The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-01-16

greatest prostration in business, the
personal property of the State was as
sessed at $37 ,231 ,908. tits very clear
that the shrinkage in the value OF
personally is out of all proportion to
that in reality, and that in fact not
more than one-half of it is assessed.
Real estate pays the largest part of the
revenue; it can be reached at all times
no evasions can conceal it. Justice
to the landowner demands that the
holder of personal property should be
made to bear his part of of public bur
den.
THE PUBLIC DEBT.
The State has issued 40 1893 bonds,
amounting to $40, ITS, 1869; the
number cancelled is 1885, amount
ing to S2S, ,173, ~016 66; the number
now outstanding as a liability against
the State is 20,219, amounting to
$50, ,221 300. In ten years the State
has paid three installments Of interest,
seven are past due, amounting, after
deducting $14O,050, paid to educa-
tiOnal and charitable institutions to
S4,O52, III, making a debt of princi-
pal and interest of $24, 4,274,0O0 II.
The settlement of this debt is para
mount TO allFguestions of legislation
that can engage the attention of the
General Assembly; it involves the
honor and good name of the State, the
credit and honor of every one of its
citizens; it Is liability that was voluu-
UNFAIRLY contracted. and wheather it
was wisely created or not, cannot be a
question. hold, and have always
believed, that in the light of moral
and legal duty, as O question of com
mercial honor and of State pride, the
best settlement of the debt for Ten
nessee would be to pay the entire debt
according to the terms of the contract +;
this would be a heavy burden, but
when it became oppressive a Temporal
ry suspension of the interest payment
could be made, and with Il return of
prosperity, with a moderate increase
of population and a reasonable devel-
Opment Of our resources, now In full
fruition, the whole debt could be paid
without serious embarrassment to any
one. But the creditors themselves
have relieved the State of the necessity
of providing for the entire debt by of
fering such an abatement of the prin-
cipal as to bring its payment within
the ability of the State, without max
ing it burdensome. Ia December, 1877
certain creditors of the State proposed
to adjust that part of the debt held by
themselves, upon basis of fifty cents
for principal and past due interest," ,and
offered assurances that the great body
of the creditors would accept the same
terms; this proposition was submitted
to an extra session of the Fortieth
General Assembly, and its acceptance
earnestly Y recommended. l am satisti-
ed that the creditors making this prop
osition would still make the adjust
ment settled at fifty cents, the debt
would amount to $12, 49,, 900; the an
nuaI interest upon this sum. at 6 per
cent. would amount to 1928, ,220. 1
do not hesitate to again urge the ac-
oeptance of this proposition.
/ cannot be mistaken in the opinion
that, he people of the State are anxious
to be delivered from a farther discus
sion of this question and from a Ion
ger postponement Of its settlement. II
this Recommendation is adopted, the
Controller should be invested with au-
thority, after day to be fixed by law,
to make publication, with notice to
financial agents of the several coun-
ties, announcing the number of old
bonds returned and cancelled, with the
number of new bonds issued, and the
amount of revenue to be provided to
meet the interest, with the amount as
signed to each county; upon this pub
lication and notice, the county courts
should be required to make the neces-
sary levy to meet the interest without
further legislation.
CRIMINAL EXPENSES.
The following recommendation was
made to the Thirty Ninth and For
tieth General Assembly, and l again
urge its adoption
I renew the recommendation made
two years ago to the Thirty-Ninth
General Assembly, for the passage of
an act requiring the several counties
/ to pay their own criminal expenses.
The State has paid for this purpose,
/ during the two past years, the sum of
S3S9, $50 So, and during the contin-
uance of our present system there can
be no material reduction. Tennessee
is one of five. out of 80 States Of the
Union, where criminal prosecutions
are made a charge upon the State
Treasury; in SO of them the counties
where crimes are committed pay all
costs, and the result in these SO States
is that the local officers are more active
and vigilant in preventing eXtravagant
charges, and am satisfied that when
local responsibility is provided, bills OF
cost will be subjected to a scrutiny
they cannot now receive the Control
Ter of the Treasury, in auditing these
bills of cost, is only required by law
to see that the several items are taxed
In accordance with the statute; if they
were referred to the County Judge ol
Chairman of the County Court, the
necessity for their creation would be
discussed, and, it is believed the crimi
nal law will be administered with more
economy, and by bringing the subject
directly before the people, they would
) stimulate greater vigilance on the part
of officials and require the punishment
, Of criminals to be made with prompt
ness. For criminal expenses for the
; year 1877-78, the State has paid 1891 g,
3S5 56.
COST OF LITIGATION.
I repeat the following rccommenda