The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-06-18

Ola LAAAAAOdSs
Let US get this great debt of, and
to compromise at $48O.O00 a year,
instead of having the whole debt,
with all its uncertainties, will be in
effect getting it of. and with return,
ing prosperity, this Bureau, if it has
fair showing, will work wonders ia
Tennessee.
l do not hesitate to bear my IN.
qualified testimony to the valuable
services of the Commissioner.
So far as I know or can see most
of the largest property holders in the
State are for a compromise of the
State debt; but l insist, that the
people who live by their daily la
Dor, and small farmers are most in-
terested in getting the settlement
made, because their very life de-
ponds upon our industries; they can
not live without employment and a
home market, and these they can
only have when our pursuits are di-
versifed, and capital is turned to
manufacturing.
The settlement being as favorable
as we can ever expect to get-in
fact what the lowest tax men in the
State have asked. if we are not 60
ing to repudiate and fight over pay
ing nothing in the future, we had better
get the question settled. AS long as
there is danger of having to raise one
and half millions to pay interest, capt.
tai may be driven away and lands kept
down, but less than half million an
nually will not be regarded as serious
the railroads, penitentiary and special
taxes will pay it without touching lands.
The bondholders, if the debt is compro-
missed, would be only too glad to let the
ad oaJ0ra1n tax on property, run the State
and take all the special taxes for their
debt.
A few years ago the penitentiary was
an annual expense. of $50, 900 to $40, 900;
now it yields you $4,000 cash. This
comes from putting the convicts to dig
ging coal and burning coke. The State,
with its political machinery, has no ca
pacity to manage business and cannot
undertake it; but if it could put seven
hundred of its convicts to digging iron
ore, burning coke and making pig met
al, their gross earnings (the State ex-
pending money enough to feed and
clOthe them, would fully pay the in
tcrest on the compromised debt.
A question has been raised as to
whether the railroad litigation is in the
way of a settlement and some New |
York bondholders have lately issued a
circular in which they claim to have
lien on nearly all the roads for their
bonds, amounting to $14, 1876, no, and
they name the roads. Now, if they
want to litigate with the roads, we GER
tainly will not pay any interest on this
large amount while they are litigating,
and, instead of being ended this sum-
will have gotten the question out of our
way, but will not be paying interest; if
hey succeed we will owe the money to
he railroads, and will have to settle
With them, they have already paid their
lebts to the State; but if they do not sue
eed, which is the more probable, il
will then be for the State to say wheth-
r this fourteen millions shall come in,
hey having failed to comply with the
,rms prescribed as they will when the
legislature meets.
If we settle we give no new security,
ID pay no interest until January 1881;
ID, indeed, by ratifying now we may
it the $14, 900 where the holders will,
be responsible for its being
t off entirely. d.
1t is true that many of the low-tax an
IN in the Legislature voted against
IS bill, but most of them voted against
upon technical grounds. Col. Savage,
;. Wilson, Mr.. Tolly and Mr.. Gregg,
Lh myself, had the year before sup
tied this settlement, and if this bill!
been put in shape to suit them most
them would have supported it, as 1
re reason to know. l have no knowl-
e as to what Col. Savage would have
lie, but the other gentleman would
e supported bill at so and 4, if the -,
visions of first submitting it to the ~
dholders had been left out, with per- II
s some other slight alterations. IL
mention this fact because 1 should Con
ret to find myself differing with these pro-
tlemen who stood up for the rights -
he people when it was not popular M
ennessee to insist on an abatement, IX
while do not know what these
.lemen may do when it comes to
ng, except Mr.. folly, who has come
for the settlement. am sure that
and will not differ upon the prop
ons that the abatement is as much
e ought toreQuire of the bondhold- =
and that the good of the State re- i
es that the question shall be re-
ed from the politics of the State.
Know some Of the gentlemen differ