Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-06-07
/. TENN, SATURDAY, JUNE Z, 1879.

the proposed adjustment. 1t ws
impossible for me to ascertain, by
personal Investigation, the amour
actually represented in the sixt
cents proposition. and it was ais
impossible for me to confer wit
the bondhoiders personally and al
certain whether they were or wer
not willing to accept the propose
adjustment.
1t became necessary, therefore, fo
me to entrust this investigation {
Others, and / assumed that it wa
my duty to select as agents to max
the investigation gentlemen VIII
: were known TO favor the claim Q
the bondhOiders to be heard in an,
adjustment which might be made
in order that the bondholders nigh
have no occasion to complain tina
they had been misrepresented
These agents proceeded to New
York, and they were followed by T;
citizens committee composed o
prominent gentlemen, all of whom
recognized the claim of the bond
holders to- voicein any adjustment
made, and after an investigation
and after q conference with thC
bondholders, they returned anC
unanimously reported that the re
quirements of the act had been fully
met. With this plenary evidence
before me that the condition of the
precedent prescribed by the act had
been complied with, / had but one
course to pursue, and that was to
submit the adjustment to the people
] f,z- 4. ar a
the balIot-boX. In order that the
people might have full time for
reflection and a favorable opportu-
nifty to cast their votes, / ordered
the election at once and selected the
ordinary election day for State Off
GERS for the vote to be cast.
The inquiry as to whether, if the
people ratify the proposed adjust
ment, it will be a tinality, is easily
answered. The act provides that
the Legislature shall prescribe spe-
cific period in which all bondhold-
1 erS shall tender their bonds, and all
bonds not presented in the time
prescribed will, of course, be eX-
cluded, and hence the proposed
adjustment, if adopted, will insure
certain settlement of the debt.
You say there is a general desire
on the part of the people to know
my views on. this important ques-
ton. I know the people of Tennes-
see. They are independent in
thought and in action. When they
know the right they will follow it
only. They will follow the lead of
no man. They will think and act
for themselves. Hence statement
of my views upon this question is Of
but small Importance. But since
you have made it my duty to state
my views, | shall declare them
plainly.
My matured views upon the sub
iect of the State debt are stated in
my original message to the Legisla-
ture, and as / then insisted that
there should be a discrimination
between the bonds in their adjust
ment, it follows that in this respect
the adjustment does not meet my
views. l admit, however, that in
my opinion by the proposed adjust
ment the people will not be called
upon to pay any more than in JUS
tice they ought to pay, but the in
justice lies in paying less upon a
part of the bonds than should be
paid.
Recognizing the wide difference
of opinion on this subject, | then
stated that nothing but mutual con-
cessions could lead to satisfactory
result. Subsequent observation has
confirmed the opinion then eX-
pressed. The plan of adjustment !
finally adopted is the result of mu-
tual concessions, and it remains to |
be seen whether the people will APP |
proach the subject in like spirit.
/ have taken some pains to in |
vestigate the history of the question
of adjustment. / find that the first |
proposition was to fund the debt at |
sixty cents, with interest at six per
cent, and the coupons receivable |
for taxes. This proposition was re-
jected. The next proposition was
to fund the debt at fifty cents, with
six per cent. interest, and the cOu-
pons receivable for taxes. This
proposition also failed. This oc-
Cured at the preceding session of
the Legislature. AT the same ses-
sion the Senate passed bill propOs-
ing to fund the debt at fifty cents,
with interest at four per cent. for
FIVE years, at five per cent. for five
years, and at six until maturity, but
the coupons not to be receivable for
taxes. When this bill went to the
House it was referred to a commit
tee of nine members. They made
report, Four members of that COM
Inittee favored the Senate bill. -Four
members favored an amendment
reducing the interest to four per
cent. The other member opposed
both upon the ground that neither
basis would secure a settlement.
The issues made and discussed
were, first, whether the coupons
should be receivable for taxes; sec
ond, whether the adjustment should
be submitted to the people thirdly,
whether the interest should be four
per cent. or higher. 1t is perfectly
clear that if the members of the two
Houses who insisted upon an ac-
ceptance of the proposition of the
had yielded their con-
victiOns, the debt would then
have been adjusted at fifty cents
and four per cent. interest by an
almost unanimous vote, At that
time the railroads did not propose
10 do anything except to avoid the
of taxes 50 far as they
could. By the present proposed adj
ustment every question then con-
has been conceded to the
State and the people. First, the 'ba-
sis of fifty cents and four per cent.
is adopted secondly, the
receivability of coupons for taxes is
denied thirdly, the submission of
the adjustment to the people is Sc
cured.
The advantages the present adj {
ustment has over the one insisted
upon at the former session lies in
The fact that under the present bill
the railroads are pledged to raise
100000 annually, which reduces
he amount the Taxpayers will have
70 pay to 40 and 4. Upon this prop
lsiti0n Of the railroads / VIII add
another word. They will carry out
heir pledge simply because it is to 1
heir interest to DO so. The Legis-
ature adopted my suggestion and /
let apart the assessment they are to {
pay TO the public debt. The am Junt
hey are to pay will pay the interest {
IN $1,000, 900 of the debt as it now /
stands, and upon S2,500,000 of the {
adjusted debt. [
Secondly, the interest is to be paid