Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-03-13
FROM NASHVILLE.
The state Debt and the Legisla-
sure.--Nz obs and State Mali Tia ass
a sober Legislature.

AS you udfo ledIu0u ny toioSIdpu |
the governor has received a propo-
sition from committee of the bond
holders offering to accept lein Of |
the bonds of the State. They now
hold new bonds at dollar for dollar,
but reducing the rate Of interest to |
81 three per cent. Yesterday after
noon and last night the governor
held conferences with many promi-
nent members Of the legislature.
When this proposition is brought
before the legislature the only OBJ
lection on the part of many of a
large majority Of the Republicans
will be the feature of making cou~
pons receivable for taxes, and a full
explanation Of this will make those
few favor it, but it is thought that of
the Republicans in the house three
will vote against the measure in any
form, but that several State-credit
Democrats will vote for it, hence
there will be decided majority in
its favor. In the senate it is thought
one Republican will be against it,
and that four, perhaps five, State
credit Democrats will vote for it.
Therefore, the measure Will be pass
ed, and every one knows that Gov
ernor Hawkins will approve it. Thus
the States honor and credit will be
redeemed, capital will flow into our
midst, railroads will be built, iron
furnaces erected and mines opened.
In connection with this PROPOSE
the following figures may be Of in
terest. The debt and accrued in
terest on July 1st, 1881, will amount
to $27,000,0O0. The bondholders
propose to take new bonds at par
running ninety~njne years, and bear
ing 8 per cent. interest, and the
coupons receivable for taxes. The
annual interest on this amount will
be S821,000. The only other propo~
siti0n the actual bondholders ever
made was to compromise at 80 cents
on the dollar, with per cent. inter>.
est. A settlement at this rate would
make a principal of $l6,200,O0O.
The annual interest on this at per
cent, would be $4,000. In ninety
nine years the interest on 7,000,-
600, at per cent, would amount to
S81,279,0J0. In ninety-nine years
the interest on S16,200,00O would
amount to S96,228,000, a difference
in favor of 100 and per cent. of
| $14 949, 900, tabulated as follows:
| Annual interest on SIG TO-
600 at 6 per cent ............ 1912 900
Annual interest Oh ST U0j,-
| 600 at per cen'......,...... $40 900
! Every year in favor OF pay
| Ing 100 aud 8 pr Gent.
lutvies!-........ .'................ 1852 900
| Whole inter IL % years
0u SIG, 200 C0l "a 6 .JrT cent. 496 225 0
| Whole iutere.t cu S27 O0Q,
O!O g. per ceut ............ 8l,l79,O00
| Bltauce in IA scr uf Loo at
| per c8ot......................S i4 $40 600
| As to the other business before
the legislature, thsre is but little
doubt that a good local option law
will he passed, and also public road
law that will be Of service, at least
in some sections of the State. IF
this legislature does nothing else
but pass these laws and settle the
State debt, it will go before the
country with a record that will be
forever honored in the history of the
State. But these are not all; there
are many minor laws of great value
that have been and will be passed,
! 7
Speaker Morgan's bill for the sup
preston of mobs will pass without
doubt, and will aid greatly in causing
quiet in this sec ion of the State Il
is due to the citizen soldiers who
have shown themselves ready and
willing to respond to the call of the
governor that they should be paid,
for the service is not pleasant one,
not frolic by any means. The
State Of New York pays her militia
and takes good care Of them when
they are called out, and also provides
for them good armories at home.
More than once she has proved the
value Of these citizen soldiers, and
appreciates them. So, too, has Ten
nessee proved their value, but has
not yet shown her appreciation of
their services. Why not provide ar
mories for them and keep them
under the protection of the State.
Had the governor been authorized
to pay them he could have kept the
soldiers at Springfield, and have
prevented the disgraceful mob which
occurred there. Their GOODNESS, de-
termination and energy prevented a
similar occurrence at Winchester,
and by patience avoided any conflict
of words or blows between them
selves and the angry crowd. They
may be needed again, and they de-
serve recognition for past good ser
vices and reward for any future
similar employment, as well as fos-
tering care that their organization
may be kept in tact and prosperous.
The trip to Washington was OF
great benefit, but some whe needed
it badly stayed at home. Many got
new ideas, and will henceforth have
enlarged views of their nation. It
will have good influence on their
laoislatiOn.