by giving charters to
and power to the banks to test the
onstitutionaiity of the National
Bank monopoly--we mean the 1000
tax on the circulating notes of local
banks-can in three months after
their adjournment make money so
easy in the State, that the taxation
necessary to redeem ana perpetuate
their credit will never be felt. All
these questions might be very prop
erly discussed by the people IN coun-
ty conventions, over their counters
and in the workshops. Stir the peo-
pie up to the shameful iniquity Of
the financial management of the gov
eminent. Say plainly TO Congress
-pegging away continually alone
in the interests of the bondholders
that these people expect US to
pay not only our own, State bonds.
but the government bonds that you
have gicen them-yes, made them
present of-and we shall most GER
tainly take steps to make the pay
ment as easy upon us as possible.
We shall no longer have a currency
so expensive that we cannot use 1t.
We will no longer patronize foreign
banks, forbidden by law to loan us
money. on our lands, but will have
our own banks, and our own honest
money after the style Of our fathers,
who managed we'll enough to leave US
valuable landed estates which you
have made Yalueless.