Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-07-18
STATE FINANCES.
What Major W. J. Sykes has to Say
on the SubjeCt-An Inter
esting Interview.
liquidation or Payment Of the Whole
Debt Likely TO Result Unless
the Legislature Settles
the Matter.

ter encountered and interviewed Major
W. j. Sykes, formerly Of Memphis but
now Of Columbia, Major SJkss has given
much time and great care to the study Of
Tennessee finances, and his views upon
the subject will be read with interest as
well as profit by all who desire informa-
ton thereon. The interview was opened
by the reporter, informing Major Sykes
that he had heard him spoken Of as 3
candidate foE governor. Win your name
be brought before the Democratic con.
v%ention, which is to meet on the 18th Of
AugustP
Answer-It will not with my consent.
| neither expect nor desire to be q can
didate, nor am | making speeches with
that view. | was anxious not to make
any political speeches during this year,
AMI again and again refused to do so
when urgently solicited by mary men in
my own county as well as in other por.
tons of the State. But when ] found
that speeches we're being made all over
the State by men advancing different
views from those entertained by many Of
US, and that 20 one was or appeared to be
willing to present what is called the State
credit side Of the question, l coHseted to
make a few speeches.
Ques.-What do you think is the debt Of
the State, and what do you think ought
to be done 10 regard to i'll
Aus.-The debt Of the State, so far as |
can learn, is now between twenty four
and twenty-five millions of dollars, and
is increasing al the rate OF about $4,000
per day, aud if not speedily changed it
will soon amount to $50, OOO, 900. l
think some satisfactory arrangement
should be made with our creditors as
soon as possible, so as to reduce the debt
aud decrease the interest, otherwise it
will be most disastrous to all our inter.
ests.
Ques-Upon what termsdo you think
the debt should be settled2
Ans.-No settlement which is not salts
factory to our creditors can be called q
settlement. Both parties, creditors and
debtors, must be consulted in making a
settlement, otherwise it amounts to
nothing. l do not know what the credit
ors would be willing to do. l wrote 8
letter to some citizens OF Hickman couu.
ty in the spring, which was published, il
which | said thought the debt could b
so adjusted that q tax Of forty cents OF
the hundred dollars would pay the K
psnses Of the State government and GU
State debt. This letter was sent to Mr.
Peter Glddes, Of New York, a prominen
holder of Tennessee bonds, and from hin
| received a private letter, which | tool
the liberty of publishing, in which b,
said the holders Of Tennessee bond
were DESTROYS of "a fair and equitable
settlement" without, however, mention
ing the exact terms | have no mean
Of aScertaining their wishes except Bha
. I have given.
Qles.-What do you think would be q
fair settlement which could be Oh
| tained2
Ans.-I believed the debt could be s,
adjusted that q tax of forty cents woul,
pay the expenses of the State govern
meut and soon liquidate the State debt
+ Qnes.-What specific terms would yor
indicate to produce that result2
Aus.-I think the debt could be &C
justed at sixty cents on the dollar, wit
t a four per cent. bond. This would Civ
US an annual interest of 5000, 900, an.
the expenses Of the State governmen
would not exceed $500, 900 A fort
f. cents tax would raise this amount, an
= even more, and as the wealth of tn
8 State increased, which it will soon do,
we could satisfactorily arrange this deb.
the same or a lower rate of taxation wi.
, furnish a sinking fund t. pay the prime
pal of the debt.
CUES. -What do you think is the stat
of the public mind on this question:
Ans.-It is at present very unsettled
Most meu want the debt arranged, bu
|. they differ as to the terms of settlement
r When the question is fully d~iscusse
2 and both sides fairly presented l thin
+. there will be a great change in publ
. sentiment, and the public will deman
such a settlement as will be satisfaction,
I to both parties and will relieve us of thi
a troublesome question.
Ques.-Do you think the people ar
n abl9 to pay a forty cents taxi
q Anal know they are. Tennessee
in a better pecuniAry condition tina
4 either South Carolina, Mississippi, ALI
bams, Arkansas, Florida or Louisian,
I and those States are now paying twice
much State tax as would be necessar
! for us to pay to arrange the debt. TIL
payment Of the State tax in Tennessee
. will not affect a man in the State, b,
cause it will be so slight that it will nc
make any p%erceptible impression, Th
State tax has been reduced to ten cen
and this reduction has afforded no relic
Ques.-What do you think will be th
result if it should not be settled by Ii
= next legislature2
Ans.-I think it would result in Ii