The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1882-05-11
ssTHE ONLY WAY OUT"
Objections to the Plan Proposed
by Democrat Pointed Out.

To the CITIZEN The communication
in your last issue over democrat"
evinces much thought and good sense,
and upon the whole is a very plausible
article upon the subject of the state
debt. This subject viewed from any
Standpoint is very difficult and COM
plicated one, and as yet no plan for its
solution is free of objections. The great
merit, and probably the only real merit,
is that it may act as a temporary pacifi
Gator or harmonizer. That it can give
a permanent quietus to this subject, 1
| cannot believe. But even a temporary
respite TO this annoying aud perpleXiAg
question is desideratum that should
be heartily welcomed. But what are
the objections to Democrats" plan?
First: The state goes into the market to
purchase her own paper at discount,
which, TO say the least, has rather an
ugly appearance. While this may be
Objectionable, che objection would APP
ply with more force to the plan of set
ling at our own figure and requiring the
creditor to come to it, and instead of
receiving the equivalent OF the bond
in actual cash at its market value, as is
done in "Democrat's' plan, he receives
the same character OF obligation also at
a discount and payable far in the future.
Another objection to Democrats" plan
is that the Objectionable class of bonds
the railroad bonds, for instance
would become preferred class, i'm this {:
by being first paid, just as the Brown
low bonds were under the act Of
which authorized the railroads to pay
their indebtness to the state with depre-
ciated bonds. The bonds denominated
estate debt proper" would be presented
below par. Still another objection {:
The plan is wholly impracticable, be
cause under this plan the sinking fund
made by special leyies for the purpose
would amount to so little that the re-
duction OF the debt would be only
nominal for a few years and then it
would cease operating entirely. At
each biennial election for a legislature
we would have as much excitement
over the question OF tax as we now have
over a settlement; we would have those
candidates who favor "Democrat's'
plan advocating 30, 40 or 90 cents tax
to create a sinking fund to buy in the
bonds and on the other hand, we would
have candidates opposing any tax eX-
cept enough only to deiray the incl
dental expenses of the state, and should
the legislature be composed of MAORI
| ty of this class, the question of settling
the state debt would return with as
much force as exists now, because the
act of buying in the bonds would cease.
The only other plan, except the two
mentioned, Is to settle by negotiation,
upon the figure thus agreed upon be-
tween creditor and debtor. | regard
this plan also as entirely impratica BILE
since the late decision of the supreme
court rendering one legislature incOm-
petent to bind a succeeding one in re-
| gard to the revenues. 1t is impossible
| to get the assent of all the creditors,
and such a proposition as should be
submitted would not be endorsed by
the people if accepted by the legislature
it would therefore be worthless.
What intelligent man believes that the
| proposition now before the legislature
can receive the peoples endorsement {?
| Our only hope of settlement, in my
opinion, is in the dominant party
agreeing in the June convention upon
a certain figure to settle and then elect
a legislature pledged to that figure who
will proceed to carry it out. If it is
found that the convention can not unite
and must again split, let democrats"
platform be adopted, and then go into
the canvass upon it and win. | am
sure all democrats would take this as a
dernier resort. Will they do it? To
use old father Richie's stereotyped eX-
preston, Nous VERRoNs.