Southern standard. (McMinnville, Tenn.) 1879-current, 1881-07-23
b,.abear, a scarecrolp, used to

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If we never intend to pay the debt
let this be openly proclaimed. Icannot
believe Tennessee intends to refuse the
payment Of debt which has built her
railroads and her capitol; and which
furnished in former times her banking
capital.
EVIL RESULTS OF AGITATION.
The alarming fact stares us in
the face that since the State ceased
to meet her debts in 1875, the de-
crease in the assessed value Of
property has been $66,252,O96, and
the emigration from the State has for
the same time exceeded the immigra-
ton into the State very largely. 1t is
a remarkable fact that these emigrants
have gone to States whose rate of tax
alton has been two or three times great
er than that of Tennessee.
/ am as much opposed as any one
can be to Federal interference in local
matters, but the threat to unseat Judges
because they decide questions of law
against our views where the rights of
citizens of other States are involved
will invite the interposition of Federal
courts. To avoid Federal interference
l am for abiding the decisions of our
own courts and for complying with
laws which they declare to be constitu-
tional.
HOW THE DEBT MAY BE PAID.
Having given the reasons why l
am willing to accept the settlement
made by the last Legislature, l will
now proceed to show how the debt can
be paid without being burdensome to
the people-in fact, how its payment
may be made beneficial. l propose
the issuance of SIS, OOO,O in small
bonds, none exceeding 500, bearing
four or five per cent. interest, payable
at Nashville, due in thirty years with
, the reserved privilege to the State of
paying them, or any part of them,
after five years. These bonds are to be
sold at par. aud the proceeds to be used
in buying the 1908 bonds at 60 or 70
cents in the dollar, or at any lower rate
at which they can be obtained. If
these small bonds canno. be sold at par
or the 1908 bonds bought at so or 70
, cents, then the small bonds are not to
be issued nor sold. But I am satisfied
that enough small bonds can be sold to
our own citizens to redeem the 1908
, bonds and reduce our debt eight or
nine millions of dollars.
These small bonds owned by our own
citizens will be a source of wealth and
commercial convenience. They will
60 into the hands of small farmers
mechanics and laborers and men Of
limited means rather than into the
hands of large capitalists. They will
be extensively used in trade, since they
:, will always be at par. This is no new
experiment. 1t has been successfully
y tried in France and in many States O.
' this Union. Our debt will thus be
come home debt and will be an ele
. ment of strength rather than of weak
Il ness. These small bonds would be O
e great utility and convenience, especial,
70 in those portions of the State wher
they have no banking facilities. | hav
no doubt these bonds could be sold a
,s needed to take up the 1908 bonds. 4
N constitutional provision might be adop
IS ted authorizing the issuance of thes
Il bonds and providing for their payment
" This would cause them to be in de
III mand among our people, and brin
n. about their use, not as currency, but a
k a medium of exchange and a vehicle Q
lie trade. In this way we can get clear G
9 the 1908 debt in legitimate manner
ms / am apprehensive that no settlemer
lie will be permanent, the debt will not b
perfectly secure and unembarrassed III
~ til it becmes a home debt upon pla
=, somewhat similar to the one above SUI
% gested.
nc If this plan should not be acceptable
,o then small sinking fund could b
y. raised after five years without any il
o. crease of taxation out of the increase
wealth and property of the country
This sinking fund might be judiciousl
used in the purchase of bonds at the
~ market value, so that at the end of
~ years large portion, if not all, of tn
-" debt might be paid.
" CHARGES OF BRIBERY AND CORFU
VII TI0N.
re III regard to the charges of briber