The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-07-17

low tax men but six had voted for and
urged the adoption of 50-4 as the rate
of settlement. Savage, Colyar, Viii
son, Peters, Phelan himself and even
old Buck Travis, who met Col. Colyar
the other day in opposition to the pre-
posed settlement, voted for it, They
were also pledged to this rate Of settle
ment in the vote insisted upon by Col.
Savage from the outset, ever since he
first put this ball in motion.
He then submitted the following
calculation to show that the PROPOSE
ton for settlement Of this vexed
question now before the people is more
favorable to them by 100000 in IN
terest every year than the proposition
voted for by the low tax men at extra
session or Col. Savage's rate either.
Savage's rate would reduce the debt
to So, 333, 1891. Interest on this ut
par cent per annum would be $780,
900. The proposed rate on which you
are to vote ut the August election
would reduceit to $12, 100000. The
interest on this at 1 per cent per an
mum is also 100000 But the rail
roads are bound for S100,00 of this
amount Of interest; 100000 of inter
est at + per cent is equivalent to So
500, 900 of the new principal.
This would reduce the principal to
S10,000,000 on which the people
would have to pay interest in taxes.
The interest on S10,0O0,OO0 at 1 per
cent. is 100000 annually. An
amount less by 100000 than you
would have to pay at Col. Savage's
proposed rate every year.
This 100000 in interest saved
every year would amount to So, 100000
in the 80 years the new debt will
have to run, which would be clear
saving to that extent. But you would
be entitled to Il credit for the interest
on this 100000 saved every year.
The interest at t per cent on $1,000
is $4,000 per annum. This, in sc
years, would amount to 1920, 600.
The next years saving would run for
only % years, and would be 10000
The next years saving for only %
years, and would be $4,000. And SC
on, dropping off $4,000 every year.
The total amount Of interest on all tho
80 years saving Of interest, of $780,.
900 each year would amount to ST..
S62, 900. This added to the $4,000, 600
the total saving of 100000 each year
by virtue Of the difference in your IA
vor between the so and 4 rate and
Savages, would give a total saving OF
| 81, 1862, 900. This, substracted from
the so, 800, OO0-5O per cent of tho
would leave you but 81, 638'OOC
of principal to pay at the end of the
80 years, $685., 1888 less than 334 pei
cent of the debt, in addition
to the 100000 less of interest yor
would have to pay every year.
But this proposition is more favora
bic than any ever advocated by low
tax men in another particular. Reac
from the act of settlement to show
that the new bonds to be exchanged
for those now outstanding by being
: reduced in denominations one-tbirC
from five dollars to Sne hundred, anC
another third from one hundred tC
five hundred would furnish a loca
currency. There was a great outcry
for more currency and great efforts
had been made to establish a Local
currency. The opportunity now of
fered to get both and at the same time
to settle this much agitated question.
This settlement would give us So ,OOO,.
900 Of local currency.
But this proposed settlement was q
triumph to the Low tax men in TIVE
other particulars besides the rate.
We had triumphed in requiring the
settlement to be submitted to the PEG
pie for their ratification or rejection al
the ballot-box; and in defeating the
proposition to make the coupons on
new bonds receivable for taxes. We
regarded both features of highest i'm.
portance. And they ought to com.
mend the proposed settlement to the
people.
The State credit men were commit.
ed to the settlement, because the pas
sage of the bill was the immediate
work Of their representatives in the
Legislature, and because they had al
ways protested their readiness to set
tie ut any rate the bondholders would
agree to, the lower the better. To
this proposition the bondholders had
assented, according to the official tes
timony of the Governor.
But there was question raised, IN
some quarters, whether the railroads
were bound for the 100000 in taxes
annually. He read from the act tC
show that by the language of the act
the railroads were bound by contract
and could not get out Of it if they
would. But the railroads had too
much interest in the settlement tc
want to get out Of it.
This proposition, offering more ia
vorable terms than the low tax mel
had ever asked for, he appealed t.
them to know what was it they de
manded, what do you aim at by keep
ing up this unhappy strife ? Was i
total reputation None of then
would avow it, if that was their pur
pose.
The time has come when this I'm
happy strife should cease. The public
mind was Worn out with the agitatio 1
of the question. The conflict had
spent its force. The logic of events
, demanded its settlement. The gene
al legislative interests of the State de.
manded it. Showed many defects and
blunders of legislation, of last session
growing out Of the fact that this quel'
. ton overshadowed all others, and to
the detriG.ent of substantial Interests
of the people.
But if we required more could it be