The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1881-04-27
HON. WIN. J. SYKES ON THE DEBT

ZION. WIN. u. SYKES ON THE DEBT
SETTLEMENT
The following are extracts from an
interview with Mai VIM J. Sykes,
published in the Columbia Herald:
QueStion-Will the tax necessary
to carry out this settlement be burd-
ensome?
AnsWer-If the amount levied by
the Legislature is sufficient the tax
in this State will be less than in
other Southern States less able to
pay and less prosperous than we
are. In Alabama the State tax is
65 cents, in Mississippi 50, in Vir-
ginia so cents, in Missouri 40 cents,
in Kentucky 40 cents, in Texas 80
cents, in Arkansas 65 cents, in
Louisiana 60 cents, whilst in Ten
nessee it will only be 40 cents to
pay the State school tax, the eX-
penses of the Government, and the
interest upon the public debt. We
paid 40 cents tax in 1S73-4-5-G,
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 $50, but which is generally worth
$50 per acre. Many of our people
are exempt faom taxation under our
constitution. The burdens Of taxa
ton have been very mnch eXagger-
ated in Tennessee as compared with
other States, both North and South.
QueStiOn-Have you any plan to
suggest by which we may reduce
the debt?
An8uer-Upon this subject | have
very decided, and to my mind, very
clear views. Let us issue bonds to
the mount of S16,OO0,000 bearing 8
per cent interest, payable in 30
years and redeemable after five years
at the pleasure of the State. Let
these bonds be of the denomination
of one hundred, fifty and twenty
dollars. We might have some as
large as $500. Let these bonds be
sold in Tennessee at par and let the
proceeds be used in buying the 100
3 bonds. These would be at go
cents in the dollar, since Missouri
skies, which are. secured by a con-
provision, are only worth
S1.15. If the Tennessee threes |
should be worth IS cents, we could !
sell Tennessee tours at par, and thus
reduce our interest. Let the act |
provide that no Tennessee fves or
fours should be sold for less than
par, and no threes be purchased at
a higher rate than sixty or seventy
cents on the dollar If we could
not sell our small home bonds and
purchase the Tennessee threes on
the terms proposed, no harm would
be done Upon the plan suggested
our aggregate interest would be less,
md our principal eight or eleven
million of dollars. [ have mentioned
his scheme to some of the best men
md soundest thinkers in the State,
md I am glad to say it meets with
heir warm approval. 1t can do no
larm and may do much good | did
III in my humble way to obtain a
lifferent, and what | thought would
,e a more satisfactory settlement, s
han the one obtained, but it is now
90 late to defeat that settlement,
nd we must make the best Of it by !
the country, inspiring
onfdence and increasing the pros :
erity of the people. Many Of our /
lrgest tax payers and best citizens 7
hink it is as fair and liberal set !
cement as we should have asked or
and that it will do the State '
lore good than a settlement upno +
,wer terms. / have no interest /
I bonds, and never expect to a
ave any, but 1 desire to do my
tate all the good [ can. So far as G
am concerned this debt is settled. @
did all in my power to get lower t
,rms, but although it was not my =
esire or expectation, I am willing
} abide the result, believing it better
''To bear the ills we have,
Than to fly to others we know not Of"