The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1879-07-31

all hope will be gone. Those of us
who opposed the issuance of bonds
were running against the popoular
current, and opposed it on grounds
of policy, not because we believed
they were unconstitutional, illegal
or fraudulent. Such assertions
were never made before the war.
and are now made by men who
seem to know but little and care
less about the characters of men
whom the people of Tennessee have
delighted to honor.
Tie ante war debt. as shown by
Comptroller Ouniap's Report in
1864, was $40, 600 in round num-
bers. OF this not a dollar has been
paid by taxation. The railroad
companies have paid portion of
it, but the State has paid nothing.
This debt, with the interest on 1t
since 1865, including the war inter
est, would now be S37 100000, and
of this only the interest during the
years IS74-75 has been paid by the
State.
If, as some say, the railroads are
the principals in the debt and the
State merely surety, yet as the prin
cipal has paid the surety, and the
surety has accepted the payment,
the State thereby becomes respon
sible to the holders of the bonds.
II it refuses 20 pay, it is in the stu
alton of an individual who receives
the money of another, and refuses
to pay it because he cannot be COM
PEELED by law.
We now have an opportunity TO
settle our debt, l hope, at fifty cents
and four per cent interest. II we
refuse this offer, then l believe we
will eventually have it all or nearly
all to pay, with its accumulated in
terest. To pay the debt as now
proposed to be adjusted, and to pay
the expenses of the Government,
will now require only all average
tax each year of 334 cents per cap
ita, if divided equally among the
people, or a tax or ten cents on an
acre of land worth S25 per acre. If
put OF a few years it may, and
probably will, require Il tax three
or tour times that high to pay it.
Our taxes have been reduced from
forty 10 ten cents, and We have
stopped the payment of the debt.
and yet there is no relief. Money
has been driven from the State by
our policy, and has been kept from
coming here; lands have been de-
creased in value; and laborers have
been and are now poorly rewarded,
and il we go on the same course, in
few wears more we viii be much
worse off with no tax st all than we
were under a forty or sixty cents
tax.
The alleged danger or losing land
by State taxation Is not decent non
sense. Not single instance can
be produced where 8 man has lost
his land by tax sale since the war
even under sixty cents tax. A
tax of forty cents is only ten cents
on an acre OF land worth twenty five
dollars, and no one is Simple enough
to believe that a man would permit
land worth twenty five dollars to be
sold for ten cents tax. The truth
is these men who permit their lands
to be sold for taxes are mostly
about the cities in Shelby and Da-
wilson counties, and are men who
keep the money in their pockets, re
tain possession of their land and
collect rents.
II re refuse this proposition, and
.eaye de debt unsettled, we will be
Ike the men who live on tbs side of
! volcano. ~ all times liable 10 be
overwhelmed by the lava from the
burning mountain. The only OBJ
ection 70 the proposed settlement
hat has any show of reason is shat
[ fails 70 d. justice to the creditors, /
md is less than they hsd FIGHT 70 .
Expect This, however, Is = maJter /
or their consideration, and if they .
re willing freely 70 accept 1t We
.aaaCs object There is certainly .
lot debtor IN the Stste who would 1
lot be glsd 70 accept such terms as .
he State may Obtsln by the pro .
,OsGd settlement