Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1879-07-24

| III the proposition Is accepted 1fDtN
il will require an annual rev. ze ~
enue Of only $3.50
J g. -o----------
Amount saved annually in in- ~
terest 916,b ,b4O
Thus it will be seen that by
accepting the proposed compro-
mise there is saved at once in
the way of principal $12,2 ,211, 500;
and interest annually, $976,540,
which, as against the debt as it
now stands, and if allowed to
run on for thirty years longer,
there is saved to the State in the
way of principal and interest,
nearly $42,000,000. a.s .i'' .''.
To pay the interest ON the
State debt after the ratification
of the compromise, the amount
required as above shown, is
$488, AGO. q ''ae
The Comptroller shows that the
| Il
The penitentiary lease is 70,5O0O0
And the railroad tax 100000
-
Making altogether, S521, 10000
Which will be amply sufficient
to pay the interest on the debt
after it is adjusted, leaving all
the taxable property of the State
now assessed at $223, 100000 to
be taxed only for school purpo-
ses and the running expenses of
the State government. A forty
cents tax will do this, ten cents
of which for schools and thirty
cents for State expenses. This
will produce ., .a
A revenue of $sa2, 1000
With which to pay the cur g..
rent expenses Of the State
amounting TO S525,000
And interest on school funds l50,750 6I5, ,750
Leaving a balance of $3.50
To pay costs of collections and
loss from delinquencies and de-
falcations. .9sa.
AS to the ability of the people
in Tennessee paying an assess
ment on $223, 100000 of taxable
property sufficient to pay cur
rent running expenses Of the
State, and interest on the school
fund, they are referred to the fol-
lowing: x \ y =
"The State has more abundant
resources than Alabama, where
one dollar is paid with no ex-
emption whatever from taxation,
or Florida, where ninety cents
is paid, OF Louisiana, where one
dollar and forty-fiye cents is
paid, or South Carolina, where
seventy cents is paid. '..a''e'
X
The State tax in Texas is soc;
in New Jersey, 35c; in Californ-
ia, 735c; in Kansas, 50c; in Ohio,
29c; and in all the States named
the local tax is equal to our own.
These nine States pay an aver
age State tax Of 65c. 1t is not
put upon them by any foreign or
despotic agency; the ballot is as
free there as with us, and their
governments are administered by
their own chosen officials. 3grF
If the debt is not adjusted
now, upon terms that are accept
able to the people and to the
creditor, the State will arouse
herself like a strong man after
sleep, and vindicate her own
good name" a& teaaae'
One of the greatest benefits TO
accrue from this settlement, is
the increase of currency it will
give the people of the State, by
reason of the small bond feature
of the act. Ssam
One-third of the compromise
bonds are to be issued in denom-
nations offrom five to five hum
dred dollars. This plan has been
successfully tried in Georgia, and
to-day she is the most prosper
ous of all the Southern States,
and her bonds are above par in
the markets. sm,sne (
The small bonds become a
substitute for the greenback cur
rency which has been contract
ed by Federal legislation, and
furnishes that increase of cur
rency which is demanded by ma
ny of the people of the State.
The small bond has the adj
vantage that it draws four per
cent. interest all the time, and
thereby makes every man who
chooses to be, to that extent, his
own banker. The owner of the
bond can have the use Of it as
money, and all the time he holds
| it the interest is accommodating
on it. The small bonds will fur
nish a much needed local cur
rency, and at the same time a
desirable investment for capital.