Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1883-02-17

addresses itself to each lndIVidut
creditor, who seeing the circum
stances surrounding the matter, ca
act for himself, independent of ns
jorities or minOrities.
1t is demonstrable that a publ
debt is resolvable into a question {
taxation and it Is equally true tia
the burdens, which, rs taxes, fre
people shall bear, ought TO an,
must be determined exclusively b,
that people for itself; and the idei
that sovereignty shall permit any
other tribunal, whether court, po
tentate, or creditor, to determin,
either the amount or the obligation
which is to be borne by its people
in the shape of taxes, is incompat
| ible with the idea of sovereignty it
self. 3Ha
If it be conceded that no sover
eighty can rightfully abate, scale Of
adjust vast public debt without
the creditors consent be first ob
tanned, the people of the state are
absolutely at the mercy of those
who may chance to hold the bonds
For regardless of the condition o
the people or the circumstances by
which they may be surrounded
(even the existence of war. pesti
lence and famine), unless every
bondhOlder consent to the PROPOSE
ton the state may submit, the debt
with its accretions of interest, must
remain as before. l understand
this fallacy to have been exploded
by the late general election which
returned you here.
The people have Enthusiastically
declared the extent to which the
obligation of the bonded indebted
ness, with due consideration of our
equities in the premises, ought to
be recognized and the burden OF
taxes they are able to bear, to pay
the same. | also understand that
you have been chosen to tender a
settlement in the form of definite
Legislative enactment, according to
the Judgment and will of the peo-
pie of Tennessee, as recently ex-
pressed. This is the first time the
taxpayers have spoken out through
the ballot-box in favor Of settle
ment of our debt at given
amount. st.HFst# .tfs...
Here follows a rehash of the ia
nous Wilson report of 1879, and an
endorsement of its accuracy as to
amount of the estate debt proper
and railroad" bonds, with the ex-
ception of $4,000 being added to
the former. After having already,
according to the above mentioned
placed the postwar rail-
road bonds at 81. .639, 900, he says:
1t may also be stated in this con-
nectiOn, that $14,513,000 of the
bonds, in amount about one-half
our present bonded Indebtedness,
were issued to the railroads imme-
diately after the war. These bonds,
issued since the war, were under
and by authority of legislative acts
passed and enforced immediately
after the war, and by legislatures
half, if not three-fourths of all the
citizens of Tennessee, who had been
voters, were DISTINGUISHED; notWith-
standing, taxes were annually col
lected from them to pay interest on
these and other bonds, as we'll as
for current expenses of the state.
This marked injustice to the tax
paying citizens this taxation with
out representation this Issuance of
millions of dollars in bonds under
the great seal of the state, at a time
and under circumstances like these,
to bringing the credit
ducing the price of her bonds down
to less than one-third of their face
value. This induced speculation in
them; yet, while passing from hand
to hand, their specializing holders
never failed to gather semi-annual
6 per cent. interest. until July, 1915,
when the payment of interest ceas-
ed.
In searching out the facts and see
ing the Surroundings, many tax
payers contendtd that these bonds
no obligation on the
state and by many, this was de-
MED. The grounds on which this
is claimed, is commonly called
"equites of the state" One is that
many of the bonds were held dur
ing the late war between the states
by foreigners and citizens in the
enemy's territory, and not only cut
off from communication but forbid
den to communicate with those thus
located hence there could neither
be neg citation nor payment. Be
sides, all the revenue which could
be raised, was required for the pub
lie defense, and the state govern
ment was really in allegiance during
the war.
For these reasons it was believed
that the interest which then accu-
is between April II.
1861, and May 26, 1965-ought not
to be paid by the people of rennes-
see.
Nevertheless, this interest was
funded under act of 1865, and in
part refunded in 1873, together with
a portion of the just debt of the
state. 1t ought, also, to be stated,
that the ante-bellun railroad debt
was created at a time when the
people of the state possessed nearly
twice as much property rs they now
do (the loss having been caused by
the war;, although nearly twenty
years of peace have interviewed.
Without attempting to detail the
evidence of previous investigations,
it may be stated that many of these
bonds were issued wrOngfully, and
in violation of law.
Here sets out the devastation of
the state by war; the misrule of ir-
parties and the further
plea, in Justification, that all south
ern states haves compromised their
debts. He also motions the division
in the party, and adds:
The people realizing that the
opinions of rival factions were sim
cere and fixed, and that the interest
Of the creditors and the welfare of
the state demanded a definite set
tlement, upon some terms, resolved
upon basis, and have declared it
In the most authoritative and un-
terms.
Accordingly, in my opinion, it
only remains to carry the settlement
INTO effect. A settlement which is
not based upon the peoples consent,
IS only settlement, SO called. But
Dnein accord with their will and
1esire, rs it has been most firmly
will permanently en-
lure, and thus, not only be fruitful
10 the creditors, but bring repose to
he state, as like causes cannot again
occur to disturb the relation of con-