Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-09-24

1
hood of states. IF she is honest she
can pay If she is not, she can {.
The most accurate estimate of the
amount of the public debt puts the
principle at $21, 465, 1000, and the
past due interest at about$6, 900, 600.
No one doubts that the bondholders
will agree to compromise their
claims, in view of existing eircumy
stances. Some of the best informed
say it can be- done at 5o>4, and the
highest calculation is $685. Sups
pose the former reduction is Volun-
-tarilyl given, the whole amount of
the debt will be reduced to $13, 742,-
800, and the interest account will
be only $539, 711.y2:z. Z zs2-,z7t r. ~
The running expenses Of the state
government are $525,Oo0. BE- 70 par
TALLY Offset these the privilege tax
of the state amounts, according 10
Comptroller Gaines, to$351 900. The
penitentiary leases for $4,000 per
annum, with probability of brings
ing still a higher figure when the
present lease expires. The income
tax fromfthe railroads will amount to
at least $4,000. Thesetogether give
an income per annum of $576, 600.
The taxable property of the state
amounts to at least $288, OOO,o 600,
and a tax Of forty cents on the $500
on this will yield a revenue OF
1852, 900, which, added to the in~
come from the other sources, gives a
grand total of $1,728,oOO. This
will pay the annual interest Of the
reduced debt and leave a balance Of
$629, 900 yearly, to create sinking
fund.
But suppose the bondholders arr
not willing to take less than CO. g
This would reduce the debt to SIG,
491, 760, and the interest accoun
would be $989,505.60. The fort.
cents tax would then pay the cur
rent expense and the interest, an
twould leave balance Of $213, 1874.
40. If they would consent to 60~4
the yearly contribution to the sink
ing fund would be $543,23O.4O.
Who would this burden of taxa
.. tion fall heaviest upon? The poo
man? No; for, according to tn
laws of, this state, 81, 900 worth
property is exempt from taxation
It would be borne by the rich NAL
and any one at all cognizant of til
condition of affairs in Tennessee
knows that the rich men are a un
for state credit. Why is this ?
: it altogether from feeling of homo
with them more pronounced tina
. the poor man possesses ? Is
=" not rather that the same bus
ness energy and shrewdness tn
}, aided in accumulating proper
teaches them that the 10
of credit to the state will result
most material damage to all class
> of property? There is where t
poor man will suffer. When pric
are lowered, values reduced a
industries trampled upon, then t
poor man will perceive the e
effects of reputation whose fe
spots and filthy character the den
gogues are trying to- throw the v
of specious words and gross soph
"a tries around. The farmer, t
: mechanic and the laboring man v
be injured far worse than the RI
man who has ne immediate necess
for credit. 1a
That Tennessee is not able
pay the debt is falsehood, dee
and darker than is usual to be he'
even in the heat and passion o
political campaign. Tennessee
favored as few lands are, by
of bountiful Providence, and with
the valleys, as fertile as any under
The sun, her magnificent forests, her
ire told treasures Of minerals, her
he Vantages of climate and situati
%. and her unequalled facilities
in cheap manufacturing, her failure
al pay an honest debt can only
ten taken as an evidence of public {