Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1879-06-05
Fayetteville Observer
Thursday, June 5, 1879.


IKE OOf. NIdi MO Adc pCAhAiCt
a strong, sensible letter in favol
of ratification by the people of
the 50-4 compromise for the set
Element of the State debt. w.
would like to copy the letter ii
full, but its length forbids and
we are compelled to be content
with its conclusion
1t seems to me, therefore, that
the opportune moment for set
Element is now while the railroads
and the bondholders by reason
of the uncertainty of their rights
are both willing to make conces-
lsion to the State. With the ter
mination Of the suits the oppor-
tunity will pass away.
Before attention was called to
the obligation of the railroads
they were proposing to do moth
ing, but now they offer to contrib
ute to the common burden to a de-
gree which, if offered at any time
heretofore, would have insured a
settlement. They failed for a
long time to do their duty, but
now when they offer to perform
it the State ought to respond to
the offer. / have submitted to
the Comptroller, who is presum-
ed tor be better able than any
man in the State to know the
facts, an inquiry as to the rate
of taxation it will require to
meet the interest, and / submit
his reply.
After a survey of the whole
question, it seems to me that the
bondholdcrs will be paid under
the proposed adjustment all they
are entitled to receive; it appears
that the reduction of the debt
and interest made by the propos-
ed adjustment is sufficient to ex-
clude all the funded interest and
gives the taxpayers the benefit
of their equities against the debt;
it appears that the railroads by
their offer tender the State sub
stantial indemnity; it. appears
that the taxpayers will be called
upon to pay not so much as they
would have been required to pay
if the debt had been settled at
the last session at 33} cents at 6
per cent. interest, since the rail-
road shave assumed to pay $780,
600 annually; it appears that by
including the payment to be
made by the railroads the adjust.
ment is as low as was insisted
upon by the member lowest in
amount in the former Legisla-
ture; it appears that it will re-
quire less money from the tax
payers to meet it than would
have been required to meet the
adjustment insisted upon by FIVE
siXthS of those who antagonized
the proposition of the bondhold-
ers in the preceding session of
the Legislature; it appears that
the proposed adjustment rejects
the receivability Of the coupons
for taxes and preserves the SOW.
ereignty of the State; it appears
that it recognizes the right of
the people to settle the question
for themselves; it appears that it
will not require a greater rate of
taxation to meet it thanthe people
have time and again agreed they
were able and willing to pay; it
appears that it embodies the
small bond feature which has
furnished a local currency in
other States where the expert
ment has been tried; it appears
that it will take this yexed SUBJ
ject up by the roots, put it at
rest, vindicate right and justice
and preserve unsullied the honor
and integrity of the State. A.
bove all, it appears that if it is
ratified, Tennessee will stand
side by side with her sister
Southern States lie an honest eff
fort to do what is right.
/, therefore, give it as my
opinion that justice and policy
concur in demanding its ratifica-
ton.