The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-08-07
The State Finances.

Judge WATSON, President of the State
Board of Finance, has made report to
the Senate in regard to the Finances.
1t is all interesting paper, and we regret
our inability to spread it before our
readers. The report casts no little OF
the blame and responsibility for the
present financial embarrassmcnts of the
State upon the action of the Comptrol.
Ter, which will probably call forth re.
spouse from that officer. 1t is peculiarly
unfortunate that in the present critical
condition there should be an absence of
harmony and concert among those hav-
ing more immediate charge of the mo-
netary interests. Under the most IA
vorable circumstances it will require SUI
perior skill and management to arrest
the downward tendency of the public
credit, and to inaugurate a system that
will retrieve the effects of the miserable
and wasteful policy which has prevail
ed for some time.
Judge WATSON in his report says the
bonded debt of the State in the carly
part Of June last was S32,616,321. Since
that time bonds have been issued to rail
roads making the whole bonded debt of
the State now upwards Of S23000,000.
The July interest has not been paid. In
regard to resources the report says:
1t is estimated that your revenue bill,
after paying the ordinary expenses Of
the State, and paying 100000 to CON-
mon schools, will yield 81, 260,504, to be
applied to interest on your bonded debt.
This is more than will be needed for
that purpose. But as this is founded
upon estimate, it would not be prudent
to rely upon the future revenue of the
State paying more than the ordinary
expenses of the State, including the APP.
preparations for schools and paying the
future interest that will be required to
be paid OIL its debt. The deficiency in
your July interest can not be expected
to be met out of the future revenues OF
the State for some time to come.
1t should therefore be raised bya per.
manent loan, to be repaid at the plea
sure of the State after five years. The
amount required would be about $780,.
600. This would have to be raised b,
the sale of gold bonds at par, or by the
sale of currency bonds at q heavy dis.
count: which would be the most adj
visable mode is mere matter Of calcu-
lation.
We would like to make another ex-
tract or two from the report, but the
above must suffice for the present. II
will give the taxpayer an idea of what
is before him-that the prospect for a
reduction of the present high rate OF
taxation is rather remote, and that the
necessity for a change of rulers and a
wholesome and economical administra-
ton of State affairs is daily becoming
more apparent. The people are being
taxed almost to exhaustion, and in ma
ny instances their property is sacrificed
to meet the memorable demand. And
yet the State liabilities are continually
increasing. This seems strange, but it
will 50 on as long as majority of the
substantial and producing classes are
permitted to have no voice or part in
public affairs, and the non-producers
and non-tax payers shape all legisla-
ton and control the administration of
the government. Every passing day
serves to confirm the soundness of the
proposition, that the enterprise, intelli-
gence, productive industry and substan-
tial interests Of the country must have
predominating influence in its affairs,
or the end is disaster and ruin. This is
forcibly illustrated in the history of the
past two or three years, and the present
lamentable condition of things in Ten
nessee.
Since the above was written, we have
received the response of Comptroller
BLACKBURN to the report of the Presi-
dent of the Board of Finance. But we
have not the space to refer to it particu.
larly this week. 1t is pretty rugged in
one or two places.