Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-05-24
The State Debt

e p"S''c atsehtisil. About a
year ago Il vas a topic ofprom-
was discussed largely
IN the hnstings and in the n.
'ers--Ihc OBSERVES taking a
prominent position IN the dis-
leussion, a hlll followed, which
was broken in the Legislature
by lengthy consideration of
the question, and II again be-
came a prominent topic. N4
Whenthe owner OF a note or
other evidence of debt offers 10
shave the paper forty per cent,
everybody. will say that he
shows a liberal spirit. Well,
that is what the holders OF the
State bonds of Tennessee now
offer TO do. They propose COM
promising at sixty cents in The
dollar, but, unfortunately, the
people of this State are not now
in a condition TO accept. Mon
| ey is scarce; capitalists may
dispute it, but laboring men
know that it is true. The Leg
islature acknowledged it in de-
fcrring the time for the collcc-
lion Of taxes until after anoth-
or crop should be made. Fed
cral taxation is the burden UNI
der which the country groans.
Whichever way the people turn,
they find it ever present--it is
in their clothes, tea, salt, tobac-
co, coffee, and it is fearfully IN
creased by the dishonesty and
extravaganza of the party that
has had continuous rule of the
country for fifteen years. This
is the great burden that is OPP
pressing the country and caus-
ing the cry of ''hard times"
Tcnnessce's part of this crush
ing tax is estimated at over ten
millions of dollars yearIy-a
load in comparison with which
her own State debt is inconsid-
cradle. This Federal tax is
what is crushing the material
interests of Tennessee, and
causing its people to be unable
10 meet their State liabilities at
this time, even at discount of.
loFly per cent.
Diverse opinions arc enter
stained as to the situation, and
the mode of relief. Carroll
county refuses the go cents
proposition, but names no sum
to be paid. Gibson county ac-
cepts the GO cents. Hickman
argues the case and adopts reso-
lutions, Of which we copy a
part
Whereas, our State indebt-
Iedness and liabilities approach
es near the sum of $25, 900, 900,
all amount largely beyond the
ability of the people to pay;
And whereas, the larger por-
ton of this liability was crea-
ted before and during our late
war and raised to a fictitious a.
mount of what was justly due
by adding accumulated interest
which accrued during the
war-a period when all other
debts and liabilities were sus-
pended, and since have been
adjusted upon terms correspond
ing TO the condition and times
of the country;
| And whereas, large amounts
of these bonds were purchased
by parties when they were low
in market and currency or mon
ey was abundant and idle for
the want of investment, having
been bought by them at ex-
tremely reduced rates, varying
] from 30 10 40 and 50ccnts on the
dollar-now, we, the people of
Hickman county, in view of
these facts, as well as many 9th
ers which could be detailed as
the basis of our action, do here
by declare and publish, in con-
vention assembled, the follow
ing resolutions to be our posi-
ton and voice upon the settle
ment and adjustment of our
State debt:
Resolved, That in our judg-
ment and conception of right
ln,,.l s,,cfinn hnt,rnnr fLn hnr,I.