The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-07-10
GOVERNOR PORTER ON THE
STATE DEBT.

| STATE DEBT
Governor Porter has written an open
| letter on the State Debt. 1t is addressed
to W. Fl. Harrington, Esq, editor OF the
| Carthage Herald, and is in answer to one
addressed to the Governor by that gen
tleman. According to the Governors
| figures the debt of the State on the first
day of January, 1873, amounted to $685.
212,6O6. This includes the bonded debt
not due, the bonded debt past due, five
full installments of interest, and balan-
ces of several installments not presented,
amounting to $4,000. The greater part
of this debt was incurred prior to 1861 /,
and a very large majority of the bonds
were issued by Governor Andrew john
son and Gov. Ishman G Harris. There
are now outstanding So, 033,O 900 of the
ssBrownlow Bonds"
The Governors letter closes with the
following in regard to the extra session
of the Legislature and the effect upon
public confidence by its failure to adjust
matters:
Il
ture was called in the confident belief
that it would result in an adjustment OF
the State debt. 1 had every reasonable
appearance for this belief. Public opin-
ion was in favor of it, the press of the
State, with three or four except ions, ia
vored it, and 1 believe it is fact that
every Democrat in the State, who was
then in line with his party, and every
member of the Legislature, who was
member at the date of the issuance Of
my proclamation, favored settlement
upon some terms.
On the 22d of February, 1877, i'll
special message, l urged the Legislature
to send committee of conference to
meet a committee of arbiterS, at New
York, to discuss a settlement of the
State debt and recommended that all
questions touching it be postponed to
await the action of this conference,
and announced a purpose of converting
the Legislature in extra session to pass
upon whatever reports should be-made.
After the return of the Legislative
Committee there was no time for its
consideration, and it was generally I'M
derstsod by members of the Legislature
and the public that the question was adj
journed to an extra session. About
one-third of the members of the House,
representing the farmers of that body,
united in a written request to me not to
convene the Legislature earlier than
September or October. The only OPP
position 7 could find came from parties
who wanted confidence in the disposi-
tion of the Legislature to make a settle
ment. Understand me, do not avoid
the responsibility of calling the Legisla-
ture together. stand by the act and be-
lieve in it's wisdom, and only regret that
an adjustment of the debt was not !
made. / am clear in the belief that our
financial condition is the great barrier TO
prosperity. 1t has destroyed State and |
aud seriously affected indi- |
vidual credit abroad, and has broken |
down all confidence at home. The |
banks and individuals who hold money |
lock their vaults and refuse all accom-
modati0ns to the borrower under tile !
belief that when public obligations are
a scheme will be devised |
by which individual contracts will be |
Ignored and avoided with the same IA
cility. This want of confidence has
locked up millions of dollars of money,
which, il it could be placed in circula- !
ton, would go very far towards the re-
lief of the people of Tennessee. The
holder of even idle and unemployed
money eSteems it cow as more valuable
han any species of property and he can
not be expected to change his opinion
10 long as the tenure of property is
made doubtful by disregard of ebliga7
ions. rssf lses
Public opinion is fixed upon one
'oint, not to exceed an additional levy
4 thirty cents, making the State tax
orty cents. This has been the pledge
# the Democracy for the past four years.
The special report of the Comptroller.
nade in December, 1877, shows that,
ccording to the present assessment, the
AK ON property and merchants, at thir-
y cents, viii yield a net revenue of
ia. 046. 40; add to this the cash in
ONE of $40, 500 derived from the lease
f the penitentiary, with the revenue
rom railroad, telegraph and sleeping
ar companies, and we have an ample
margin inside Of which a settlement can
&c made easily and acceptable TO all
OF course this will be
n IN lNaf /
we the debt, and debts are always
host troublesome and never paic con-
It is well enough for the 1
eople 20 understand that whichever set 8
cement Is made, money will be requir- l
to meet the new undertaking and
lis money will have to come from the
oekets Of the taxpayers OF the State. Il
K have Ghe noBor to. be, very respect
illy,r JAS. ID. PORTER.