Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-10-09


Oct, 1860 81 S;bOb 4o
Receipts into the Treasury for the
year ending LIST Oct, 1861. 936,S27 So
Total. Observation-Disclosures OILS. 434 OIL
Disbursements TOR same year S29, 1887 80
Leaving balance in the Treasury
lstOct., 1861. .-......-.. ISo, 49b ~
1t will be seen by referenc. to the report
of the Comptroller, that the aggregate value
of taxable property in the State in 1860 was
$685., 46S, and in 1861, S36S, ,30S,
showing depreciation in one year of $780,
1852, 800, with the latter assessment made
previous to the commencement OF the war.
1t is confidently believed that if the assess
ment of the taxable property of the State
should be made at this time, it would show
a still further reduction, leaving the aggre-
getc at about $500, 900, O00 Tkis deprecia-
ton In the value of taxable property demon
strates the necessity of the most rigid econ
omy in public expenditure. or an increase of
taxation to support the civil Government.
l cannot too strongly urge upon your con
sideration the policy OF retrenchment and re-
form in every department of the Govern
ment where it is possible, and thus husband
our resources to the utmost extent for the
support of our armies, and the maintenance
OF our independence.
In this connection, it is proper that should
call your attention to the 4th section of the
act of the Confederate Congress, approved
10Th of August, 1861, imposing a tax upon
certain descriptions OF property therein
named, ''for the special purpose of paying
the principal and interest of the public
debt, and supporting the Government"
1t is believed, from the best estimates that
can be made, based upon the previous assess
ments of the taxable property of the State,
that the amount to be collected from the peo-
pie Of Tennessee under this act, will not fall
very far short of S2,000,000.
The oath section of the act provides, that,
eff any State shall, on or before the first day
of April next, pay, in the Treasury notes of
the Confederate States, or in specie, the tax
es assessed against the citizens of such State,
less ten per centum thereon, it shall be the
duty of the Secretary of the Treasury to no.
tify the same to the several tax collectors in
such State, and thereupon their authority and
duty under this act shall cease"
II the State should avail herself of the
provisions of this section, she will save to
her people ten per cent. of the amount assess
ed against them. in the aggregate amounting
to about 5000 900, and the sum to be raised
will be collected by the revenue officers of
the State, obviating the necessity for two
classes CT revenue collectors, which will re-
duce the expenses of collection and relieve
the people from the necessity of more than
one revenue settlement. therefore respect
fully recommend that you provide for and
pay. according to the provisions OF the oath
section, the amount assessed against the
State; but in doing so, care should be taken
that no part of the burthen is imposed upon
that class of the people who are wisely ex-
empted by the act of Congress.
BANKS.
refer you to the reports of the Supervi-
sor for information as to the condition and
business of the Banks of the State, from which
il will be seen that their line of discounts has
kept pace with the legitimate wants of the
business of the country. The present condi-
ton of public affairs has diverted from form
er channels their business operations, some
of their chief points OF exchange having be-
come centres of an enemys country, are
closed against them. and they are engaged
in the pioneer work of opening new channels
and finding new fields for the enterprise of
Southern commerce.
Therefore certain notifications which, IN
der other circumstances might have been re-
commended. are not at present deemed APP
proprate. Let the system remain as it exists
under the present law, .'leaving the rest to
the ability, prudence and good faith of those
whose duty it is to direct its practical opera
tons"
For full and accurate information in detail
as to the present condition, business and pro-
fits of the Bank of Tennessee" you are res
ferred to the report of the President and Dr.
rectors from which it will be seen that the
nett profits for the two years ending July LIST,
1861, have amounted to the sum of S552,l25
So. OF this amount S407 ,6Sl 81 has been
paid into the Treasury, the balance being re-
served by the Bank to cover bad and doubtful
debts. heretofore contracted.
1t is due to the President and Directors of
the Bank of Tennessee, and, indeed, to the
officers of all the Banks, to state that they
have extended TO the Government every ia
cility and assistance in their power to place
the State in position to repel invasion and
maintain her independence. without which it
would have been difficult If not impossible to
have accomplished much that has been done
in this respect.
RAILROADS.
By the act of the 7th May, 1861, it is left
to the discretion of the Governor to appoint
receivers to take possession of the roads,
property and effects of Railroad Companies
failing to pay the semi-annual interest upon
the Bonds of the State, loaned to aid in the
construction of their roads.
The Comptroller has reported the following
Railroad Companies as having failed to pay
the interest falling due LIST July, 1861, to
wit: -
Mobile and Ohio Railroad Co. .s33 .72O 90.
Memphis and Little Rock. 10, 500 90
Nashville and North Western.... 1860 90
Rogersville and Jefferson. 1890. 4,770 90
Tennessee and Alabama. .... 81 900 90
Memphis, Clarksville and Louis -.
Vile. 81 ,260 90
East Tennessee and Virginia. "a $40 90
Nashville and Chattanooga. $500 90
Believing as do, that their failure to pay,
resulted from no want of inclination on their
part, nor from bad or improper management
on the part of their officers and employees,
but from the fact of general prostration of
trade and commerce, almost their entire bus
mess, for the last six months, having been
the transportation of troops and munitions OF
war which they have done with the l,1tmosf