The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1883-02-17

ana the STATE dent proper as Known
to the people of Tennessee and rec.
ogniszed by them, exclusive of IN,
paid interest since July, 1875, does
not, in my opinion, exceed 50, 49,
900.
Some of these S2.11S, 900 of bonds
were funded under the act of 1873,
and few of them have been funded,
as it is asserted, undor the act of 49,
80. Less than one>half Git is believ-
ed about 5000, 000) are outstanding
in their original form, while most of
them bear interes at the rate of . per
cent. a part are 81 and others per
cent. per annum.* x X / suggest
settlement upon the following terms:
The payment of the estate debt prop.
er" in full, less war interest, in bonds
running years, same interest
per annum that the original bond
called for, and those held in good
faith, as hereinafter explained, by ed.
ucational and charitable institutions,
and the twenty>nine bonds of the
widow of President james X. Polk,
be settled in like manner; and, in
view of the fact of the gradual de-
crease in the rise of interest on all
public securities. ! suggest that all
6, 5 and ST per cent. bonds be paya-
BILE in as shor: period as practicable.
also suggest that the remainder, or
contingent debt" be settled at the
rate of fifty cents on the dollars prin-
cipal and interest Gncluding war in.
terest) on bonds to run for thirty
years before due, with privilege of
earlier redemption, and to bear inter.
est at the rate Of per cent. per an
mum.
AS a necessary sequel to this, it is
further suggested that your honora-
BILE body in order to carry out in good
faith the terms of the settlement, pro-
vide for such means as may be neces-
sary to promptly meet the interest as
it accrues upon the bonds so issued,
and as this can alone be done by the
levy and collection of taxes, you are
invoked to acts with a clear under
standing of our situation, and with all
possible economy.
The policy should he to pay in full
what the people actually owe, and to
settle, upon just and equitable terms.
that which is called in question by a
large mass of our best citizens, and
against which equities exist.
If the terms, in substance, of the
contemplated act are not accepted by
our creditors, then believing, as we do
in that cardinal doctrine of the right
of the people to instruct their repre-
sentatives, / see nothing at present
that can be done; certainly not until
the people elect representatives again,
two years hence, with a full knowl-
edge of your action and that of the
: creditors in the premises.
A RAILROAD COMMISSION.
Having dispensed with the deb
question, the governor discussed tbs
rights of the people in connection
, with the railroads, and concludes thu
} subject and the message thus:
In order, therefore to relieve as fa
as possible the complaint of unequal
unjust, and invidious rates of charge
by by railroad companies in the trans
mission of freight and passengers il
: Tennessee, | recommend an enact
D ment by you TO establish a railroad
e commission, the duty of which shall
t be to regulate, as far as practicable
/ the tariffs of transportation Oh rail
e roads, and such other as you ma,
t deem proper to impose upon them
y | sugguest that this commission b
d composed of three capable persons
r that their duties be prescribed as mi
4 nutely and accurately as PRACTICABLE
It and when appointed they be put un
b der oath and proper bonds; that tn
= term of office of each commissio
= shall be for two years, and that the
!. shall be chosen by the electors as req
e resentatives to the General Assembl
d are chosen; except for the first teri
is of appointment, which shall com
! mence as soon after the passage of tn
act authorizing the same as practics
n BILE, and extend until the next genera
q election for representatives in 1884
. ana that for this last named perio
~ be elected by the General Assembl
now in session.; that they be pal
l. quarterly by the state an annual sala
l. ry of -- dollars for their services