The home journal. (Winchester, Tenn.) 1858-188?, 1881-03-30
A p RorEsT
Against the Passage Of the
1908 Bill.

10 We IeOpe o. tennessee: - The I'M
dersigned, members of the General As
sembly Of the State ofTennessee, believe
it to be their duty to appeal directly to
the people, to warn them of the mon
strous crime about to be committed
against them and their children to the
fourth generation, by passing into q law
the acceptance of the scheme of jobbers
and spectators in Tennessee bonds, by
which the taxpayers will be saddlcd
with perpetual debt of S27 600, 900,
with an annual interest debt OF $780,
900.
This scheme is called the 1908 prop
0sition.
1t recognizes and assumes every kind
OF outstanding bonded Indebtedness OF
equal merit and legality, and makes the
interest or coupons on this Indebtedness
legal tender for all debts due the State
for period Of 80 years.
The bill to fix this perpetual mort
gage on You has passed the House Of
Representatives by the following vote ::
Aycs-Agce, Anderson, of Cooke,
Anderson, of Madison, Austin, Baker,
Boyd, Of Lauderdale, Boyd, of Upton,
Buqno, Butler, Cassels, Cochran, Cole,
Cooper Eaton, Ezcll, Fouts, Grisham,
Hall, Harrison, Hawkins, Higgins,
James, Jarvis, Kennedy, Lester, Mean
nally, Mcl.emore, Mc'l'eer, Nicely, Nor
ris, Owings, Plummer, Poston, Reeder,
Rhodes, Rogers, Smith, Sykes, Trimble,
Vernon, Wilkes, Wilson, Wiltsc-43.
Nocs-BagwcIl Beaslcy, Brooks,
Buchanan, Coulter, Davis, Driver, d :
laney, Class, Hash, Haynes, Haynic,
Head, Houston, Jones, Lewis, Manson,
Martin, Means, McKcnna, Pillow,
Steele, Thompson, Watkins, Warren,
Woodland, and Speaker Ramsey-27
The passage Of the bill through the
House was forced by a body of specula-
tors in the honor of the State, and this
body of men engaged in procuring votes
OF members Of the General Assembly,
openly boast that the Senate will also
pass the bill Of 1908 as it came from
the House, with all its odous and Grim
lnal features unImpaired. We believe
the body Of spectators will succeed if
the people remain silent.
They have invaded tie Senate cham
Der, and boast with astounding audacity
that Senators elected by low-tax Demo-
cratic votes will support the job, and
they claim other Senators who pledged
their constituents to oppose the coupon
crime.
If the bill becomes law, the rate of
taxation must be increased from ten
cents-the present rate---to 20 cents Oh
every hundred dollars of taxable prop
erty. The highest rate ever levied was
GO cents, and this rate was levied but
twice since Tennessee was admitted into
the Union.
1t is safe to estimate the local taxes
for 1881 at S2,350, 900. If the 1908 lob
becomes law, it will require State
tax OF 10 cents to comply with its pro.
visions, and this rate will require the
people to pay, in addition to the local
taxes, 81 AT 900. OF this $4,000
will be set apart to pay the interest on
the S27 100000 of the newly funded
bonds, and the balance to pay the cur
rent expenses Of the State Government.
The people Of Tennessee will pay an
nually in taxes the sum Of S., 1927 ,0OO.--
Il public burden so great that it cannot
be carried.
In defending this system of public
plumber, the more tender Democratic
members Of the House. elected as State
Credit Democrats, and who voted for
the 1908 proposition, have placed upon
record the following extraordinary apol-
ogy:
"Mr. Speaker: This bill does not
meet our peculiar views on the settle
mcnt Of the State debt. The PROPOSE
;ivn from the creditors is not what We
expected or preferred, nor is it as lib
cral as the people desired, but having
made an honest effort by thorough
canvass among the members of this
House to procure lower rate of settle
ment, but finding that neither suffi-
Gent number Of Republicans or low-tax
Democrats will unite with us on any
other proposition, we deem it our duty,
as State credit members, to vote for the
only measure that can possibly pass this
House. Therefore, We vote aye.
Hugh c. Anderson, r. b. Cole,
ii. ii. Buquo, d. p. Cooper,
II. \. Wilkes"
Now, we charge that these so-called
State credit members pcrsistently voted
against every motion and amendment
which might protect the people from the
Of the syndicate of bond-specu-
latOrs.
The Democratic platform on which
Judge Jno. V. Wright was nominated
for Governor, and on which he fearless
ly made his canvass, declared that eve
recognize a disposition upon the part of
the creditors of the State in view of the
great loss entailed by the late war, ETC.,
to make liberal reduction in both prin-
cipal and interest of our bonded indcbt.
edncss, and We declare that we favor a
prompt settlement by the Legislature
with our creditors upon the best terms
that can be agreed upon as a result of
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