Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-06-25

ly will be if issued, viii bring 50 much
as fifty per cent. The January inser-
est is only six months in the future.
If we desire TO repeat the same diss
graceful operations Of borrowing upon
colIaterals at fifty cents on the
dollar, and at on short time,
the sale of the collaterals issued for
the July interest would defeat us
from obtaining any loan for January,
eyen on the terms mentioned. The thir.a
ty>year bonds We now Issue will have TO |
be paid in gold or IT'S equivalent; for no |
one expects to see the present deprecia-
ted currency psrpetuated. The interest
on these bonds will also soon have tote
paid in specie or its equivalent TO ac-
eept fifty cents in greenbaoks now and
agree TO pay therefor one dollar, wish !
interest in gold for thirty years, Is 80
shocking as TO make one feel disposed 10
characterize it as crime against posters
ty. There is danger that the next gene.
ration might not feel bound in law or
morals TO execute such contract In
my judgment, TO negotiate q loan on the
terms yOu mention will be more disgrace-
and more injurious to the credit Of the
State than a simple failure to pay the
July. and even the January interest
therefore decline to advise and consent
to the borrowing of money ON the terms
you suggest FIJI. t'a IS .
"With regard 10 the Governor de-
mand for SAC, 900 for paying off the mi-
litia, am more at loss to advise. They
arc nightmare upon the prosperity of
the State, and If we can have an assur-
ance that We can get rid of them, by
raising the sum, you might we'll do 50 on
almost any terms. If however, they are
not to be finally disbanded, or if dis
banded to be called out again upon the
most tri6ing sensation, or for the I'm,
proper motives you indicate, the case
would be very different You are in o
| position to inform yourself fully on this
subject, and hereby give my consent
| to whatever you may do upon being ass
| sured" '
Hero is a picture for the tax
payers TO contemplate. Their taxes
have been about fiye-feld creator
than they were in 1860, and yet the
State is on tho verge of bankruptcy.
We are within few days of the time
when the semi-annual interest on
State debt, amounting to 81, 100, 600,
ought to be paid, and yet there is
not dollar in the treasury with
which to meet this demand, which
is absolutely necessary to preserve
the credit of the State. Why is it
that with the heavy taxes imposed
and collected, the State is in the
| straitened condition we find it to-
day2 Let us see. The reports Of
the Comptroller show that the re-
ceipts into the treasury from the
beginning of the Brownlow admin
istration to the Both of Sep
TENDER, 1868, amounted to So.
l1S4,325, of which there WA
received from railroads for interest
ON the bonds loaned to them 81,
O79,247, SO that 81, 105, 078 wa
drawn from the people in the shap'
of taxes in a period of three and
, half years. This is nearly as mucl
as was collected from the people II
the ten years preceding the wal
We find on a reference to the re
ports of the Comptroller that tn
total amount of revenue collecte'
, during the ten years beginning witt
J 1852 and ending with 1861, amount
ed to 81, 264 ,2O7. From this sun
should be deducted the profits Q
the Bank of Tennessee and bonu
: from other banks doing business i
: the State, amounting to more tina
: 100000, leaving about $4,000
! 600 collected from the people IN tn
' shape of taxes. Bnt this latte
amount includes the interest pal
by railroads and other internal i'm
provement companies, which. re
9 duces the amount of taxes actual
3 collected from the people in the tie
e years preceding the war to abou
the sum collected by the Brownlo'
3 administration in three and ha
years. The reader is no doubt CT
y rious to learn how so much none
q could be expended by our Radios
II rulers in so short a tim