The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-07-24
The advantages Of accepting
the compromise.

TIE compromise
A statement showing the amount that vii
be saved TO the State by ratiiying a compro
| mise at 30 cents on the dollar with interest
at per cent
The bonded indebtedness of the
State Is ~, 5000
with interest due on the same 10
July l. lSI9................-....... 4,ZOl, 700 OC
Making a total debt ,423, 900 OC
which if adjusted at SOC ON the
dollar will be reduced to.......... 1921 10000
Amount saved in principal ,2Il, 500 90
To meet the interest on the debt
as il now stands, it will require
an annual revenue Oh. 1855 600 90
To meet the interest on the debt if
the proposition is ratified il will
require an annual revenue OF
NEUTRALITY-SUSPICIOUS.. 4s8 AGO 90
Amount saved annually in inte'st.$ 976,5iO 90
Thus it will be seen that by accepting the
proposed compromise there is saved at once
in the way OF principal $l2,2lI 10000, and
in interest annually $976, $4,000, which, a
against the debt il now stands, and If
allowed 20 run on for thirty years longer,
there is saved TO the Stale in the way of
principal and interest nearly SO, 000, 900
TO pay the annual interest on the State
debt after the ratification of the compro
mise, the amount required "a above shown,
S4SS, 10000.
The Comptroller's statement shows
the tax on privilege amounts o-$35l,O00 90
The penitentiary lease is.............. 10000 o.
And the railroad tax 100000 o.
Making altogether 1921 800 90
Which will be amply suftcientt to pay
the interest on the debt after it Is
adjusted leaving all of the tax
able property of the State, nOw
as 'essed at 1929. 100000, to be taxed
only for school purposes, and the
running expenses of the State
Government. forty cents tax
will do this ten cents of which to
be applied To payment of interest
on the school fund, and thirty
cents for State expenses this will
produce a revenue of.............. $500 900 90
With which To pay the
current expenses of
the State, amounting
tO.................. .........Po25, QUO %
And interest on the
school fUnd............ l50,750 00-$675,750 o.
Leaving balance Of. $2I625O 90
To pay cost of collections and loss from de
linquencies and defalcations-
AS to the ability of the people in Tennes-
see paying an assessment on $223, 100000 Of
taxable property sufficient to pay the cur
terest on the school fund, they are referred
to letter recently published by ex-GOv.
James ID. Porter, in which he says: 1.-The
State has more abundant resources than Ala
bama, where one dollar is paid with no ex-
emption whatever from taxation, or Florida,
where ninety cents is paid, or Louisiana
where one dollar and forty-fve cents is paid
or South Carolina, where seventy cents is
paid.
struction and was never subjected to the ig
nominy of carpet-bag rule.
"The State tax in Texas is 80 cents; in New
Jersey, 50; in California, 7S3; in Kansas,
so; in Ohio, %. And in all the States named
the local or municipal tax is equal TO our
own. These twelve States pay an average
State tax of 60 cents. 1t is not put upon
them by any foreign or despotic agency; the
ballot is as free there as il is with us, and
their governments are administered by their
own chosen officials.
off the debt is not adjusted now upon
terms that are acceptable TO the people and
to the creditor, the State will arouse herself
like strong man after sleep and vindicate
her own good name"
One of the greatest benefits to accrue from
this settlement Is the increase OF currency
il will give the people of the State, by rea-
son of the small bond feature of the act.
BY reference to the accompanying act II will
be seen that One-third of the compromise
bonds are TO be issued in denominations OF
from five dollars to one hundred dollars
This plan has been successfully tried IN
Georgia, and to-day she is the most prosper
Gus Of all the Southern States and her bonds
are above par in the markets.
The small bonds become substitute for
the greenback currency, which has been
contracted by Federal legislation, and fur-
nishes that increase of currency which Is de-
manded by many of the people OF the state
The small bond has the advantage that II
draws four per cent. interest all the time,
aud thereby makes every man who chooses
| to be, to that extent, his own banker. The
/ owner of the bond can have the Use of II a.
money, and ali the time he holds il the in
| tereSt Is accommodating on il.
The small bonds will furnish a much.
needed local currency, and at the same time
a desirable investment for capital.
GOVERNOR MARKS LETTER,
Il