The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1881-08-10
THE STATE DEBT.
d SENSIBLE LETTER FROM NH.
WIN. j SYKES

A recent number of the McMinn
vile Standard contains lengthy
and exhaustive letter from Maj. w.
J. Sykes, of Columbia, on the sub
iect of the 1908 settlement of the
State debt. It is, as everything on
the subject from him has been here
tofore, a fair, temperate, able and
honest expression of opinions patri-
otically entertained. We believe the
extracts we make from the letter
will be read with interest and profit
EFFECT UPON THE DEMOCRATIC PARTY.
I regret as much as you can do, the
difference among Democrats in regard
to this State debt question, which has
for some years divided us, and which l
fear may continue to divide US What
we are to gain by division | cannot see.
A divided Democracy means Republi-
can triumph, and how this is to give us
any relief on the debt question passes
my comprehension. If the present debt
settlement be set aside and held for
naught, what have we made ? We are
still divided on this question; some are
in favor of settling the debt at fifty
cents in the dollar, and some are not in
favor of paying any more than the State
debt proper, which is a little over two
millions Of dollars. The setting aside
of the present settlement would not
unite US.
The two Democratic candidates at the
election in 1880 received 1865 votes,
and the Republican candidates 102, 967
votes. If two,thirds of the Democracy
vote for one candidate, that will give
him 81 ,O76 votes, and this would be less
than the Republican candidate received
last wear. The same divisions would
occur in the counties and districts, and
would give theRepublicans both branch
es of the Legislature, which would be
worse than it was last year. With Re-
publican Legislature the present debt
settlement would stand, and if there are
any defects they would be cured, or
if the settlement be set aside similar
one would be enacted What, then,
would any wing of the Democracy gain?
Would the taxes be lessened, or would
the debt be reduced The nexts Ten
nessee election may determine the po-
lftical complexion of the House of Rep
resentatives and of the Senate of the
Federal Congress. Are we willing for
the debt question to divide us and give
the House of Representatives or the
Senate to the Republicans ? Is the diff
ference between the tax necessary to
paw the interest on a 50-4 settlement
and 100 settlement, which is only
eight cents on 800, sufficient TO cause
this result, or is even the tax necessary
to pay the interest on the 1908 settle
ment, which is 20 cents on 500 suf1-
cient to cause US to give the State to the
Republicans, who will not reduce the
tax? This is the question for the Dem
ocrats to decide. If they are determin-
ed to keep UP the division, l wish now
to say can have no part in it. The re-
suits are clear to my mind, and do not
wish to be in any degree responsible for
them. l have said again and again
am for ignoring past differences and for
healing past discussions, and if this can
not be done l do not propose to engage
in the fierce struggle which will take
place among members of the Democrat
ic household. A united Democracy may
save us. The Democracy can never be
united so long as agitation of the State
debt question continues.
TAXATION UNDER THE 100 8 ACT.
Whilst many of us preferred a settle
ment of our State debt different from
that made by our last Legislature, yet
as it is now a settlement, am for ahid-'
ing by it in good faith and under fair
and Just administration of the law by
the courts. l am fully cognizaGt of the
fact shat the 1908 settlement is greatly
misunderstood by many of our citizens
and grossly misrepresented by others.
Attempts are actively made to create
popular prejudice against it, without
proposing anything better in its place,
and, in fact, without proposing any
thing as substitute, thereby leading
to complete Reputation.
What are the motives influencing the
men engaged in this movement shall
not undertake to say. Ii cannot be to
relieve the people from burdensome
taxation, because the tax necessary to
carry ouI this settlement is not nppres
sive TO anyone. 1t only amounts to 20
cents on the 500 worth OF property that
is only 10 dollarsOa property assessed at
s., 900, or $50 on property assessed at
10000, or 50 on property assessed at
1000. It is will known that the asses
sed value of property in the State does
the debt is in reality only half what
it appears to be and on many, perhaps
a majority of the people, it amounts to
no tax at all, because their property is
alton, and their poll tax is devoted TO
the common school fund. The annual
necessary TO pay the debt if placed upon
would amount to very little,
if any over fifty cents per head of our
but as a matterof fact it has
to be paid by the property of the conn
try. Indiriduals would be glad to get
such settlement of their debtsas has
been allowed to their State. They would
rejoice to get their notes renewed at
teree per cent interest aud the time ex-
tended for SO years.
EVIL RESULTS OF AGITATION.
The alarming fact stares us in the the
face that since the State ceased to meet
her debt in 1875, the decrease in the as
sessed value of property has been $685.
252, 096, and the emigration from the
State has for the same time EXCEEDED |