Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1880-06-10

Oidlc EfHult duFOCdlcS. W I'LL
discretion and common sense /
Think it possible that these seem
ingIy ineconcilable parties may
meet upon a common platform
and harmonic all their difficult
ties. | assume that the high tax
men do not desire a higher tax
than is required to meet the cur
rent expenses Of the State Gov
ernment and meet It's legitimate
obligations. l4take it for grant
ed that the low tax men are will
ing to support sufficient tax to
defray the current expenses of |
the State and to pay off and liq-I
uidate the legal debt Of the State.
Z The high tax, State credit men
do not expect to pay off or set
tleIthe debt upon the basis of the
entire debt of ionehundFed cents
to the dollar. The bondholders,
the creditors of the State, donot
expect orhope for somuch. The
low tax, anti-State9 credit men
cannot defeat the settlement of
the debt question at some time
or other, and upon some basis
acceptable to those holding the
State bonds. They may defeat
any settlement this year and by
the next Legislature, and posi-
bly, the next, and on for a gene
ration But it will not be dead,
Ii tMill live Unsettled. ] heard
one ofitke most prominent of the
Elowstax party say in a speech, If
4 mistake not, that he was will
ing to settle the State debt on the
basis of thirty-three and one
third cents on the dollar; if the
people were for settling. at fifty
cents on the dollar, or at seventy
five cents on the dollar, or one
hundred cents on the dollar, he
would help them pay it.
1t does seem to me that this
vexed question of the State debt
can be settled and the low tax
men and the high tax men uni
ted and harmonized without the
sacrifice of any principle by eli
Their side. They are all Demo-
Gratis, or at least profess to be.
"A cardinal principle of Democ-
racy is that the majority shall
rule. At the'time this debt, or
rather these debts, were being
created to establish the Bank of
Tennessee, the Union Bank, to
build the Capitol, to pay for the
Hermitage, and to aid in the con-
struction of turnpikes and rail-
roads, a vast majority of the peo-
Iple of the State, approved or ac-
quiesced without complaining in
the policy and action of the Leg
|islature in the creation of these
debts. Some who are now class
| ed as low-tax men, were warm adj
vocates of the policy. Iand a few
Others, very few, were opposed
to theapolicy from the beginning,
j Democrats and Wings We'd with
each other in their zeal and adj
yocaey of State aid to State In
ternal improvements. Now fol
the sake of peace and harmony
/ and the best interest of the whole
people of the State let the Legis-
4 lature, when it meets in january
next, through an appropriate
committee, have full and free
conference and interchange of
1 views, with the State creditors
the bondhoIdeis of the State
] through their committee, .attor-
neys or such agents as they (the
bondholders) may authorize tc
act for and represent them. Let
them agree upon the terms of
adjustment and settlement the
best that can be obtained, report
such agreement to the Leg.isla-
ture. The Legislature should
ratify such agreement and settle
ment by appropriate legislation
4 guaranteeing the payment of the
4 annually accruing interest, and
finally the amount Of the princi-
pal agreed upon, by a tax if nee
essary pledged for those pufpo-
ses, or by making the interest re-
!. ceivable in the payment Of all
i taxes to the State.
I. In that way or some other
means by which this question car
be adjusted and its settlement
effected so as to take it out of
the current political discussions
land the oft recurring cleo
irons, can peace, harmony, fra
ternal feelings and prosperity be
secured to the State and the peo-
! pie Of the State.
Respctly., Gro. w. JONES.
Harkins' Academy.