The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-07-30
VOL. XIII.---NO. 10.

which now positively decline
'e should ever. by any chance. raj
oi upon my shoulders, will suffer M,
D.. right hand TO be pAlsied before
ID would give my official sanction Z,
p any act that brings even the NO
y cursed blot Of quasi repudiallon
}. upon this glorious and beautiful
j. Commonwealth. The question Of
g aiseharging public obligation /,
too sacred q thing to be committed
to the polemics Of the demapogu.
whose millennium always begin with
the decadsnce OF public honor. Tho
: question is only one or time and
aoiliIy' When able TO pay, we gW
pay and while unable, we should A.
least show a disposition 10 deal hon.
orably' aud thus retain that richest
OF jewels in the cororot OF slatss an
untarnished honor"
These views we're expressed loro
before the recent legislation bS
winch the question Is submitted 70
The people whether they are wIlling
70 compromise at so and 4. aud "a.
produce them here FOR what tbevar
worth in connection with nv nm.
equiyocal approval or that PROPOSE.
ton.
Ihe whole matter may be present.
ed In nutshell. The amoupt os
your bonded debt is 2O.O5z.Il5.
lhe accumulated interest up,,Id
since July, 1875. is $4,000. 900. max.
lng the total debt aud interest s24.
o5Hll5. The interest on tbs 500
O5Hll5 accumulates at the rate %
Sl'2OO'5l5 per annum. 100000 On
per MONTH S3.33L75 per day. $3.50.
~ per hour and $3.50 per minute.
Ihe proposition Is to pay this enor
nous debt in thirty year bonds ata
scaling Of tifty cents on the dollar
with interest a. four per cent. and
Win q reservation OF a right OF re.
neWal at maturity. The intsre,t
would amount TO about $500. 600 n
year. which would be about the same
amount accruing at a scaling OF
th'rty'three and one.thlrd cents ON
the dollar At the rate or six per
cent interest. The current expenses
ol this State government. a. stated
oy your distinguished Comptroller.
and the interest on the school fund.
together with the interest Of four
per cent. on The State debt tbus ad.
Justed at S12,OOO.OOO. will amount
IN round numbers, 10 the sum OF a..
l15.75O. Now a tax OF thirtv.ave
cents on the one hundred dollars OF
property, taxable on the al valorem
principle, and the revenues accruing
from privileges and other sources.
would yield, per an1um, the sum OF
7l'2l9'68O.99. So, at ths present
very low ebb Of values. this compro.
mise, on a tax OF thirly.ave cents.
Will pay the interest on your public
debt pay the interest on the school
tund' pay all the current expenses
OF the State Government, and leave
4 balance for q sinking fund OF near.
~ $4,000 annually in the treasury,
which at the maturity OF the new
bonds will reduce them 20 the ex.
tent Of S1,29OOOO, IL left idle in the
treasury, aud II judiciously handled,
might reduce the debt three or four
times that amount. In The mean.
time, the very fact that the debt is
settled and State credit saved, will
give such an impulse 10 public pros.
perity, and add so materially 10 your
taxable values, that in a little time
even the reasonable tax OF thirty.
five cents on the one hundred dol.
lars might itself DO reduced aud pro.
duce the same amount. So, 20 &C.
cept this compromise IS 70 open the
avenues Of low taxes. Will any man
object TO a tax OF thirty.hve cents az
an unreasonable and oppressive oneY
In 1867 you paid forty-fvs cents, in
1868, sixty cents; in 1869, sixty
cents; in 1871, sixty cents, and for
the Eve following years forty cents
on the one hundred dollars. But
what is this pitiful tax OF thirty-fvo
cents compared to that OF some or
your sister States in recent years;
one dollar and forty cents;
Alabama, 20 cents; Georgia, so
cents; Florida, ninety cents Arllan-
sas, one dollar Mississippi, sixty.
five cents Virginia. City cents, and
Missouri, forty cents. The debt Of
one Of these States was comprO.
missed and settled, and her taxable
wealth has increased sixty millions.
while yours has fallen of more
than thirty millions. The Legisla-
ture has time and again proclaimed
the bonded debt now proposed 10 be
compromised, just and valid debt.
In the very act which submits the
question to the people, the debt is
recognized as valid debt. and tho
bonds 70 be scaled are specifically
enumerated IN The law. They are