The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1883-02-15

1avin- heretofore rendered PROPOSE
lions Of settlement Of this disputed ]
liability. al a rate which recognizes I
.ur coilities, opens the question tor :
rauitab}c adjustment, and | submit, 1T ,
ia i'm perfc,t order and CO"slstcEt with [
honor and propriety, for the debtors {
who feel that they have equities
against such claims, and are unable
without great sacrifices to meet them
to tendcra proposition in return to
creditors. This addresses itself TO
each individual creditor, who, seeing
the circulnstan, es surrounding II .
matter, can act for himself, indcPeE
dent Of majorities o. minorltIes.
1t is demonstrable that a public
debt is receivable into a question Of
taxation; and it is equally true that
the burdens which, as taxes, free
people shall bear, ought to and must
be determined exclusively by that !
people for itself; and the idea that Il
suvereignty snail permit any other
tribunal, whether court, potontate,
creditor, to determine either the
amount or the obligation which is 10 /
he borne by It's people, IN the shape
af taxes, is Incompatible with the
idea Of sovereignty itself.
Ifit be conceded that no tovcreigD-
ty can righlfully abate, scale or ad-
lust > vast public debt without the
creditors, consent be first obtained,
the people Of the state are absolutely
at the mercy Of those who may chance
TO hold the bonds. For regardless
OF tho condition Of the people or the
circumstances BY which they may be
surrounded (evCn the existence OF war
pesulencc and fumiI q, unless every
/ bondholder consent to tho proposition
/ the state may submit, the debt, with
/ its accratfOns Of interest, must re-
main as before. ! understand this
! fallacv to have been exploded by the
| late general election which returned
! you here.
The people have Enthusiastically de-
I clarcd the extent 70 which the Obliga
ton OF the bonded indcht educss, with
! due consideration Of our equities IN
! the premises, ought to lie rcc0gn 'zcd
and the burden Of taxes they are able
to bear, to pay the same. also un-
/ derstNud that YOU have bsen chosen
to tender Il settlement In the form Of
a dchnate legislative enactment, aecOr
dmgto the Judgment and will of the
people of Tennessee, Is recently cX-
pressed. This is the first tirIe the
taxpayers have spoken cut throu&h
the ballot-boX ia favor of settlement
Of our debt at a given amount.
! Without burthening you, just here
with an itcmized statement, II is Euf-
ficiont 10 know that our bonded in
debtedncss, principal and interest, is
nearly SO, 900, 900; n portion Of which
was authorized to be created ~ carly
as 1888.
This marked Injustice to The tax
paving citizens; thIs taxation with
/ cut representation; this issuance Of
millions OF dollars in bends under
+ lac great seal Of The state, a. a time
/ aud uuucr circumstances like thcEe,
: contributed to bringing the credit OF
. the state into dia cpute, and reduc-
T. my HE price of her bonds down tc
/, less than one-thild Of their face value
: his induced speculation in them
r vet, while passing from hand 10 haud
I tAelr speculation A''I'ciS iie'St I"I.e'
, 10 gather scn'i-uunual 9 per cent IN
torest, until July, 1873, when thc
/ PAYMENT OF interest ceased. In ma
G nv instances q greater amount OF in
!, Icres: was collected during thai pcrioa
7 (nf eight or nine years. than the
f Daud itself cost the holder.
e W uncut attempting 10 uV'"H 'h'
Z evidence 81 previous lHNes''S"t'oh' !
n may 'c SIa'eo mat I'''''{ 81 oI I"eS'
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