Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1878-07-25

law TO sustain one of his rul-
ings, he replied, "Well show
me the law against it."
THE LATE EXTRA SESSION.
The late extra session of the
Legislature was, called in the
confident belief that it would
result in an adjustment of the
State debt. ! had every rea-
sonable assurance for this be-
lief, public opinion was in favor
of it; the press Of the State,
with three or fo4u' exceptions,
favored it, and / believe it is a
fact that every Democrat in the
State, who was then in line
with his party, and every mem
Der Of the Legislature who was
a member at the date Of issu-
ance of my proclamation favored
a settlement upon some terms.
On the 22nd of February, 1877,
in a message, | urged the Legis-
lature to send a committee Of
conference 10 meet a commit
tee Of arbiters at New York to
discuss a settlement Of the State
debt, and recommended that all
questions touching it be post
poned to await the action of
this conference, and announced
a purpose of convening the
Legislature in extra session to
pass upon whatever report
should be made. After the re-
turn of the legislative commit
tee there was no time for its
consideration, and it was gen.
orally understood by members
Of the Legislature and the pub
lie that the question was ad-
journed to an extra session. A
bout one-third Of the members
of the House, representing the
farmers of that body, united in
q written request to me not TO
convene the Legislature earlier
than September or October; the
only opposition l could find
came from parties who wanted
confidence in the disposition
Of the Legislature to make
settlement. Understand me, /
do not avoid the responsibility
of calling The Legislature to-
gether. | stand by the act, and
believe in its 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 municipal and seri-
ously affected individual credit
abroad, and has broken down
all confidence at home. The
banks and individuals who hold
money lock their vaults and re-
fuse all accommodations to the
borrower, under the belief that
when public obligations are dis
regarded that d scheme will be
devised by which individual
contracts will be ignored and
avoided with the same facility.
Tkis want of confidence has
locked UP millions of currency,
which, if it could be placed in
circulation, would go very far
towards the relief Of the pco-
pie Of Tennessee.
The holder OF even idle and
unemployed money esteem it
now is more valuable than any
other species Of property, and
he cannot be expected to change
his opinion SO long as the ten
ure of property is made doubt
full by disregard Of obligation.
TAXATION.
Public opinion is fixed upon
one point, not to exceed an adj
ditional levyof thirty cents, s,niak-
ing the State tax forty cents.
This has been the pledge Of the
Democracy for tie past four
years. The special report of
the Comptroller made in Deccm-
ber, 1877, shows that according
to the present assessment, the
tax or the property and merch-
ants at thirty cents will yiell Il
net revenue Of $714,046.40 add
to this the cash income Of S70,-
500 derived from the lease of
the penitentiary, with the rcve-
nue. from railroad, telegraph and
sleeping car companies, we have
an ample margin, inside of
which a settlement can be made
easily and acceptably to all con-
cerncd. OF course this will be
burthensomc to the Taxpayer
but we owe the debt, and debts
are always troublesome and
never paid conveniently. 1t is
we'll enough for the people to
understand that whatever set
Element is made, money will be
required to meet the new un-
dertaking, and this money vii
have to come from the pockets
Of the taxpayers of the State
| have the honor to be very re-
Ispectfully, JAS. ID. PORTER.
Mrs. Phillips, of Hopkins, Ky.
went out to shoot her husband
from whom she had parted, AM
who was throwing stones at ne