Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1855-10-18

tof him and takes them to anothe
establishment, in or out tof the cUln
try where purchased, as the ease may
be, and vends them again; for which hf
/, is required to pay one-haH Of one pc,
| cent, or. fifty cents on the hundred
dollars, into the Treasury; which is one
per cent. paid to the State for the good
:, thus sold. By this process it wifi be
perceived that the, State lays double
tax on the goods purchased from the
wholesale dealer within the limits o.
the State. The business retail dealer
has no difficulty in understanding the
Operation, and finds it to his interest
ito go beyond the limits of the State
to make his purchases, and thereby
save the one-half of one per cent. inthe
purchase of his, goods, or fifty cents
on every hundred dollars. 1t must
be obvious to all business men, that
| if the wholesale dealer is required first
to pay the taxinto the Treasury, that
when the retail merchaat.buys of him
he must pay it back, and then when
he makes sale Of the goods, be must
pay a like amount into the Treasury,
which is practically compelling the
country merchat to pay double tax
to the State on the same goods; which
as a matter of course, makes it his
interest to go, beyond the limits OF
the State to make bis purchases, and
become the customer of the foreign
wholesale dealer, instead OF the whole
sale dealer at home; and to that
extent operates against our own COM
mereial cities and commercial men.
tbs, most. manifest to my mind
that the practical effect Of the -reve-
nue. law, as-it- now stands, regulating
merchants license, is, to discriminate
against the merchant at home and
in favor of the one abroad. The sub
ieet is, therefore, submitted to your
consideration, with the hope that the
law will be so modified as, to place the
mercantile interest of the State on
an equal footing and in field OF fair
competition with a like interest of the
other States of the Union" - ii
NASHVILLE AND CHATTANOOGA RAILROAD.
By the sixth section of an act pass
ed February the 9Th, 1854, chapter 81,
it was made the duty of the Governor
to endorse and guarantee the Bonds
of the Nashville and Chattanooga
Railroad Company in an amount not
exceeding six hundred and fifty thou
sand dollars. Immediately after the
passage of this law, the President of
the company presented six hundred
and fifty thousand dollars in Bonds
of the company, which Bonds were
endorsed and guaranteed as the law
prescribed. The Bonds were then
delivered to the President of the
company, he executing his receipt for
them. Sometime after this the Pres
ident and Mr.. Edwin H. Ewing made
to the Governor for the
endorsement and guarantee of nine
ty-five thousand dollars more in bonds
Of the said company. The reason
given for. this application was that the
bonds had been destroyed to the a
mount Of ninety-fve thousand dollars,
they having been through mistake
burned for other Bonds, and presented
as proof Of the fact a certificate of the
cashier Of the Bank Of the Republic
of New York, together with the frag-l
ments or scraps of forty-three Bonds
or that portion of them which con-
tanned the coupons; the body of the
Bonds containing the signature Of
the President Of the Company and
the endorsement Of the Governor,
being entirely gone. The fragments or
sclapsof the bonds, presented as nate
rial proof Of the fact of the bonds hay-
ING been destroyed, were so discolored
and charred by the action of the fire, that
they afforded no proof that the Gov
ernor had ever seen or endorsed them,
leaving no evidence before him but
the certificate Of the Cashier of the
Bank of the Republic of New York,
where the bonds had been burned
through mistake. In this connection,
however, it is due o-state that there
IS no class of evidence that could have
been presented proving the loss or de-
struction Of the bonds that would
have induced tie Governor, as the
law now stands, to endorse and guar
antee any additional number Of bonds
on account Of their loss or destruction,
there being no law authorizing it to
be done. The bonds had been once
endorsed and guaranteed aud deliv-
snoz e alGis I'll faamgoais sFai& 70 (