Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1881-03-19
The Governor recommends IA
Acceptance of the Creditors


Governor Hawkins sent a mes
sage to the legislature last Monday
earnestly recommending the ac-
ceptance Of the recent proposition
submitted by the bondholders. We
have not the space to insert the full
text of the message. In closing his
remarks he says:
Surprising our present indebted
ness to be $27 900 1000, sixty cents on
the dollar will amount to $4,000,
and the annual interest thereon at
the rate of 6 per cent. would
amount to 1912, 600, while the an
nual interest upon the terms OF
settlement now proposed amounts
TO $4,000, or, $162, 600 less than the
annual interest upon a settlement
based upon so cents on the dollar,
bearing & per cent. interest.
Thus it will be seen that upon the
basis of settlement now proposed,
the people of the state will be re-
quired to pay $162, 600 per annum
less. on account of interest than
upon a settlement based upon the
terms recommended by said conn
mittee of arbiters.
To meet the accruilg interest
upon the terms of settlement now
proposed, a tax of 10 cents on the
hundred dollars worth of the taxa
BILE property of the state, as ascer-
tanned by the last assessment alone,
will not only be sufficient, but will
raise no inconsiderable surplus.
But it is confidently believed that
with returning prosperity and the
consequent enhancement of the
value of property, and with a just
and equal assessment thereof, that
the rate OF taxation necessary to
meet the accruing interest on Il
debt may be largely reduced, and a
fund provided, without depressing
the people, for the extinguishment
of the principal, long before its ma
turity.
/ will not make an appeal to your
pride as Tennesseans, nor invoke a
display of that high moral courage,
which has so often distinguished
her sons, in an effort to redeem the
plighted faith, credit and honor OF
our state, but in view of our obliga-
tons and the indisputable fact that
every material interest in our state
is suffering if not surely dying be-
cause of our failure to comply with
our contracts with full faith and
confidence, in both the Willingness
and ability of the people to comply
with the liberal terms of settlement
now voluntarily proposed by a
large portion of creditors, L do most
earnestly recommend a prompt ac-
ceptance thereof.
Should this be done, the proud
escutcheon of our state will no
longer bear the stain of reputation.
She will be lifted up and placed
again upon a high plain of financial
integrity. Public and private
credit will be restored. Confidence
will be inspired, and a new life
will be infused into every depart
prosperity will spread its happy in
tiuences throughout all our borders.
Should you, in your wisdom, de-
termine to accept the terms of set
Element now proposed, l would rec
ommend that at least a portion of
the new bonds to be issued be in
smaller denomination tina 81 ,UUO,
so that cur citizens may become the
holders and owners thereof.
If this be done, they win be
eagerly sought after for purposes of
investment, and at once become a
a circulating medium at home, and
furnish to our citizens a ready and
convenient means of paying their
taxes.
The question now submitted to
you is one of no ordinary gravity.
In its solution our future is in
volved, and in determining your
action, l trust you will rise above
and superior to every consideration
except that of the common veal of
our beloved state.
Confding in your wisdom, and
with a confident belief that you will
act in accordance with your convic-
tions of duty, I leave the matter IN
your hands.
ALVIN HAWKINS.