The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1882-03-08

l 80 ~O~SOA @AO AtOA yuan Wv A~'~
done witain the last ten years. Capi-
tai passed by Tennessee, that had .
ten cents State tax, and went to
| Alabama that had a sixty cents
State tax increased much less in
every particular than Missouri with
q forty cents State tax. Experience
shows that laying aside all considers
ations Of Justice, right and honor of
the State, it is the interest of the
people OF Tennessee to settle their
State debt upon some permanent
basis, and she can never expect
much prosperity until she does so.
The bOndholders at one time pIo-
posed to settle the debt at 60 O., &C
another time at SOC, and some OF
them, representing several millions
Of dollars, at another time, at 50-4.
The debt is much larger now than it
was then, and might not PROPOSE
ton be made ont of these various
propositions which would be accept
able to the people and satisfactory
to the Oondholders, say 60 3, 4, 5, or
50-4, ., 6, the principal Of the debt
to be paid in twenty years, and a
small sinking fund raised every
year 70 accomplish this result.
This is NO time for elimination
and recrimination. Denunciation
and abuse of each other will do 10
good, but much harm. Every Ten
nessean IS deeply interested in this
question, ant in considering it we
should arrive above party and above
personal considerations, except in
SO far SIS they are affected by the
general good.
The 100 3 settlement was sub
stantisl'y and practically so 6 set
uement, though no. generally so
considered, and there is really very
little uidereBCc u the bondholders
between the 80 So settlement,
payable in twenty years, and the
1908 settlement, payable in ninety
nine J ears. The owners OF Tennes-
sec bonds can better afford to lose
their bonds than the people often
nessce can afford to refuse to make
a fair settlement, for they will only
lose a. one time, but our loss will
continue from generation to genera
tion. Whether we were in favor of |
acquiesoing in the 1908 settlement |
or not, that question is not now be-
fore US and cannot any longer be
made a bone of contention. We
must be practical and do the best we
can.
This is eminently practical ques-
ton and should be dealt with as
any other business matter.
Although we may owe the whole
debt, | am satisfied 1t will not be
paid in full, because the people do
not believe we owe all of it and be-
cause they do not feel able to pay it
in full. To take from the people
81 $4,000 per annum as interest on
The public debt is what they will
never agree to. Again, many of the
creditors of tue State have OF form
or occasions offered to take 60 and /
90 per cent of the debt, and they |
Cat not now expect the people vol
to pay them more than they
have heretofore offered TO take. The |
TIE creditors will not of themselves
make any other proposition, that is
nothing like all of them will do so.
A lew speculators in bonds may |
maize propositions, but l have no
idea that the genuine holders OF
bonds, who bought them for an in
viii do so unless ap- |
preached officially. If we desire to |
consult with Our creditors we must |
appoint commissioners to confer
with them, and lay before them our
true condition and the true state of |
public opinion and get from them,
upon consultation fair and reason.
able proposition which might be |
laid before our people by the Grst of
August. l this should not be done
we might agree upon such PROPOSE
tion 10 be enacted inte a law and |
submitted TO them for their practical
acceptance. This proposition might
many of the terms embraced
in their former offers, of course, ex-
cluding the security feature; but we
should not demand IS an ultimatum
DR. as our highes5 figure what few
)f them have proposed as their low
,st rate. We should adopt a medi
I'm out of ther former propositions.
IN any settlement made or in any
TO be submitted sink
ng fund to pay portion of the
lebt each year should be pro"ided
or. A tax of Is cents on the 500
applied TO the debt would pay the
interest on the adjusted debt and
you'd very soon, il not Immediate
y, raise n sinking fund which would
each year.
To dem nd the whole debt or to
.etuse TO pay an5 portion of it
you'd, in my opinion, bring about