Washington telegraph., 1852-01-07
From the Memphis Eagle e. Enquirer.
SuhscriptioD to Railroads.

r,ounfv Subscription to Railroads.
Tn a former article we glanced at some of the
,dvaptaces of the System Of County Subscrip-
tons to works of Internal Improvement, and es-
pecialy to Railroads. They are SO important that
n still further consideration OF them is demanded
We invoke the attention of the friends of Railroad
enterprise in the Legislature, as well as. out Of
il. to the suggestions which follow:
The System of County Subscriptions COM
mends itself to adoption by the facility it affords to
the country-especially every neD country-to
build every important Railroad, without abstract
ing from necessary domestic uses and improve
ments the small accumulated and accommodating
capt. al of that country; thus enabling the road to-,
as it were, build and support itself, and at the
same time contribute more powerfully than any
other agency 10 the progressive development, inn
provement and maturity of that country in all the
elements of civilization. Let US examine what
would be the practical operation Of this system,
in connexion with the various influences it would
exert.
For the sake Of example. we will assume that
the value Of The taxable property of Shelby coun-
ty is $4,000, 900. A county subscription of 5 per
cent upon this would be the sum of $250,000.
Raise this by uoIuntary subscription of individuals,
and its influence in the abstraction of so much
of the accumulated capital Of the county. which
has hitherto been commanded for the thousand
money uses of the county, and its withdrawal may
be seriously felt But instead of this, suppose the
county to vote a tag that amount, for the pur-
pose of aiding the road-say the Memphis and
Nashville Road. The word tar is an odous one
in popular estimation, and demagogues have in
vested it with an odour which makes the popular
mind instnctvely repel any project with which it
is associated But we trust the reader will steady
his nerves until he has heard us through.
The tax of five per cent, will suppose is
voted by the county, being the handsome sum Of
l.~ll 10 ho M
By sending the tax collector to gather it2 BY no
means. Instead of that, let the County issue her
bonds, or warrants as they are called, payable at
say ten or fifteen years. These bonds, or war
rants, if they not of too short a date, can be
cashed at better rates than any other kind oil
public securities-at far better rates than State
Bonds The reason is obvious. They col
lected by ordinary process of law in the Courts,
and the whole property of the county is liable for
their payment, while there is nothing but honor
to co.ppe. State TO pay. County Bonds the
lest public securities in the world, for their obli-
CATION extends through revolution and
change of Government. and cannot be "repudi At
ed' uplesS the whole structure and frame OF
LAW is abolished
There is no difficulty, then, in the County re-
alizng cash upon her bonds Say the bonds are
issued payable at fifteen years. The annual tar
alton, then, necessary to meet their payment
when due, would, apparently, be the per cen,um
which ) per cent upon five millions ol taxable
property would give, distributed equally through
fifteen years, with an addition and increase Tor
The payment of interest on the loan. Even If
| such were really the case, We would say, un-
hesitatingly, vote the tax. But this is far from
being so. BY the natural increase of the taxable
value OF the county, without any artificial stimu-
lus, the Eve millions of property grows and in
creases each and every year. The value Of the
taxable property Of the city Of memphis for the
present year is S5, ,i05 .000-ten years ago it was
but little if any more than 81 ,0OO,0Oe. This in
crease has been from the gradual and natural i'm
proyement and progress Of the country in settle
nlent and cultivation. But the completion of
Railroads, the opening OF those "artificial rivers,
gives tremendous acceera!on to this progress
and increase in the value Of the taxable property
Of the counties through which they pass, and OF
the points where they terminate.
Taking then, these elements into the calcula-
ton the chief one being the road for which the
tax is TO be levied--the per centum of taxation
must be levied upon the SS5 600 900, but upon
the aggregate mean amount Of value which the
property Of the county will exhibit during the
fifteen years. Thus, making the past guide,
without taking into view the influence OF any
Railroad, we might safely calculate that the value
OF the taxable property Of Memphis would be, at
the end of fifteen years, at least $50 900 OO0--
giving, as a mean or aggregate basis OF the taxa
ton than $4,000, goo instead Of S55 ,00O,-
000 and of course lessening the per centum OF
the annual lax. But when 10 this is adGed the
we'll known effects of railroad improv. mens, AN
estimate that would start!e by its apparent ex-
:ravagance will be shown by experience to be
even under the actual result. In so old a town as
Boston the influence Of railroads in ten years
added to The value of property lao per centum.
In many other places this influence has been 500
to 1000 per cent--everywher it has been such
IN Sfrin fha airu r tI,,
guine.
West Tennessee, from the nature of its soil and
climate, and FROM its undeveloped condition, is
peculiarly calculated to experience and exhibit
this almost magical advancement in wealth and
taxable value of property, under the influence of
railroads 1t is surely not too sanguine a cacula-
ton to suppose that the aggregate value of the
taxable property OF this county will have advanc
ed, at the end Of fifteen years, if we avail
selves OF railroad influence, full four hundred per
cent. 10 this must be added the dividends
ceived upon the stock the county may own
When both are estimated, it is at once perceived
that under the system of county subscriptions
the difficulty will be, not in paying the annual tax
but in fElRg that taS at a rate lOlU enough to
auoid collecting the amount before the county
bonds are due. We predict that if the system is
adopted, and the roads projected are rapidly pro.
secuted to completion, as they may be under this
system, that the tax first levied low as it may be-
will be still further reduced before the end of the
period for which the bonds are issued, if that
period should be longer tEan ten years.
The working OF this system will be the same in
effect if not in degree all the counties through
which the roads will pass, and it commends ITSELF
therefore, to all.
On the counties through which the Memphis
and Nashville road would pass, its operations
would be most beneficial. They have soil, cli-
mate, everything TO make them the seats of wealth
and teemingly productive industry. All they
need is that 'artificial river" the railroad. By
means of the system Of county subscriptions, they
can build this road without feeling its burden in
the slightest, and grow ten times richer by doing so.
We observe that the bill to authorize this sys-
tam Ia noxu nnder discnssion N Tho Ia.iclatn.o