The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-06-19
TENNEssEE,s LIABILITIES.

"O"'''cS " NO o"H Othtei iOI NhtSh h0 VI mo
children are ultimately bound. Whilst we
are paying our taxes, we ought to know how
the money is expended. We all know our
taxes have been increased within few years
past, and are still further increasing. We
propose, this morning, to give brief synoP-
sis of the liabilities of Tennessee. In doing
so, we must distinguish between the actual
indebtedness of the State, and her liabilities.
Our condition in this respect is somewhat
peculiar. Under the "nternal improvement"
act of 1885, the State took stock in num-
Der of Turnpike Companies, which stock,
taken with that held in the Bank of Iennes-
see and other banks, and the other indebt-
edness Of the State amounted, on the lst OF
October 1855. to $3.o92,S56,66, say four
millions. This sum with the nccruing inter-
est, and the current expenses of the State
government, we are unconditonally bound
TO pay-it must sooner or later come out of
the pockets of the people. 1t will doubtless
be increased from year to year. The re-
ceipts Cor the two years from Oct. 1853 to
Oct 1855, fell short of the disbursements,
Sll8,592 ,57-and il is fair TO presume that
this deficiency will be enhanced; from year
to year, unless resort is had 10 an increase of
taxes. 1t will certainly be the case, when
our Turnpike bonds mature. There are but
two ways to meet this debt, by raising the
taxes and taking it from the people, or issus
lug other bonds and effecling new loans-to
face our responsibilities, sand by opposing,
end them," or linger them olt by borrowing.
This is the alternative presented, aid, it be-
comes the people, when the election of
Legislature is approaching, TO consider Of
these matters.
But there is another class of liabilities
which are in the nature of loans or endorse
ments by the State, which are running up,
with alarming rapidity. The Legislature of
1872 granted the State aid TO Railroads, to
the amount of eight thousand, afterwards in
creased to ten thousand dollars, per mile
Under this law ou. liabilities became, on the
lst October 1855, Ss,744,S56,66, instead Of
four millions. Since the last named date,
bonds have been issued and endorsed, to the
amount of $3,O79,000 up to the Goth Of this
month (May,) making total, at the present
time of about $l2,O00,000. We have no means
at hand of knowing or estimating with any
approach to accuracy, what number of miles
of Railroad are projected, or will be able to
obtain the State aid, under the Act of 1872
and its amendments. II has been estimated
at $2O,000,O00. II we consider the time
which it usually requires to construct roads
in this State, and take what has already been
drawn as n basis Of calculation, we think this
estimate would fall below the probable sum
required. Every succeeding Legislature is
incorporating new companies, all of which,
under our existing laws, are entitled 10 the
State aid. In addition TO this, another ell
ementis incorporated into our legislation up
on this subject, by granting specific aid to
the building of Railroad bridges, &c, which
must be added in the estimate. This item
was increased by the last Legislature, about
two millions.
But it is said that the roads themselves
are bound for all these liabiities-and in fact,
one of the conditions upon which they re-
ceive this aid, is that they set apart tWo per
cent, annually as sinking fund to redeem
these bonds. That is true. And if all the
Roads are discreetly projected, and faithful.
ly and honestly managed, the State would be
finally relieved of these esponsibities.-
That there will be some failures, some dis
honestly, some badly conducted and badly
paving roads, cannot be doubted, and was
not doubted by those who passed the laws,
we presume. pat they were probably will
Ing that the State should lose something,
that the general good might be subserved,
the agriculture, commerce, and general pros
perity of the State stimulated, and its un-
available resources developed. Or this we
now make no complaint. But in considering
of the State debts and liabilities, it must not
be forgotten. One thing is entirely certain:
,oe must see these bonds paid And it be-
comes us as prudent citizens, utterly scorning
all thought of reputation, to reflect upon
our pecuniary condition, and to take such
steps us will best promote our welfare.
There is yet another consideration which
forces itself upon US in this connection. 1t
is that, while we are subjected to risk and
Inconvenience in sustaining even a respect.
able position, in the family of States, other
States around us, and TO the North of us, are
relieved from them, by the genera! govern.
ment. In the unequal and unjust DISPOSE
ton of the public lands, We are depressed
and oppressed, while others are basking in
the full meridian of the Federal favor, and
by this means, taking the first seats of wealth
and power, in the confederOcy. We are
seI-dependent guests-by right, parties to,
the feast, but forbid taking a crumb from
among the daintes, under which the table
labors. Not only so, we are made the OBJ
sequious walters upon the table. We 60
into the Federal Halls, TO dispense the pub
lie lands to the new States we dare not ask
a share, because we would be held rs igno-
BILE suppliants- we dare not demand an equal
participation, because il would be .unconsti-
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