Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-11-21
rAxrs An sr.ArF lsovns.

TAXES AND STATE sOxps
A correspondent Of an Eastern paper
writes: e'The people of the great West
demand Ito be relieved from at Iesst a part
of the burden which Expresses them un-
endura5Iy, and the taxes will he reduced
or the Radical faction dismembered.
The stigma of repudiasion is the scare
CROW by which "ihe nations wards, . the
bondholders of Wall street, are endeavor-
ing to brighten om' legislators, State and
national, from reduction Of the taxes.
The telegrapl-informs US that one portion |
Of the financial policy Of The administra-
ton is at last agreed on, and that is q
Recommendation against any change in
the Internal Revenue system which win
reduce the rates of taxation The Presi-
dent, Secretary Boutwell, and Commits
sioner Delano appear, we are informed,
to be united on this.
To say We cannot pay in one thing to
say we win not pay is another. But if
driven to point where we cannot pay, it
viii then be much easier for us to say we
will not pay The belief that a very large
proportion of the Indebtedness created
during and since the war is attributable to
the grossest corruption II Congress and
our State Legislatures, causes our people
to look with favor upon desperate RENE
dies to cure these desperate evils There
is no taxation that the American people
would moi submit TO in order TO pay their
lust liabilities. But when they are COM
PEELED TO pay 1.-THE after 1.-THE to the tax
gatherer TO satisfy enormous demands in
principal and interest, which were con
ceiyetl in sin and brought forth in iniquity,
they can but closely inquire whether pri-
vate honor or public faith requires that
they should pay OFF to the last farthing
these more Ubiquitous demands. Not to
90 any further the people of Tennessee
cannot but view with establishment and
Just Indignation the enormous eXpendi-
lures of the State since the war, and the
reckless and rapid rate at which her
bonded liabilities have been increased.
Bonds issued since the war:
Loaned to Railroad Companies sl5, 297, 900 90
TSanei to TURNPIKE Companies 5000 90
s19,S47,OoO 90
These bonds were nominally issued to
railroads and turnpikes Cor the purpose of
enabling them 20 purchase iron or other
material; in other words, for purposes of
internal improvement, Yet, it is a well
known fact that a very considerable pro
portion of these bonds were sold very
much below par, and the proceeds ap-
piled not 10 the continuation or compile
ton Of these improvements, but to the
payment Of their interest Indebtedness.
| The beauties Of this legislative fnancier-
| ing NAV i've shown thus: 4 railroad COM
Danv has hundred thousand dollars of
interest falling due on the LIST Of January,
which The State must pay if The railroad
should fail to do SO. IN order to meet
that indebtedness, the railroad company
goes 70 the Legislature and obtains an
appropriation of two hundred thousand
dollars in bonds for the express purpose Of
continuing its work Instead of appropri-
ating the bonds for the purposes for which
they were obtained, the railroad company
sells them nj sixty cents on the dollar,
gets one hundred and twenty thousand
dollars, pays of the interest, one hundred
thousand dollars, due on the 1st of Janu-
AIRY, and appropriates the remainder Of the
amount to The payment of salaries or
some other mintended purpose.
When the first Of the next July comes
around another one hundred thousand dol
lars of semi-aunuaI interest is due and in
addition 10 that The interest on the two
hundred thousand dollars in bonds, which
were loaned to The company The EAU pre-
vious. To meet this demand there must
ne another appropriation of bonds FOR pur-
poses of internal Improvement nonlinally,
but really to pay interest on bonds. To
what extent this system of Gnancicring
has been carried on by the Legislatures
since the war, we are NOT prepared to say;
hut Thai it would Not take long by this
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