The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-06-11


road bonds to cooperate with ther
by declaring that If they do not joil
in their suits and repudiate the ad
Ijustment they shalt be barred of al
benefit from their recovery, Whel
they did this they drew a SWORD
by which they must perish. Th'
State has the same right to say t.
them that if they fail to accept tht
adjustment in given time that they
shall be barred as they had to saJ
to their fellow bondholders that i
they failed to join them they Should
be barred. If we avail ourselves o.
the opportunity and the whole
debt is funded. the railroads
win help pay it. If, however, the
holders of railroad bonds will not
fund then their debt will be barred
under the law, and the State will be
excused as it gave them chance
to accept all the State should right.
fully pay. If they prefer to look
to the roads let them abide their
choice. 1t seems to me therefore
that the opp0rtunes moment for a
settlement is now while the railroads
and the bondholders by reason of
the uncertainty of their rights are
both willing to make concessions to
the State. With the termination of
the suits the opportunity will pass
away, .s1
Before attention was called to the
obligations of the railroads they
were proposing to do nothing, but
now they offer to contribute to the
common burden to degree which,
if offered at any time heretofore,
would have insured a settlement.
They failed for long time to do
their duty, bat now when they offer
to perform it the State ought to re.
spond to the offer. I have submit
ted to the Comptroller, who is pre-
sumed to be better able than any
man in the State to know the facts.
an inquiry as to the rate of taxation
{ will require to meet the interest,
md | submit his reply.
After a survey of the whole ques.
ion, it seems to me that the bond
folders will be paid under the pro-
'osed adjustment all they are enti-
led to receive; it appears that the
eduction of the debt aud interest
made by the proposed adjustment is
efficient to exclude all the funded |
interest and gives the Taxpayers the
'eneft of their equities against the
ebt /; it appears that the railroads
y their offer tender the State subs
tantial indemnity it appears that
he taxpayers will be called upon
0 pay not SO much as they would
ave been required to pay if the
ebt had been settled at the last
ession at 22B cents with 6 per cent.
nterest, since the railroads have as
lmed to pay 100000 annually;
appears that by including the
ayment 10 be made by the railroads
ne adjustment is as low as was in
sted upon by the member lowest
! amount in the former Legislature
appears that 1t will require less
Ioney from the taxpayers to meet
than would have been required TO
eet the adjustment insisted upon
= five.sixths of those who antagon-
ed the proposition of the bond
olders in the preceding session of
le Legislature; it appears that the
adjustment rejects the re-
sivabiIity of the coupons for taxes
i'd preserves the sovereignty of the
tate; it appears that it recognizes
le right of the people to settle the
lestion for themselves it appears
lat twill not require greater rate
taxation to meet it than the peo-
e have time and again agreed they
ere able and willing to pay; it
lpears that it embodies the small
md feature which has furnished a
cal currency in other States where
e experiment has been tried it
)pears that it will take this vexed
ibject up by the roots. put it at
st, vindicate right and justice and
'eserve unsullied the honor and in.
gritty sof the State. Above all, it
,pears that If it is ratified that
will stand side by side
ith her sister Southern States in
! honest effort to do what is right.
I, therefore, give it as my opiu-
n that justice and policy concur
demanding its ratification. no
Very respectfully and truly, your
lend, ALBERT S. MARKS.
NASHVILLE, Tenn, May p, 1879.
The Comptroller's estimates furn- !
bed Gov. Marks are as follows: 4
Rasds Of Properly or Id Valorem Tar. /
* aggregate ............$ .$223. .212, ,153
sss IL per cent........... 90, OF, 572
Net, ......... -. $194, 1913, 574