Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-03-20

OF revenue be no. diminished.
5. That the State levy annually a spe-
eial tax of one mill oa the dollar of tax
able property, the proceeds OF which, In
every year, together with any surplus
revenue, shall be used in the purchase,
cancellation and destruction OF the new
issue of bonds which tits proposed here.
in to issue tor existing bonds and past
due coupons, and the coupons OF July /,
1871.
g. That the legislature pass a law au-
thoriziug the funding Of all outstanding
bonds of the State, OF all past-due cou-
pons thereon, and of the coupons which
will fall due on July l, 1877. into new
bords of the State, bearing date July l,
1877, and having ffty years to run to
maturity, bearing interest for a period OF
FIVE years from their date, at the rate of
three per cent. FER snnnm; for a period
Of FIVE years thereafter, interest at the
rate of four per cent. per annumi for q
period of FIVE years from the termins-
ton Of the last mentioned period, inter-
est at the rate OF FIVE per cent, per
annum; and thereafter until maturity
and payment, interest at the rate OF six
per cent. per annum. Interest upon
each bond to be paid semi-annually, on
January lst and July LIST, in every year
from aud after iis date, and the coupons
%eyidenciDg it to be receivable by the
State Tor all taxes and dues payable to
the State; said bonds to be for 500, $500
and $1,000.
The debt Of the State, as may be
readily ss~certained, will be within her
control and easy power to manage and
protect from the stsit if, as We sincerely
ncpe may be the case, tie plan herein
outlined is sTsiled OF, and We may add
that our aim has been to make it within
the easy power Of the people Of Tennes-
see 10 avail Of it.
As Will be perceived BY your excel
leney, The Legislature, snd people OF Ten
nsssse, the public creditors OF Tennessee
in stqaisscinE in this proposed plan Of
| cooperation between them and the peo
pie Of Tennessee for restoring the credit
Of the Safe aud ultimately exiinguish-
iug her pabic oeb1 will Voluntarily re
Eneuis5 about ST 100000 Of their claims
sHNnsi Is1~nessee-sn smouut equal to
G5out Ous4hir5 Of tie entire amount OF
her pubhe debt
Ga The other hand, re propose that
he people Of Tennessee adopt the easiest
and EuFless mode ssich We can con-
esiTe Of for the ultimate exiiEEuishmsni
q ihsir entire public debt, 5 mode which,
While il vii only produce the very mod
crate annual sun Of S268 900 al the pres.
Ell lo# yslusnon Of property. will, b.
its silent but sure work, pay CT toe debt
completely, While, by its operation, Il
viii 90 reduce The amount upo1 shics,
nncer this pan, interest will reqlirs "a
BE paid. thar al tie expiry Of esch period
for En advance 10 the rate, the reduced
sDoEnt Tor which interest will have to be
provided, AID the certain Increase IN the
Fslss Of property, Sill together work 70
mBks tie present rate Of taxation quite
sufficient 10 nee. 81 demands upon ths
State.
During the first sfissn years Of tn,
currency Of the proposed new issue o.
binds We estimate that the proposed
special tax for their ultimate payment
viii pay Of between s.. 900, 900 and S.,
100000 in bonds, allowing twenty pei
cent .. the tax FOR It's collection and ibs
expenses corrected With buying bond
with the proceeds.
When it Is considered that this can o'
accomplished u SO small an annua.
charge TO the people Of Tennessee, aul
that such certain beneficial results 4
them are sure 10 follow. We have th'
greatest confidence that their loyalty {,
Tennessee, their discrimination TO pre-
serve and psrpstuate her honor and goot
name, will Be sufficient to inducs thea
to make the manly effort 70 that end o
unitedly raising 2 one-mil tax on thsi.
property annually.
We are qlite well azare Of the psrtis
failure Of crops in Tennessee in IT,
years 1873 and 1874. and Of the depFess
ed condition Of business, and OF ali il
dustries 10 the State. but throughout thl
country there exists the same depression
The came ~stagnation
In fall recognition Of this depression
and stsgnation, which there ia every rea
son for believing will sooD give place &
better times, we have, in the plan hereii
submitted for a Encouragement Of Ii.
~inauces Of Tennessee, made her ooligs
tons within her means and eviden
ability to meet now.
These propositions contain point
worthy of consideration The fea
ture Of a graduated rate Of interes
q IS quite similar to a suggestion
made in these columnsa few month
ago. This, if carried out, woulI
make the semi-annual interest e
light for the first ten years that tn
, people could in that time retire
considerable proportion Of the mai
# debt and after that carryit easil
q enough. The interest on, say s22,
100000, at three per cent. per an
10 mum, would be only SG6O,OOC
/. which in former times would hay
n been almost paid by the priyileg
i tax. But we see nothing about II
a ducing the principal by the bon,
holders! 1t all reads well enoug
except in that respect. Say ski
y cents on the dollar with the otht
sr. conditions named above, and we al
for it.
We --
IS GOVERNOR PORTER is all rigl