The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-08-15
The PeopIe Unable TO Pay.

w z llIlu III ldtS nuIuDGE OF the |
Dresden Democrat, communi- |
cation from Hon. John A. Gard
ner, in which he discusses the
State debt question. He contends
that the people, in their present
impoverished condition, can not
pay a State tax Of more than for
ty cents on the hundred dollars,
and that forty cents tax would
not admit Of an adjustment Of
the State debt upon a higher ba-
sis than 335 or forty cents on the
dollar with our creditors. His
argument is based solely upon
the inability of the people to'pay
the whole public debt, rather than
their Discrimination to pay it. The
following are the salient points
of Mr. Gardeners letter:
There are many thrifty men in
the State who could pay theirjust
proportion Of the whole debt,
without distress to themselves,
OF serious Inconvenience to their
families; but this, as [ think, is
not the case with the great body
the maj ority Of cur taX-paying
citizens. Among this latter class,
a high rate Of mathematician
ly high to pay the whole debt, or
even fifty or sixty per cent, Of it,
would be attended with increased
privatiOn, and, in many instances,
with actual suffering for the want
/ of the common comforts of life.
am compelled to fear that there
/ is more restitution at this time,
among a numerous, worthy, hon
] est and industrious class Of our
people than is generally suppOs-
ed. The inability Of the people
to pay the public debt is much
/ greater in my opinion than their
/ dissemination to payit. believe
/ the mass of our people are hon
est, and want and intend to do
right; but they are all the Great
Ures, not to say the victims, Of
! adverse circumstances, brought
about by unWIse measures Of pub
\ lie policy and partial and profit
! gate legislation. 1t is my Opin-
/ ion that the Democratic party of
/ Tennessee, as Il party, is decided
/ " opposed to voluntary repudia-
ton, and in favor Of comprOmis-
>. ing the State debt on terms Meth
er oppressive to the taxpayers
nor unjust to the bOndhOlders.
A mans first duty, | hold, is to
himself and family, next to the
government that protects him,
ald then to his private and pub
lie creditors. Therefore, it fol
lows, if these premises be true,
that the payment Of the State
debt becomes a naked question
o. ability, on the part Of the peo-
pie to pay it under the fOreg0ing
reservations.
1t is my deliberate Judgment
that, in view Of the loss OF the
slave property Of the State-the
ruinous and uneXampled shrink
age of the value Of every other
species Of property-the scarcity
Of money-the low wages Of la
bOr-the meagre rewards Of in
dustry. together wi h the large
individual Indebtedness Of the
people, which must be provided
for as we'll as the public debt,
that the taxpayers Of the State
are not at present able to pay at
most, more than forty cents on
the hundred dollars worth Of tax
able property for State purposes;
and hence, in my judgment, no
compromise ought to be made
with the States creditors that can
not certainly and faithfully be
carried out with a forty cents tax,
Q after detraying the necessary eX-
penseS Of the State government,
and meeting punctually the peri
odically accruing interest on the
new be- nds from said tax, and pro-
viding therefrOm an adequate
sinking fund for the ultimate re
demption Of the principle-fOrty
cents being the maximum rate of
: taxation, which I think the peO-
l pie Of the State are willing and
able to bear. This, | suppose,
, would be about equivalent to
paying from 33# to 40 cents on
. the dol ar, Of our State debt, in
terest ard principle now due. He
: who advocates a higher rate of
l taxation than this basis of com
= promise would require, however
uncOnsciOusly, or whatever his
+ intentions may be, will in my
opinion, promote the growth of q
: reputation sentiment in the
I State.