Year: 1879

road bonds to cooperate with them
by declaring that if they do not
join in their suits and repudiate the
adjustment they shall be barred
of all benefit from their recovery.
When they did this they drew a
sword by which they must perish.
The State has the same right to say
to them that if they fail to accept
the adjustment in a given time that
they shall be barred as they had to
say to their fellow bondholders that
if they failed to join them they
should be barred. II we avail our
selves of the opportunity and the
whole debt is funded, the railroads
will help pay it. II, however, the
holders of railroad bonds win not
fund them their debt will be barred
under the law, and the State will be
excused as it gave them a chance to
accept all the State should rightful-
ly pay. If they prefer to look to
the roads let them abide the choice.
1t seems to me therefore that the
llopportune moment for a settlement
lis now while the railroads and the
bondholders by reason of the un-
certainty of their rights are both
willing to make concessions to the
State. With the termination of the
suits the opportunity will pass
away.


Before attention was called to
the obligation of the railroads they
were proposing to do nothing, but
now they offer to contribute to the
common burden to degree which,
/ if offered at any time heretofore,
would have insured settlement
They failed for long time to dc
their duty, but now when they Offer
to perform it the State ought to re-
respond to the offer. have sub.
mitted to the Comptroller, who is
presumed to be better able than
any man in the State to know the
facts, an inquiry as to the rate OF
taxation it will require to meet the
interest, and l submit his reply.


After a survey of the whole ques-
tion, it seems to me that the bond
holders will be paid under the pro
posed adjustment all they are enti-
tied to receive; it appears that the
reduction of the debt and interest
made by the proposed adjustment
Is sufficient to exclude all the fund
ed interest and give the Taxpayers
the benefit of their equities against
the debt; it appears that the rail
roads by their offer tender the
State substantial indemnity; it ap
pears that the tax payers will b'
called upon to pay not so much al
they would have been required tt
pay if the debt had been settled a
the last session at 334 cents will
/ 6 per cent. interest, since the rail
roads have assumed to pay 500,
600 annually; it appears that by in
Guiding the payment to be made b.
the railroads the adjustment is a
low as was insisted upon by tn,
member lowest in amount in tn
former Legislature; it appears tina
it will require less money from tn
taxpayers to meet it than woul
have been required to meet the ad
'1justment insisted upon by five
. sixths of those who antagonize


the bondholders in the precedin


session of the Legislature; it az
pears that the proposed adjustmen
: rejects the receivability of the cou


pons for taxes and preserves tn


sovereignty of the State; it appear
that 1T recognizes the right of tn


people to settle the question 70
themselves, 1t appears that it will
not require a greater rate of taxa
tion to meet it than the people
have time and again agreed they
were able and willing to pay; it ap
pears that it embodies the small
bond feature which has furnished ;
local currency in other States where
the experiment has been tried; il
appears that it will take this vexed
subject up by the roots, put it al
rest, vindicate right and justice ano
preserve uRsullied the honor and
| integrity of the State. Above al, III
appears that If it is ratified that
Tennessee will stand side by side
with her sister Southern States in
an honest effort to do what is right
L, therefore, give it as my opin-
ion that justice and policy concur
in demanding it's ratification.


-@-sa ae---