The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-01-16
THE PUBLIC DEBT.

OldlC HdS hNo0Ch IOfCOO CNAANf
amounting to s49,173, 1855; the
number cancelled is 28,G8j, amounts
ing to s2S, 1853, ,O16.16; the number
now outstanding as a liability agairst
the State is 20,21S, amounting to
$40, ,221, 10000. In ten years the
State has paid three instalfments ofin
terest; seven are past due, amounting,
after deducting s149, ,050.00, paid to
educational and charitable institutions
to s4,052,71700, making debt Of
principal interest of s24,274,OOO.17.
The settlement of this debt is para.
mount to oil questions of legislation
that can engage the attention CT the
General Assembly; it involves the
honor and good name of the State, the
credit and honor of every one OF Its
citizens; it is liability that >'as vol
unfairly contracted, and whether it
was wisely created or not cannot now
be question. | hold, and have al
ways believed. that in the light O.
moral and legal duty, as a question of
commercial honor and of state pride,
the best settlement Of the debt for
Tennessee would be to pay the entire
debt according to the terms of the con-
tract; this would be heavy burden,
but when it became oppressive tem>
porary suspension Of the interest pay
ment could be made, and with a re,
turn of prosperity, with moderate
increase of population and a reasona-
bic development. OF our resources, now
in full fruitiOn, the whole debt could
be paid without serious embarrassment
to any one. But the creditors them
selves have relieved the State of the
necessity of providing for the entire
deb. by offering such an abatement Of
the principal as to bring its payment
within the ability of the State, with
out making it burdensome. In De
cem9er, 1877, certain creditors Of the
State proposed to adjust that part Of
the debt held by themselves, upon a
basis of fifty cents for principal and
past due interest, and offered assuran~
ces that the great body of creditors
wonld accept the same terms; this
proposition was submitted to an extra
session of the Fortieth General AS
sembly, and its acceptance earnestly
recommended. l ann satisfied that
the creditors making this proposition
would still make the adjustment; set
tied at fifty cents, the debt would
amount to S12, 137, 900. 900 the annual
interest upon this sum, at six per
cent, would amount to 1928, $4,000.
I do not hesitate to again urge the ac
ceptance of this proposition.
cannot be mistaken in the Opi.--
ion that the people of the State are
anxious to be delivered from a further
discussion of this question ard from Il
longer postponement ef its settlement.
If this recommendation is adopted, the
Comptroller should be invested with
authority, after day to be fixed by
law, to make publication, with notice
to financial agents of the several coun
ties, announcing the number of old
bonds returned and cancelled, with
the number of new bonds issued, and
the amount of revenue t. be provided
to meet the interest, with the amount
assigned to each county; upon this
publication and notice, the County
Courts should be required to make the
necessary levy to meet the interest
without further Legislation.
THE PUBLIC SCHOOLS.
The enumeration of children of the
State within the ages of six and eigh-
teen, for the scholastic year ending