Year: 1878

| WlTG NOFh6IS 10 I0e people, DuI II
mistake not the signs of the times
the time has come when the people
intend to hold their public servants
to rigid account OF their steward
snip, and unless they believe theiI
public servants have faithfully dis
charged their duty they will not be
lashed into their support. The
hardness of the times, necessity and
duty compel them to this course.


There is another great questio 4
in which the people of the whole
country from Carter to Shelby are
deeply interested. mean the State
debt. 1t is not dead but only sleep
eth. l believe all the parties ex-
press themselves as being opposed
to repudiation and in favor of an
honorable and equitable settlement
or adjustment of the State debt


| he democratic party say that they
are in favor of submitting any ad-
Ijustment of the question that may
be made between the bondholdvrs
and the legislature to the people at
a separate election. That is all fair
and right, but that is no adjustment
of the question, but presupposes
that the bondholders and the legis-
lature win or may make an adjust
ment of that question, and if they
do, our representatives ought to as
sist in making the adjustment, and
we ought to know what Sort of an
adjustment they are willing to
make; for one attempt at an adjust
ment has already been made, and
that effort was a signal failure, and
so will all future efforts be if they
are not in accordance with the views
and wishes OF the people. 1t is
therefore necessary for every man
who offers his services to represent
the people in the legislature to take
a definite position on the question
of the State debt, and to let that
position be fully known to the peo-
pie, and then if elected he might
claim to be representing the wishes
of his constituents as well as his
owD views, and whatever he might
do under such circumstances would
be very apt to meet the approval
and endorsement of the country.
But If, during the canvass, he is
perfectly non-committal, and after
he is elected misrepresents the SEN
timents of his constituents, his SER
vices, so far as the great question
of the settlement of the State debt
is concerned, will not be worth
row of pins, for the people intend
to be heard If any settlement of that
question is ever made, and they
want no mutes on the financial
question, or the question of the
State debt. The State debt is ac-
knowledged to be over $23,O00,O0O.
The tax lists OF the country ought
to considerable extent to show
the resources of the State, and does
shOtO our means of raising revenue.
The taxable property of the State
last year was but little over 1896,
100000, and this year is no doubt
considerably less. The current ex-
penses of the State government, in
cluding the interest on the perma-
nent school fund, IS a little over
$649,O00. The interest on the State
debt would be but little less than
8 100000, if any. The current ex
penses must be paid or the bust
ness of the government cannot be
carried on. A tax of 40 cents on
the 800 worth of taxable property
would raise about 100000 Of net
revenue, from which take $649,0
to pay current expenses, and we
only have left about Sl5l 900, to
which add $35O,O00 for revenue
from merchants, grocers and other
privileges and sources, and we have
about $500, 900, about enough to
pay the interest on one-third of the
public debt, and that would make
our bonds worth about what they
are regularly selling at in the New
York market, some 33, 81, or 80
cents in the dollar. Now does any
man believe that any sensible per-
son would sell a note or bond for
80, 81 or 80 cents in the dollar, il
he believed he would ever get its
face value? Such a supposition is
unreasonable. The holders Of our
bonds do not, believe them to be
worth any more than they are sell
ing at in the market They have
made the calculation, and would be
glad to get the price. And if that
was not the case our people are not
willing to be taxed more than 40
cents in order to raise the money
necessary to pay the debt, and that
is truly the question for the people
to decide. How much are you will
ing to be taxe6 to raise the funds to
pay of or settle the bonded debt of
the State? If over 40 cents on the
800, they can pay over 33A cents
to the dollar. If not they cannot pay
over that amount That is in per
cent. interest bearing bonds, where
the interest is to be paid promptly.
To be paid without interest, or at
less rate of interest than 6 per
cent. of course we could pay more.
With rigid economy in the expenses
of the State government and a wise
and just revenue system, we might
probably CORY a debt Of $40. .0O0,O 900
but not exceeding that amount
without oppression to the people.


). A CARRELL.


Lawrenc ceburg, Tenn, Sept 9th.





We are sorry for ''Billy the lost
Pox - and vviah 0Eilin,' would aav