Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-10-20

Of Of the elevated position which Il
b. State already enjoys-a positic
h achieved by the wisdom of those WI
d have gone before us-or 10 what ma
y be rightfully expected in prov idin
G by proper GUARANTEES, forjthe on war
L and prosperous course OF the Stat
in future, it may be tin ~ allif fmeC
IS that at no prior period in our histC
Il ry have the members Of the Legisl;
: ture met together 10 consult fd h th
: common veal, under circumstance
: imposing obligations 50 high al ID re
5 sponsible.
f The state of tie finances ana th
+ public debt viii doubtless attrac
4 your early attention. The rec ceiptt
:. derived from all sources for the twc
years terminating on the 1st Of Oc
j tober, 1858, were S1,202,046 80
| while the expenditure for the same
period am ounted ITO 81 ,2lS,387 2S.
], showing b expenditure greater than
4 the receipts. i viii be for you to
+ inquired after full reports shall be
made to you by the Comptroller,
whether a. BY deficit shall appear, and,
if amy, vi lat measures it viii be ex-
pedlent Id adopt in order to supply
it.
The i'd tai value of the taxable
PROPERTY of the State, reported 10
! the Comptroller as assessed BY the
Reyknue Commissioners for the year
1852, is S lated to be S18G,620,ll9,
/ exliib ibiting al average value Of lands
at SB ST per acre; and Of slaves, at
/ $547 .. Although these rates Of
value are Above those of former years,
yet there is much reason to appre-
hond that theIfeturned value Of both
slaves and lands, in many sections of
the State, are far below their actual
val hes. az Id as these constitute the
pri Hcipal sources Of revenue, ! re-
colIimend that Your earnest atten,
tioh be given to the subject, and that
proPer mdaspres be adopted to en-
fore the faithful execution Of exist
ing laws. Independent of the effect
upo b the revenue, this inequality OF
taxation, 4s between the tax payers
in the diff brent COUNT les and sections,
viii eh is q Exhibited, is not proper to
be tolerated, md call$ fer correction.
The public debt. exclusive Of cur
rent CHARGES, and th e evidences of
which consist Of bonds issued by au-
II Iority of tie State, and bonds en-
Dc ed by the State. pf certain com
pa mics, amounts to 80, 500 66. I
these bonds were iss4ed, bearing va
ribu 5 rates Of interes that is to say,
FIVE and one,fourth per cent internal
bonds amounting to
S213!416 66; five pet cent. bonds is
sued on same account, SI<638,440
00; six per cent. onds issued TO
the Union Bank, $R50,000; being
Sl25,000 less than the last state
ment-tEis last amoJ BIT having been
redeemed BIZ paymeu / Since the last
s. 4ssion Of the Lagislatu SIX per
cf fnt. bonds issued for building the
Ghpitol, 100000; six per c ent::
bonds issued unler l{e bet Of 1870
5D, and under the d cts Of the last
Legislature, and loa hed to various
rail and plank road companies, 81
0g5, 900; six per cent bonds Of
the Nashville and CH attanooga Rail
road CompanH n ,endor| led by~she State,
5S5O,000. | refer you TO the re
lIort of the Gonptrolier for inlorma-
tton as to The perio Ils lat which the
above bonHs respectively become
due. 1t il proper 10 state that Of
Il heaboYe mount Of onls there have
Ieen issued since THE last session Of
The Legislature to t be Memphis and
charleston Railroad Company, under
the act Of the | lth February, 1852. y
100000 100; to- the plank road :
company from Overs burg to- the Mis-
sEssppi riy er, S25, ,0D0;fto the Est
Tennessee and Virginia iRailroad ]
COMPANY, under the act of the 10th
JaunaFy. 1882, to aid in the con
strnctEon of Il bridge on the road, /;
S300,D00: TO the Ehst Tennessee
aud @ qeorgia Railro4d Company. M
der tie acts of the 4th aad 26th
Febrd airy, 1852, to AID in the com
Iletion Of Tie road. $20 600 90; for !;
completing the Slate Capital, $3.50
300 90, hnd th.I thd bonds Of the
Nash fille and Chattanooga Railroad
Company, within thq' same period
have been endorsed under 1 he act q
t647-S, to the amount df $3.50
b00-an Equal amount hay ing been