Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-01-19

nv debt of the State. A settlement of |
t6ia branch of the debt upon these |
rrincipIes of Justice Will be right, and |
ouyht 10 com mand the approval Of all. |
Tbe uext branch OF the public debt
in or,ier of merit is that OF the ante-
War bonds issued to insolvent rail-
roads, turnpike and plank road compa-
MES A the equities existing as TO
the state debt proper obtain as to this,
and in addition the whole loss OF the
iron appropriated by the Federal Gov
eronent. upon which these bondh0ld-
ers had d lien. ought not in justice to
be thrown upon the State, but as q
matter of equity those bondhoiders
ourht 10 have an assignment to them
hy he State of the claim, if they have
confidence in the ability and willing
ness of the General Government TO pay
q just debt
AS 20 that branch Of The debt cons
| prislDg thu bonds issued To solvent
railroad companies, it IL not probable
any adjustment Of it can be made until
| the question Of len is settled. If the
| decision is in favor of the roads, the
| adjustment Will be with the bnndhO!d-
er-, and if in favor of the bouiholders,
| the adjustment will be with the COM
| paUiea.
AS TO that part of the debt embracing
the post war bonds, no part oft should
be settled now, or hereafter, only i'll go
| far as the bonds were issued, SOLO, ana
used in conftrmity TO law.
The State is able to provide Tor Inc
first branch of the debt " hen adjusted,
and it ought to he done now 1t is
probable al inve-tigatiDn viii disclose
the ability of the state ~ provide for
the second branch and If sn, It ought
to be done, bat no more ought to De
attempted than can certainly De ac-
complished, Prudent aud cautious
steps will lead to sati 'actory results,
but if more is attem pied than can GER
tainIy be accomplished, the result Will
necessarily be disastrous.
If an adjustment Is made, the cou-
pons ought not to be made rect lvaole
for taxes. The demand for this condi-
sion implies a want of cOnf1deLce III
the integrity If the ga E, and ought
for that reason to be r j4cte d. But as
a matter Of principle The State should
/ never consent To- put her sovereignty,
which she holds in trust for the well
t fare OF the whole people, in pledge tor
: debt. Famine or pe.ii ence may oelall
and cut off revenue, and then IL VIII
, happen to III, as it has else here where
| this demOnd was conceded, that the
public schools will be closed, and the
administration Of the Government
r paralvZed in all of it's fuuctiOus. for
2 the want of necessary means. Ii an
adjustment is made, however, certain
g sources of revenue may be set apart l. 7
. the PAYMENT OF interest. If any part
, of the debt is adjusted. the bonds
: ought to be payable after five years, at
2 the optiOn of the government, so as to
g give the opportunity to take mp the
. bonds, or refund them alta lower rate
] of interest, if opportunity offers.
If any plan of adjustment Is adopted
= it ought TO be submitted to the peopie
{ for ratification or re ection at the bal
lot-box, and if il Is approved by the
= people at the polls, the Legislature VII
f he convened, if necessary, for the pur'
J., pose of enacting it into law. Ina
r pledge has been made (" tue people
e and IL ought TO he respected. LII dlsre
garded upon any ground, it will only
t afford occasion for dtstrust, and iusur,
e the ultimate defeat If amy adjustment
J, made. AS the history of our State deb
3 shows that i'll every contest with tn
= bOndhnlders and railroad cOmpanie
= on one side, and the taxpayers on th
- other, that the taxpayers have gone
e down, il il not remarks able that they
"a demand The right to protect them
(, selves.
/, The fact that great variety Of opin
ION exists as 80 this veXed Question e
i the State d-bt, aDd that mutual con
d cessi0m alone can !s8d I'D Successful
A. result. is appreciated, and with an ear
IS nest desire that q satisfactory ISOLATION
s. may be reached, these suggestions ar
y submitted for your consideration.
1t ECONOMY.
l. The utmost economy compatible Wit
p the efficient administration of the Govern
Y ment should, at all times, be paacticed
q and the present financial distress OF the pee
pie of the State imposes an imperative du
# upon you to retreucn expenditures WheI
- ever it may be done without injury to tn
~ public Interest Whatever Is zone In TN
II direction should follow careful lnvestlgs
J ton, in order that the State may suffer n
II detriment by hasty and imprudent action
Of can not, with propTiety, recommend re
le trenchment without suggesting the aboiltlo
D. of the office of Private Secretary to tn
le Governor. ! am of the OPINION that
"a clerk at such salary as will command tn
:, services of a competent person should
u allowed the Secretary OF State, and tia
~ clerk charged with the mere clerical dHtle
I; of the two Offices. | am of the opinto
"a that the office of superintendent of tn
j. Capitol ought to be abolished, and som
TO cheaper mode adopted for the care of th
se Capitol and Capitol grounds. Ny infol
re nation is too limited to authorize me
ar recommend the abolition Of any othe
"a Office, but, if after investigation it shall al
-. pear that other offices may be dispense
with, it is your duty to abolish them.
ToRBET ISSUE.
- The notes of the Bank of Tennessee i
- sued after the 9Th day of May, 1861, wei
Vi repudiated in 1868 and in consequence te
ie TO amere nominal value. With the hop
AZ that the tax payers would be require
d ultimately to take them up, nearly tn
x whole of them were bought by speculatoF!
z The question of the liability of the State t
ne receive them for taxes has been before tn
J., Supreme Court of the United States upo
w. a collateral question, which question wa
=, settled adversely to the State, but the ca
y upon its merits has never been before ths
= court 1t is duty the State owes its ia
10 PAYERS, to resist the reception of hese note
for taxes in every legitimate mode. 1t
q recommended that proper committee EN-
J ploy competent attorney, at fee ike
- in advance to develop the case for III
# State, and that the committee employ th
e attorney and fl the fee so that both may b
y subject 10 your approval.
:, THE SUPREME COURT.
Concurring in the commentator of m
!. predecessor upon the condition of th
. dockets of the Supreme Court, | venture t
IS supplement his accommodation with th