The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-06-11

You say there is a general desir'
On the part of the people to know m.
views on this important question.
know the people of Tennessee
They are independent in though
and in action. Whea they know
the right they will follow it only
They will think and act for them
selves. Hence statement of my
views upon this question is of but
small importance. But since yor
have made it my duty to state nay
views, shall declare them plainly.
Ny matured views upon the sub
ject of the State debt are stated il
my original message to the Legisla'
ture, and as / then insisted that
there should be a discrimination be-
tween the bonds in their adjustment,
follows that in this respect the adj
| justment does not meet my views.
admit, however, that in my opinion
by the proposed adjustment the peo-
pie will not be called upon to pay
any more than in justice they ought
to pay, but the injustice lies in pay
ing less upon part of the bonds
than should be paid and more upon
others than should be paid.
Recognizing the wide difference
of opinion on this subject, / then
stated that nothing but mutual con-
cessions could lead to satisfactory
result. Subsequent observation has
confirmed the opinion then express
ed. The plan of adjustment finally
adopted is the result of mutual con-
cessions, and it remains to be seen
whether the people will approach the
subject in like spirit.
have taken some pains to inves-
tigate the history of the question of
adjustment. / find that the first
proposition was to fund the debt at
sixty cents, with interest at six per
cent, and the coupons receivable
for taxes. This proposition was re-
jected. The next proposition was
to fund the debt at fifty cents, with |
six per cent. interest, and the cou- !
pens receivable for taxes. This
proposition also failed. This occur
red at the preceding session Of the
Legislature. At the same session
the Senate passed a bill proposing
to fund the debt at fifty cents, with
interest at four per cent. for five
years, at five per cent. for five years
and at six until maturity, but the
coupons not to be receivable for
axes. When this bill went to the
House it was referred to a commit.
zee of nine members. They made
eport. Four members of that com.
nittee favored the Senate bill. -Four
members favored an amendment re.
lucing the interest to four per cent.
The other member opposed both up
IN the ground that neither basis
would secure settlement.
The issues made and discussed
we're, first, whether the coupons
hould be receivable for taxes; sec-
md, whether the adjustment should
'e submitted to the people; thirdly,
whether the interest should be four
'er cent. or higher. 1t is perfectly
lear that if the members of the two
Iouses who insisted upon an &C. 1
eptance of the proposition Of the
had yielded their con-
'ictions, that the debt would have I
,een then adjusted at fifty cents and |
our per cent. interest by an almost
unanimous vote. At that time the !
ailroads did not propose to do any
hing except to avoid the payment I
# taxes SO far as they could. By
he present proposed adjustment s
very question then controverted E
as been conceded to the State and i
he people. First, the basis of fifty t
ents and four per scent. interest is /
dopted; secondly, the receivability |
f coupons for taxes is denied /
hirdly. the submission of the ad- /
lstment to the people is secured. {
The advantages the present ad- '
has over the one insisted t
pom at the former session lies in (
40 fact that under the present bill, t
le railroads are pledged to raise Q
100000 annually, which reduces i
le amount the taxpayers will have t
, pay to 40 and 4. Upon this 4
of the railroads I will G
id another word. They will carry Q
ut their pledge simply because it q
to their interest to do SO. The .
legislature adopted my suggestion a
nd set apart the assessment they r
,e to pay to the public debt. The r
mount they are to pay will pay the f
.terest on $5.0Oo,000 Of the debt c
J it now stands, and upon So, $780, v
DO of the adjusted debt. t
Secondly, the interest is to be Il
aid at Nashville, and but once t
aar. Third. q large mart of the T