Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-06-09
THE FRUITS OF RanroA1. RULE.

Inc FTeSS and Times made this
statement a few days ago:
The Chattanooga railroad paid its
semi'anual interest into the Compirolers's
Office, yesterday-not in cash, however,
but IN the. shape ofbills which the road
had against the State, for transporting the
militia; besides paying its interest in this
way, that road has still claim upon the
State for something above two thousand
dollars, for the same sort Of service.
Several other roads, the Decatur, the
East Tennessee and Virginia, the East
Tennessee and Georgia, will pay their
interest in the same way. y
at is yearly expectation that that
money would be forthcoming from those
roads to meet the seni~annual interest on
our bonds, but owing to these unfuhdable
payments the difficulties Of the Comp
trOller in providing means will be con
considerably increased. 90 20 {
"phe five companies Of militia now in
the service cost an average Of about $500
per day. The cash disbursements for the
month of May, for this branch ofthepnbN
lie service, were over $6S,000. We are
getting RICH" R" l ''., 100
The interest due on the State
debt on the lst of July, exceeds
81, 100000, and if it is paid will
have to be borrowed. But that is
not all that the State has had TO
borrow. When The January inter-
est was paid it became necessary
TO borrow about 100000. Since
then The Comptroller had to borrow
money to pay the militia and meet
the demands upon the school fund.
We have heard this sum stated at
$3.50, 600. That makes our borrows
ings foot up $65O,OOO. OF course
when capitalists loan money they
require security in the shape Of
cOllaterals, and it is reported that
our State had TO place her bonds in
the hands of the parties from whom
this money was borrowed as
collateral security, at the rate of
about fifty cents in the dollar
Thus the bankers who loaned us
the money hold our bonds to the
amount of about 81, 800, 900. We
must now go into the market to
borrow about 81 100000 Should
eur authorities succeed in borrow-
ing this sum it will require depo-
sit of nearly $2,5OO,O00 of bonds.
That would increase our borrowings
to about 81, 100000, and our col
laterals (our own bonds) to about
s3,9OO,OOO. Suppose the Comptrol-
Ter succeeds in borrowing this
money, how is it to be refunded?
The revenue for the present fiscal
year is so nearly collected
as to leave but little to de-
pend upon from that source, GER
tainly not more than enough to
meet the ordinary demands upon
the treasury. Unless there is very
heavy increase in the rate of taxa
ton next year, this money cannot
retained from the revenue that will
then be collected. But the people
cannot bear an increase in their
taxes. The burden is already
almost insupportable. This is the
straitened condition into which our
Radical authorities have driven the
State. They have collected more
taxes from the people in the four
years they have controlled the
State, when they were laboring
under the impoverishments of the
war, than was collected in the ten
years Immediately preceding the
war, and Notwithstanding this, SO
extravagant has been the State
government that to-day We find
the treasury without dollar to pay
the heavy amount of interest due
only 4 few weeks hence. But this
is not all. The Indebtedness Of the
State has in the mean time been al
most doubled. These are the fruits
Of Radical rule in Tennessee.