The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-01-23

Inc aDie ana n-eAnluStlNe cOlhlnhul-
cation of my immediate predecessor
in office in a gsest measure relieves
me in the performance Of the duty
Imposed upou me by the Constitution
STATE Dt4BT.
The subject inst Ia i.npottal.c,
Calming your attention is that Of the
State debt.
1t is obvious that it is impossible for
the State to nieet its ostensibie obi
CATIONS, and this inability has result
ed in total cessation OF payment.
Payment rpun no part of the debt
ca ,e renewed until there shall have
been an adjustment Of it upon such
basis as will bring the debt within tie
i ity of the taxpayers to meet it.
This 81 jet is embarrassed by great
difficulties, and until they are solved,
the stare mIst continue to suffer from
discard at home and reproach abroao.
An impartial investigation of the
fin ;nrial history Of the State vii show
| that, when her government was Iii
the hands Of her people, in financial
integrity and forecast Tennessee was
second to ro state in the Federal Un
ion that all of her embarrassment>
! b tvesresuteG from the hte war, and
the usurpation of her State govern
ment following the war, and that all
imputations upon the honor Of the
State proceed from malice, interest OF
ignorance That history will also tes>
tify that Tennessee hever created "a
dollar of deat without, at the time Of
its creation, providing a safe and suf-
ficient mode of payment and that, too,
without calling upon the Taxpayers
for the slightest contribution.
II has heen asserted abroad by those
whose purpose it is to injura and de
fame the State, that while she Is en-
ioyiug the benefits Of the investments
made with the proceeds Of her bonds,
she willfully fuses to provide for ner
Just obligations, and it is, therefore, Il
willful and dishonest delinquent.
This is not only without foundation in
truth, but, on the contrary, the facts
show that the only occasion for re-
proach to which the state is subject
is that at the proper time she failed to
assert the rights of her Taxpayers.
As defamation can contribute nothing
to the solution of the difficulties which
embarass this subject, but instead
tends TO aggravate them, it is to be
regretted that it has been employed.
A thorough and exhaustive exam,
inati,n of all the facts connected with
this subject; ard firm adherance to
the principles of truth in its adjust
ment will solve it, permanently and
satisfactorily. But If passion is 20
frighten judgment from its propriety;
if justice is to be defeated by accident
or occasion; if unjust advantages are
not to be surrendered; if wrong is not
to be cured oy time, then indeed the
future is without promise.
The proper limits of this commun'
ication will not permit that extended
analysis of this subject which its i'm
portance merits. The salient fact,
only will be presented as briefly al
possible, with such recommendation:
as to appear to be appropriate.
When the war of 1861 began, tht
debt for which the State was primar
lily liable consisted Of the following
elements:
/. For stock in turnpike cOmpan
les in the sum Of S1,227, ,556. sc
Nearly the whole of this debt bore in
terest at the rate of 8 per cent, anC
the remainder at d per cent. Thi.
investment was secured by lien il
favor of the State upon the roads anC
property Of the several companies
and also upon the usufruct arising
therefrCm.
2. For stock in certain railroad
companies in the sum of 1886, ,250
Nearly the whole of this debt bore in
terest at the rate of 5 per cent, anC
the remainder at 81 per cent. Thi
investment was secured by like lien
3. By six per cent. bends, Loaned
f the bank Of Tennessee, in the sum o
, s1,0OC,OOO.
4. By six per cent. bonds, for tn,
; purchase of the Hermitage, in the sun
, Of 34S,0pO.
5. By six per cent. bonds, for tin
building of the State Capitol, in tn
sum of s65S,O00.
The whole amount cf this debt