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

| 5ObslCoo1bs SstA C4UlStCS Vi OOCt SOfS'
ceivable character are not covered by
the abatement.
Supposing our debt to be twenty
four millions. our annual liability is
| 81. .44O, 600; but instead Of paying
this sum, it is now proposed to pay
$3.50, 900, abAtiBg $3.50. 900 annually.
Can we longer set up equities ofany
sort? Will this not cover general
Shrinkage in property, war interest
and all other equities? 0dihI
With the greatest confidence I
submit this question to the thinking
low tax men of this State. What
have we been demanding? Simply
an equitable adjustment. Over and
over we have proclaimed that we
were not for reputation, that the
landowner should not suffer all, but
that the man who had loaned his
money TO the State should be viii.
ling to an abatemeat so as to make
his loss equal to the losses Of the men
on the low tax side, making their
own calculations, had erected an ar
bitrary standard Of right batween
the bondholder and tax-payer-333
and per cent; in other words an.
nually $4S0, ,O00 on the twenty-four
million just what this compromise is.
The bondholders at first demanded,
and both parties in the State insist
ed on paying 6 per cent. on the
whole debt $1.44O,OoO. The State
credit men yielded this point and
proposed to compromise at go cents,
with s per cent, making an anual
interest of SS61.OO0. This the low
tax men only little over a year ago
were able TO defeat by a very small
majority, bat offering in lieu as
substitute so cents and 4 per cent,
which the State credit men refused
to agree to. Now, when the State
credit come TO as, shall We fly and
admit that it was repudiation
and net an adjustment which We wan
.ed7
There need now be no concealment
,r evasion. The question is now
paying 4 per cent. on one.
alf of the debt and Reputation in
Is worst form, the debt repudia-
ed with the annoyance of having
be conflict renewed every two
ears.
submit the question 20 the intelli'
ent and thoughtful lOw-tax man, had 6
e not better settle? If we owe any a
ling, don't We owe S35 cenGs on the
ollar? Doing justice between man, :
1d man, can We complain at paying II
10000 for $1.44O,OOo7 The .
OF interest Qn the thirty :
sars) is $2S. 100000 which. with =
1900. 600. of principle, makes $40, :,
10000 of our obligations abated. Il
When / wrote the call for the al
1huson meeting at the Maxwell a,
ouse, and meeting was held, l. with T
hers who participated, was assail- W
/ as q repudiationist. Perhaps no 7
It Of men " SIS. ever more soundly N
lastieed than we we're by politicians m
I'd editors. The press was almost |,
for paying the whole debt. P
D far as / was concerned, 1 bore it is
ithout much complaint, believing q,
lat was right, and that an equita- Al
e compromise Of the debt was only R
stiee to all parties. All wanted t.
as comprOrnise. l never expect 81
| o more favorable enc than this, m
1d now have not the courage to p
lead guilty to the charge ofrepndl- 10
ion by opposing this settlement. Al
By agitation and discussion the Ii
sate credit men have been brought &,
realize the Justice of 3 compro.
ise, and from che defensive they "a
I'VE turned and assumed the often ~
We, and urgea settlementby which in
e bOndholders loose tsuo thirds of n,
s iDterest for thirty years, loss, NJ
cluding principal, of ever forty er
Illions. Shall we not agree and
d this long and angry strife? ia
What is to be the effect of this a.,
te3 II the settlement is voted n,
wn, fol, years and years We are to va
life, contention, elimination and nr
renewal of the Iif
es tion by each succeeding Lagis: ne
,ure. This wst have had now for br
verai years, and this 1 was willing I
stand, in the hope Of reducing do
. debt within our ability to payj Al
t am not willing to fasten upon lis
. State. croIlic quarrel arraying tn.
; different cllssses against each tai
ler for whole generation. Ia,
hethcr the silen repudiation OF our la,
ate debt. if itweFe possible, leav- m,
! no internal dissepsions, would so pa
ect as sbrosd as to materially
pede our prosperity is question or
1iIl not debate; but to repudiate sio
J debt and tTansEnit the maIienltH eli