Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-05-26
NASHVILLE:
TUESDAY, MAY 2s, 1857.
Tenne..ee,s Liabillties.

AchncBsoe'S Liza AAtoSs
1t is important that every citizen should
know, as nearly as may be, the debts ana
liabilities of his own State, for which he or
his 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 with
in few years past, and are still further in
creasing. We propose, this morning, to
give brief synopsis of the liabilities of
Tennessee. In doing so, we must distin-
guish between the actual indebtedness of
the State, and her liabilities. Our con-
dition in this respect is Somewhat peculiar.
Under the internal Improvement" act of
1885, the State took stock in number of
Turnpike Companies, which stock, taken
with that held in the Bank of Tennessee
and other banks, and the other indebted
ness Of the State amounted, on the lst of
October 1855, to So, 992, 1866, &c, sag four
millions. This sum with the accruing interest,
and the current expenses of the State govern
ment, we are Internationally 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 receipts
for the two years from Oct. 1853 to Oct.
1855, fell short of the disbursements, $Il8,-
592 ,57-and it is fair to presume that this
deficiency will be enhanced, from year to
year, unless resort is had to 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 is
suing other bonds and effecting new loans
to face our responsibilities "and by OPP
posing, end Them" or linger them out by
borrowing. This is the alternative pre-
sented, and, it becomes the people,
when the election of a Legislature is ap-
preaching, 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 Rail-
roads, to the amount of eight thousand,
afterwards increased to ten thousand dol
lars, per mile. Under this law our liza
bilities became, on the LIST October 1855,
s., 744 ,856,66, instead of four millions.
Since the last named date, bonds have been
issued and endorsed, to the amount of So
079,000, up to the goth of this month
May, making a total, at the present time
of about $I2, 100000. 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, under the
Act of 1872 and its amendments. 1t
has been estimated at 500, 100000 If
we consider the time which it usually re-
quires to construct roads in this State, and
take what has already been drawn as a
basis of calculation, we think this estimate
would fall below the probable sum required.
Every succeeding Legislature is incorpo-
rating new companies, all of which, under
our existing laws, are entitled to the State
aid. In addition to this, another element
is incorporated into our legislation upon
this subject, bygranting 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 to it is said that the roads them
selves are bound for all these liabilities
and in fact, one of the conditions upon
which they receive this aid, is that they
set apart tl0O per cent. annually as a sink
ing fund to redeem these bonds. That is
true. And if all the Roads are discreetly
projected, and faithfully and honestly man.
aged, the State would be finally relieved of
these responsibilities. That there will be
some failures, some dishonesty, some badly
conducted and badly paying roads, cannot
be doubted, and was not doubted by those
who passed the laws, we presume. But
they were probably willing that the State
should lose something, that the general
good might be subServed, the agriculture,
commerce, and general prosperity of the
State stimulated, and its unavailable re-
sources developed. OF 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:
zoe must see these bonds paid. And it be-
comes us as prudent citizens, utterly scorn.
ing all thought Of reputation, to reflect
upon our pecuniary condition, and to take
such steps as will best promote our well
fare.
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 general gov
eminent In the unequal and unjust dis
position of the public lands, we are de-
pressed aud 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 confed-
eracy. We are selfdependent guests-by
right, parties to the feast, but forbid taking