Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1879-01-23
Governors Message.


silaa for the State TO meet ITS cs-
tepsible obligations, and this in
ability has resulted in a total cess
sation Of payments. Payment
upon no part Of the debt can he
renewed until there shalf have
Been an adjustment CT it nPen
such a basis as win bring the
debt within the ability Of the
taxpayers to meet it. This S ID
iect is embarrassed by great diff
iiculties, and until they are soly-
ed. the State must continue TO
suffer from discord at home and
reproach abroad.
An impartial investigation OF
the financial history Ct the Stale
wil4 show that, when her govern
ment was in the hands of her
people, in financial integrity ard
forecast Tennessee was second
to no State in the Federal Union
that all Of her enlbarrassments
have resulted from the late var,
and that all impntations upon
the honor Of the State proceed
from malice, ignorance or inter
est. That history VIII also tes-
tify that Tennessee never created
dollar Of debt without, at the
time Of its creation, providing q
safe and sufficient mode Of pay
ment, and that, too, without caH-
ing upon the taxpayers for TIE
slightest contribution.
1t has been asserted abroad by
those whose purpose it is to In
iure and defame the State, that
while she is enjoying the benefits
Cf the investments made with the
proceeds Of her bonds, she will
fully refuses TO provide fer hel
just Obligations, land is, there
fore, a willful and dishonest de-
linquent. This assertion is not
only.without foundation in truth
but, ON the contrary, the facts
show that the only occasion fc1
Feproach to which the State is
subject, is that at the propcl
time she failed to assert Tic
rights Of her taxpayers. As
defamation can contribute moth
ing to the solution Of the difficul-
ties which embarrass this subject
but instead tends to aggrayatC
them, then indeed is it to be re-
GREETED that it has been employed
a thorough and exhaustive ex-
animation of the facts connected
with this subject, and firm adj
herence to the principles of truth
in its adjustment will solve it
permanently and satisfactorily
But if passion is to frighte1
Judgment from IFS propnety; if
Justice is to be defeated by ac-
cident. or occasion; if unjust adj
vantages are to be surrendered:
if wrong is not to be cured 10y
time, then indeed the future is
without promise.
The proper limits of this CON-
munication viii not permit that
extended analysis of this subject
which its Importance merits
The salient facts only will be pre-
scented as briefly as possible, with
such recommendations as appear
TO be appropriate.
When the war Of 1861 began
the debt for which the State was
primarily liable consisted of the
following elements:
L. For stock in turnpike com
panies in the sum Of 81, 227 ,556.66
Nearly the whole of this debt
bore interest ut the rate of 3 per
cent. and the remainder at 81
DER cent. This investment was
secured by a lien in favor of the
State upon the roads and proper
ty of the several companies, and
also upon the usu1Iuct "i'SihSS
therefron. :,
2. For stock in certain rail-
road companies in the sum OF
1926 zee. Nearly the whole OF
the debt bore interest at the rate
of s per cent, and the remainder
at 81 per cent. This investment
was secured by a like lien.
3. BY six per cent. bonds,loan-
cd the Bank of Tennessee, IN the
sum of 100000.
4. BY six per cent. bonds, for
the purchase of the Hermitage,
IN the sum of $4,000.
s. BY six per cent. bonds, for
The building of the State Capitol,
81 the sum of SG56,00
The whole amount OF this debt,
then. was SO, 76S, S0G.66. It's an
,'nal interest WAS 206,2S6, The
revenue paid into the StateIreas-
IL o,.,o.,r,fr from these