The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-06-18
State Debt Compromise.
SPEECH OF HON. AS. COLYARs
AT NASHVILLE, MAY 3Oth.
1879.


Being pronounced "low tax
man aud in no way bound by. or re
sponsible for the recent act of th'
Legislature for the compromise anC
settlement of the State debt, I cal
afford to utter my convictions -ad
dressing myself to the low tax men
without restraint, as to what should
at the next elections. If we main
tain and carry out our professions
we-the low tax men-must supporl
this biIl-not that every low tax man
has in It what he desired.
The low tax men will prove theii
sincerity Of profession by support
ing this bill. A little of the history
OF the movement will not be out Ol
place.
So far as / know, public discussion
OF low taxes as relief measure com.
menced ON the night of the---Ot
---, 1878, at what is known as
the Maxwell House johnson meet
ing, signed by myself as Chairman
of the Johnson Elk. Committee, had
distinctly announced it. The debate
ut the meeting. as we'll as Mr.. John
sons speech on the Square q few
r
nights after, win show that repudisf
tion of the State debt was not con-
templated but an equitable adjust
ment. Soon after ] wrote a series
OF letters for the Nashville Banner,
which 1 caused to be published and
circulated inpamphlet form, the OBJ
ject Of which was to show. that after
great Losses, : govarnment might
with proprietg and without the cen
sure of repudiation ask compro-
mise Of a public debt.
-Mr Johnsons in his speech in 1874, |
didnot intimate thas the debt should |
be repudiated, bnt that there we're
equities-that the taxpayer had
some rights As well as the bondhold~
ers.. and that great loss by a COM
mea calamity shoald fall upon the
bondholder aud landowner equally.
So far as / know or ever heard,
the speech / made at Memphis, and
which l caused to be good deal cir
culated, was universally approved
by the Iow-tax men. That speech
contained q distinct admission of f:
the debt, and regret Of our inabili.
ty to pay it; but was a plea for the
propertyholder as against the bond ;
holder, insisting that the universal Is
Bhrinkage of values was q common
calamity occasiened by the unpreced-
ented contraction Ofthe currency, and
that the bondholders should in equity
and good conscience bear his part
Of the loss occasioned by this shrink
age. It never entered my head to
insist that he should lose all. Ger
tainly Mr.. johnson, who had much
to do in moulding public opinion,
had no such idea. Nor did any out
spoken low-tax man in the State, so
far as / know. When Col. Savage
came forward as the lowest tax-man
in the State, it was to submit 331
cents with per cent.
The low tax-men in the Legisla-
ture at the called session were ba-e-
Iy able to defeat a settlement at
60 cents with per cent; but Col.
Savage, Mr. Wilson, Mr.. Tolley,
Mr.. Gregg, aud myself, with most I
Of the lOw.taxmen, voted for 50cents
and 4 per cent interest. The State |
credit men, with few low-tax men,
defeated it. Now, when the State I
credit men come TO it shall we aban- |
don it? This would be whimsical i
Mr.. Bailey came to Nashville on q
the--d day oF-1s74. and discussed G
the question in favor of paying the
whole debt and I replied to him, in. '
sisting simply that by loss of proper d
ty aud shrinkage Of values, and the s
OF our circulation We r
were not able to pay the whole debt, a
and that the loss from common /,
cause should fall on both debtor and 8
crsduerY }alIf sse ~ {fa 500 oI t,
This speech was published and so Il
far as l know it met the approval of b
low tax men. Il
In view of these facts. especially Il
the votes of the low tax men in the o
Legislature, and OfCoI. Sayage's de- Y
msnd for a settlement at 335 per S
cent, with 6 per cent. interest. ! il
Ask II it is not the State credit men a
yielding and coming to the low tax il
side? Fifty cents with per cent. /
interest is the same as 3S4 with 8, Il
10 Car as the ANIMAL payment of in a
crest is concerned. OF
There are other questions as to the q
node and manner OF issuing the hi
oondS, aud even alleged frauds in
particular cases; but the State of n
Tennessee being to-day the same 81
.ornaration Il waa when theae grrao- "a