The home journal. (Winchester, Tenn.) 1858-188?, 1878-03-28

tthE'tt VIVA 49, " ttft ~
year ago the State tax was reduced to IL
cents on the hundred dollars. Now. have
we recO, cred. or are we rerove I'M.
what new hope or prUmiSc-wlnt i~ncruis,
of money or property have WEI Are We
not q, ting worse on? Has not property
ceased to ',aye u cash valucy Are not oul
people out OF employment by the tI,Ols,
and? Are Lot all our industries drag
gingy And are our people not NOR,
gloomy aud dcSp0ndent than ever before
The hiSlI-taX party tell Us that the honor
OF the State Is involved. We answer: Ih,
best way to preserve the honor Of The
State Is to preserve the manhood Of the
people. Snail we not wall until til,
ruiiious, cruel and wicked policy is clia,l-
ged-espcrialll until We see the money
power has lost its control Ovcr Congress
| hope the people viii consider thi'
whole subject their business. and not
leave it to politicians only. Let tie pco-
pie attend the conventions, ANA see that
the public sentiment j. fairly represented
This Is Il question Of too much magnitude
to leave 10 politicians.
Seeing that under ShermNn's mnnipula-
tioDs and the great rNerIionS of the mon
EMPOWER. the people need expect no re-
lief from asllngton until 10y Il pressure
lIOll lIlt SIlltI Iip iIl'lNftS VIC ENtIlllt -
changed; and seeing that gloom and dies
pOndcncy haze settled upon every ilcc,
and that paralysis is STRIKING down every
business. | am sure the next Legislature
Vt tennessee will feel called upon to give
the people temporary rclivt. Relief for
the people must rise above all other con
siderutions. No Legislature can afford To
assemble and adjourn wi.hout adopting II
relief measure. And relief can only be
given toy giving the people something a.
Il SubstilULc tor money. Cas- THIS be done I!
All our thinking men VINO nave earnestly
examined TIL question have come to the
conclusion that some sort OF acurIriry-
something To circulate as ~inOnry->Oinc.
thing that will pass from hand To hand.
ami with wnic!I the people can make
crops. Luy property, pay labor. and gave
lie aud activity To IL sun ring and ics-
r0i.tlcnt people, Is the only rclici THAT
can uc given. can this lie done! Is the
question. Col Burcii, while Comptroller,
seeing this, and I Z absolute Necessity Tor
some iinanclul rclict. urged tue cstiDli>il.
mrnt OF il ST tte Oank. Many other lead
tnG mtn in the State have urged some
scheme for relief, but they have all i,ccn
banking schemes, which have nrcil tound
to be impractiraUlc under restrictive
Federal legislation.
But one %>cllcilc can he suggested which
can possibly give relici, and that Is the
substitution OF r,lici notes tor some tol-
li0n OF our bonded dent | am not m
clincd TO postpone AN adjustment % our
State debt II uay longer ti,aii our linan-
cial dislrcs>cs require. Taking oil the
equities which Wcla\e against tue dcut-
war interest. iulicd. amounting 10 ST.
pOp n Al .,,,i ,u,i. IhlIIInIa,l ini,rr.f and ,tI.
cr knuM n cuuitic,--alL tGcn apply ~. the
law OF S:urinhasc to the bondnolucr. last as
all other property owners have lcit It.. We
should settle with him; but during the
cOnt:nuanc: Of Siirrilan's contraction re-
sumption policy. we cannot settle with
hun ana undertake to pay lnoucl-lrGal
tcldeiS-urCalsc the policy has made tiil>
impossible. But, bv the rrllri note SlS-
TEN, we can afford To take up Il part OF The
dent, because IN taking up the uc"t we
give the people Il circulati"iI-l substitute
Tor money. Oar trouble Is Il lack OF ar,r-
culatinH mcLium-t lack OF SOrlcthiug to
mra>Lrr values. Under the operation OF
contraction and siIrinkaGe property ,las
cOnlr'tO nave no cash valrc-il VIII not
command molcl-lt is no basis OF credit
and gloon and dcSponlrncy nave settled
upon the face OF every man. All history
SHOWS that even "A substitute Tor iiOlty
will assist this decay in9 tendency ana as
We can have no BANKS under Federal leg
islatiun-as restrictions have been put up
on money and its use, and ciucl and
iiearticss contraction Is tast carry ing as
to tine door of death. We must. ii iv amy
effort il can be done, arrest tue disease and
restore blood to the body. II we can
make the taking up of II portion OF our
bonded debt do this, IL Is manllcstly our
duty To do it.
The practical working would be about
this: We would, by an Act. put all tue
holders IT TelInr>See bonds in competition
with each other in bidding tor the amount
of relief notes we would offer to put ont.
Taking the best offers we would receive,
the bonds, say S7.UUO.OUO, would he taken
up and cancelled. anu the relief notes Civ
rn in their place. say S3.5OO,OOO. surprising
we could make the trade AT 90 cents in the
dollar. These notes wOuld b. made re-
ceivable tor all dues to the State. and Il
tax would he levied to ahsorbtncm, pro-
yidiny that every time Il million vas alb
sorneu in taxes another purchase of bonds
should he made. aud the Vacuum of circu-
ton supplied, the Jaw being subject to re
peal wien it was CUNT that relief meas
ures ~ Wa%sllington made it no longer
necessary; but. as II matter OF course. the
outstanding At the time OF tic
repeal to be taken up IN axes.
BY this system VIVA, do you accom-
Iou make all the bundnoldcrs
compete with each Other-tigtt tor the
first pay mcnL OF bonds; you cancel the
bonds At the inception, and stop the IN
.tcrcst; you put out in their place a rednr-
ed obligation, not bearing interest; you
put in the hands OF D0nuiIolIrrs money
wnicn they can only Use III Tennessee;
Won stimulate them to b-couIe purchasers
oi our property To build industrial enter
yriscs IN Tennessee. where the money can
ue used. Or establish agencies over the
state to lend it 10 the people on long time
ut low rail-. OF interest. 1t answer the
MACE Of money BECAUSE every man can
his taxes win. It,. Every taxpayer
in Tn. state wants 1t. am: tine payment oi
taxes, no matter now small. carries VITA 1t
the consolation OF t1tinyulShsay Tie puollc
deUt.
In 1871 Pennsy lvania. suffering teirlfly
the panic OF 1887. tried tnls expert
ment and found it to work admirably !
The State issued 50 100000 oI what tiicy
calir1I relief notes. Uottolici alone on tax
Us. with no obligation ami no promise to
pay hey ond the ac,. and tie face vi the
showing that they were rerri,aDlc
in payment of all dues~ui every KIM to
the state. These notes cam' mo general
They wee iOt only re. eli, ri
in all business triiiiS.i,tiOis. but IN tue
general slagnatiOn and lack OF legal ten
circulation Liiey were arcrpted 10y
most peopie in payment vi debts; ami |
IA letter IRON Judge Kelley say lnS
that this rxpeiicut was the be- inning of
Pcnusy lvanIa's great prosperity. When
the Ountry recovered, i few years after
Pennsylvania. by this timely expo
Iicnt, wa. ahead. and mad the start Oi any