The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1881-04-21


Another objection to the present set
tlement, In my mind, is that under it
the new bonds of Tennessee will always
be under par, and the State in this
manner discredited. I would much
rather have a settlement at go and 6,
which is the same in interest as 100
and 3, because then our bonds would
be at par and our debt near eleven
million dollars less in principal. do
not believe in debts having a long
time to run, because so long as debts
exist, they prevent the rapid improve
ment of the country.
THE COUPON FEATURE.
Question-What do you think of
the coupon feature of the settlement?
Answer would have greatly pre-
ferred that settlement should be made
so acceptable to the people that no
coupon feature would have been nee
essary.
One of the essentials of a perma-
nent settlement is that it be acceptable
to the people as well as satisfactory to
the creditors. do not, however, at
tach as much importance to the cou-
pom feature as many do. I do not
consider it so necessary to the creditor
or so dangerous to the State as many
think it is. IF we intend to pay, and
do pay the interest when it becomes
due, as we should, then there will be
no coupons to be received for taxes;
if we do not intend to pay them a set
tlement would be worse than a farce.
l believe the people of Tennessee
would carry out in good faith salts
factory settlement as they have IN
other States, and therefore I did not
deem coupon feature necessary. But
it must be admitted that the fierce
threats which are made to repeal or
nullify any settlement which may be
made which does not suit the particu-
lar views of certain parties seem to
justify the impression that security is
necessary in order to quiet agitation
and make permanent settlement. If
there were general acquiescence IN the
settlement, as there was in Alabama
and other States, there would be no
necessity or excuse for the coupon
feature. There
-, ..4;9ol clN;onti91's 20 iii''AIH5 cou uPoI49
receivable for taxes, and I think it
should never be done. This can and
should be avoided, by paying the cOu-
pons promptly as they. become due.
THE TAX LEVY COMPARED WITH THAT
OF OTHER STATES.
Question-Will the tax necessary
to carry out this settlement be burden
some?
Answer-If the amount levied by
the Legislature is sufficient the tax in
this State will be less than in Southern
States less able to pay and less pros
porous than we are. In Alabama the
State tax is 65 cents, in Mississippi 65
cents, in Virginia 80 cents, in Mis-
souri, 40 cents, in Kentucky 40 cents,
in Texas so cents, in Arkansas So
cents, in Louisiana so cents, while in
Tennessee it will be only 40 cents to
pay the State school tax, the expenses
of the government, and the interest
upon the public debt. We paid a 40
cent tax in 1873-4-5-6, when times
were much harder and the people less
prosperous than they now are. This
tax only amounts to eight cents an
acre on land assessed at 500, but
which is generally worth $50 per acre.
Many of our people are exempt from
taxation under our constitution. The
burdens of taxation have been very
much exaggerated in Tennessee as
compared with other States, both
south and north.
IF THE SETTLEMENT HAD NOT BEEE
MADE.
Question-Suppose no settlement
had been made, what do You think
would have been the result?
Answer think the democratic
party would have remained divided,
and the republicans would have elect
ed both houses of the Legislature, and
the debt would have then been settled
either at 100 and 3, with coupons re-
ceivable for taxes, or even higher.
Even if it were settled at 100 and 3,
two years hence the debt would then
be $50, 100000 and 5000, 600 interest.
THE BALEFUL EFFECTS OF AGITATION
Question-What do you think should
be dOne2
Answer-By all means acquiesce in
the present settlement. Agitation
would do much harm and no good.
This State-debt agitation has already
nearly ruined the State. We com
menced the agitation in 1874, and
ceased paying interest in 1873, and re
duced the rate Of taxation to ten cent;
on the hundred dollars in 1877
Under this agitation. and this ter
cents tax, the assessed value of prop
erty in the State was reduced from
! $278, ,O2O, ,534 in 1875 to $211, ,758, ,43|
! In 1880 If ~ oo,nt;,,,,c IL. n cr;tn ti..,