The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-01-29

in Office in a great measure relieves
ME in the performance of the duty
imposed upon me by the Constitu'
tion.
THE STATE DEBT.
The subject first in Importance
claiming your attention is that OF
the State debt.
1t is obvious that it is impossible
for the State to meet it's ostensible
obligations, and this inability has re-
suited in total cessation of pay
ment. Payment upon no part of the
debt can be renewed until there
shall have been an adjustment of 1t
upon such q baeis as will bring the
DEBT within ability Of the taxpayers
to meet it. This subject is embar.
rassed by great difficulties, and un
til they are solved, the State must
continue to suffer from discord at
home and reproach abroad.
AB impartial investigation of the
financial history Of the State will
show that, when her government was
in the hands of her people, sin fnan-
ciaI integrity and forecast Tennes-
see was second to 10 State in the
Federal Union, that all Of her EN-.
barrassments have resulted from the
late war, and the usurpalion of her
State government following the war,
and that all imputatioDs upon the
honor Of the State proceed from NAL
ice. interest or ignorance. That his
tory will also testify that Tennessee
never created q dollar Of debt with
out, at the time OF its creation, pro-
Viding Il safe and sufficient mode Of
payment, and that. too without call
ing upon the taxpayers for the
slightest contribution.
1t has been asserted abroad by
those whose purpose it is to injure
and defame the State, that while she
is enjoying the benefits of the in.
vestments made with the proceeds
of her bonds. she willfu.ly refuses to
provide for her just obligations, and
is, therefore, willful and dishonest
delinquent. This assertion is not
only without foundation in truth,
but. on the contrary, the facts show
that the only occasion for reproach |
10 which the State is subject, is that |
81 the proper time she failed to as
sert the rights of her taxpayers. AS
defamation can contribute nothing
to the solution of the difficulties |
which embarrass this subject, but
instead tends to aggravate them, it
Is to be regretted that it has been
A thorough and exhaustive exami.
nation of all the facts connected |
with this subject, and q firm adher.
ence to the principles of truth Ia its
will solve it, permanent.
ly and satisfactorily. But if passion
is to frighten judgement from its
propriety if justice is to be defeat.
ed BY accident or occasion f; if un-
just advantages are not to be sur.
rounded if wrong is not to be cured |
by time, then indeed the future is
without promise.
The proper limits of this commun-
ication will not permit that extend,
ed analysis of this subject which it's
Importance merits. The salient facts
only will be presented 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 pri-
mariIy liable consisted of the follow
ing elements:
!. For stock in turnpike compa:
nies in the sum of $1,227,556.66.
Nearly the whole Of this debt bore
interest at the rate of per cent,
and the remainder at s. / per cent.
This investment was secured by a
lien in favor of the State upon the
roads and property Of the several
companies, and also upon the usu.
fruct arising therefrom.
2. For stock in certain railroad
companies in the sum of $685., ,26l.
Nearly the WHOLE of this debt bore
interest at the rate Of 3 per cent,
and the remainder at 81 per cent,
This investment was secured by
like lien.
8. BY six per cent. bonds. loaned
the Bank of Tennessee, in the sum
eff $1.O0O,OQQ:
1 BY Elk per cent. bonds, for the
purchase of the Hermitage, in the
sum of $4,000.
5. BY six per cent. bonds, r0r the
building Of the State Capitol, in the
sum OF $658.OO0
The whole amount of this debt,
then, was s8.76s. .8O6.6s. It's annu-
al interest was $2O6, ,236. The reve-
nue. paid into the State Treasury an
nually, arising from the investments
exceeded the annual interest on the