The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1882-07-13
Bolivar Tenn.
.InIv 1sf 1899

Oui1 ISL 1907.
Mr. Editor: In a recent issue of
the Bulletin" you say, tho State
debt proper which the Democratic
party proposes to pay in full is 3d.
100000, and That their basis of set
dement, is higher than that proposed
by the late extra session of the Leg
islature. That convention was over
whelmingly opposed to tire go 6 prop
ositiOn, and in favor of Il cheaper set
element. II they have unwittingly,
proposed to pay the creditors of the
State more than they demand as a
fair and just settlement. they have
shown themselves to be lot Of block
heads and incapable Of representing
the interests Of the people who com
mitted to their charge that important
trust. Ii they have done this thing,
as 4 member of that convention,
can assure you that it was altogether
unintGntional,
If you arc wrong in this, am sat
SIZED you will correct it. And rs there
arc perhaps goodly number Of Dem
ocrats who read no news paper except
the Bulletin, the correction should APP
pear IN your columns, and immediate
ly, so that as little harm as possible
may result therefrom. suppose you
obtained your figures from the Nash
Vile Banner, tho Boilers Organ. The
Banner" knew that its statements in
that respect were false, because in ole
paragraph the convention is denomc-
ed rs band Of dishonest regulators,
and in The next they are charged with
proposing to pay more than is deman-
ded by the creditors Of the State, the
tool of the rings, and monopolists has
been compelled to admit that its state
ments were nutrue. The "Banner"
doubtless knows it would be forced to
reccde from that position, but throw
it out, intending that Beasley should
use it IS a cudgel in fighting the De
mocracy, and could quote the BAN
nor" as good Democratic authority.
The question then is, what is meant
by the term Estate debt proper
This is an important question, and
must be understood, in order to ar
rive at the meaning of the Demo
cratic Platform. We all know that
in 1870 the Legislature appointed a
committee of which Hon. 5. i. VIII
son was chairman, to investigate the
State debt. That committee made an
elaborate report in which the entire
bonded indebtcdn' So of the state is
set out, and it is divided into two gen.
ernl classes.
One class were bonds issued for
the building of the Capitol, buying
the Hermitage, in payment of stock
subscription by the state in certain
Rail Road and Turnpike companies,
and for the establishment of the A q
ricultural Bureau, the Union Bank
and the Bank of Memphis. These
bonds were denominated the Estate
debt proper" both by the committee
and by comptroller Dunlap, in re
port made by him prior to the war.
The other class were bonds issued by
the state and loaned to the Rail Road
companies.
In Mr.. Wilson's report is shown the
bonds they styled the State debt proper
and the amount then out standing
which is MS follows.
Union Bank, SI25. 900
Bank OF Memphis, 1915, O0o.
Capitol Bonds S493 600
Hermitage Bonds, $35, 900
Agricultural Bureau, SIS. 900.
Turnpike Bonds, s72S. 600
Hiawassce Il Il. $3.50 600
LaGrange q Memphis r. r. s144. 900
Total State debt proper, So, 105, 900.
We all know that no part of the
debt was commonly known as the
"State debt proper, " until this report.
Since that time the Bonds which they
dOnOminated tho estate debt proper"
Save. ia newspapers and in common
Psriance, heen known as the Estate
debt proper" 70 distinguish it from
AO1ds issNed and loaned to the Rail
Roads. In 1879 when the so 4 prop
OSition vas before the people. and
again in 1850, when Wright and vii !
son canyassed the State, this question
MSS discussed OH every stump in the
State, and there was no controversy /
as toswhat was meant by the Estate
debt proper" And I cannot see how
there Is now any ground for an honest
Of opinion "a % the mean
Of the Democratic Platform upon that
,oint The Democrats understand II
o mean the bonds enumerated above