Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-02
TENNESSEE LEGISLATURES.

TENNESSEE LEGISLATURE.
SENATE.
The Senate met at 10 A. NJ, Speaker
Thomas in the Chair and a quorum present.
PETITION.
A petition from 265 ladies living in
Greeneville, praying for an increase of the
tax on liquors, was read and referred to the
Committee on Tipping and Tipping
Houses.
RECONSIDERATION.
Mr.. Cooper, of Bedford, entered a mo-
ton to reconsider the vote rejecting the
bill increasing the tax on marriage licenses
to $40.
NEW BILLS.
By MIR. Cooper, of Davidson-A bill reg
ulating the State Library, making it the
duty Of the Librarian to keep the library
open between the hours of A. NJ. and 3
P. NJ Passed first reading.
By Mr. Self-A bill to enumerate the
free male citizens of the State, providing
for taking the census for the year 1871.
Passed first reading and referred TO the Ju-
dietary Committee,
BY Mr. Self-A bill compromising J. o.
Griffith & Co, and John H. Glass, for pub
lie printing, etc. The bill authorizes the
Comptroller to issue his warrant to j. o.
Griffith & Co, for the sum of 81, 1873. so /;
also SIS to John H. Glass for public print
ing done for the State
by Mr.. Etheridge-A bill to relinguish
the States claims to certain property in
Cleveland Passed first reading.
BY Mr.. Slaughter-A bill reducing the
tax on merchants privileges, etc, to twenty
five per cent. Passed first reading and refer
red to the Judiciary committee
TO ENCOURAGE IMMIGRATION
House bill incorporating the Mississippi
Valley Immigration Company passed third
reading.
NIARKETHoUsE COMPANY.
House bill to incorporate the North
Knoxville Markethouse Company, passed
second reading.
HOUSE AMENDMENTS.
The House amendments to Senate bill
amending the charter of Memphis, were
concurred in with the exception of one CIV
ing the power of Justice of the Peace to
the Mayor of Fall Branch.
REDUCTION OF TAXES.
The special order, which was the motion
of Mr.. Etheridge to reconsider the vote
passing Senate bill to reduce the tax on real
estate and personal property, was taken up.
Mr.. Halls bill providing that an ad-
ditional tax of fifty per cent. shall be levied,
and that the tax collectors shall receive the
old issues of the Bank of Tennessee in pay
ment of taxes, was read for information.
Mr.. Hall-Mr. Speaker: In our present
burdened condition financially, l know OF
no act which this General Assembly could
pass that would give the people more
permanent relief than this one The ques-
ton which now more than all others vexes
the minds of the various members, is, How
can our liabilities be met, and at the same
time our burdens ightened. 1t will
be seen by reference to the report
of the Comptroller to former
| session of the Legislature that our
expenditures exceed our income by
one million one hundred odd thousand
dollars. By reference to the report of the
same officer made to this session of the
General Assembly, you find that the pres
ent liabilities of the State approaches very
nearly to forty millions of dollars. To this
| enormous amount must be added, under the
recent decision of the Supreme Court OF
the United States, 81, 500, 3G4 of the old
| issues of the Bank of Tennessee which we
| are compelled to receive for taxes, and to
this amount we may have to add 81, 49,
| 68S.60 of what is known as the TOrbett is
sue and fractional currency; and yet, Mr..
| Speaker, to this mountain of debt must be
still added S1,127, 292.l2 due to
| individual depositors as will be
seen by reference to the report of the
| Trustee of the bank. The assets of the
Bank of Tennessee are totally insufficient
to discharge these liabilities, in conse-
quence of the wOrthlessness of many of
the assets; and if the bill introduced by
the honorable Senator from Bedford, in
| structing the Trustee of the bank to recog-
nize certain payments as valid, becomes g
law, it will still further lessen the ability
| of that institution to meet its own obliga,
| tons, and produce a corresponding in,
crease of taxes on the people, which would
swell our debt to largely over fortymilliOns
1t must be apparent to every one that il
we take the Tennessee money fortaxes anC
| receive no other money than that, the
| State government will cease to be operated
| for the reason that, under the act of Con
| gress, the bank cannot be again put il
| operation and the money made the circu
lating medium of the country. l allude L
the act taxing such circulation ten cents OF
the dollar, SO that all of the money received
in taxes would have to be destroyed, anC
could not be paid out or used in any wal
to carry on the current expenses of thu
State. Now, it seems clear to me that w
will be compelled to adopt some proposition
to prevent this money from being paid int
1 4l,a to
the way of taxes. There are, / believe
pending before this General Assembly
three or four propositions One to issu,
bonds at par value and compel the note
holders TO take them and give up thei
notes for cancellation. This proposition
simply puts off the payment; and not onl
so, but forces us to pay interest on tn
bonds while the money draws no interest
Hence / think the proposition to pay OF
this money by the issuance of bonds is to-
Objectionable under the present fnancia
condition of the State The next propo
sition urged is to take one-fourt
OF the taxes in Tennessee money
This proposition 1 conceive to be defeC
tive in this, Z. e., itrequlres so much to cal
ry on the State government and this amour
must be raised, 50 that you must increas
instead of diminish your taXes-a propose
ton not only impracticable, but, in m
opinion unwise at the present, as the pee
pie of this State have as yet not had time
fully recover from the desolating influence
of the terrible war through which we hay
Just passed. / know, Mr.. Speaker, it
urged that there are but two ways to pB
debts, viz either to hand over the none
or repudiate the debt. | anu not for Il
latter remedy, as 1 am fully Statistic
:. | that the resources of the State are amp
to enable us to pay the debts; but tin
! and events must evolve the remedy for OF
present evils. 1t has been wisely said tn
| a people overburdened with taxes vi
throw up their hats for change; hence Il
{ surest way, in my opinion, to repudiate Il
| | debt is to increase the taxes, and hence
. | follows that the surest way not to Tepudia
4 | is to decrease the taxes.
\ But, Mr.. Speaker, the bill that | ha'
a had the honor of introducing proposes
4 reduction of the taxes fifty per cent; {
n in other words, it is the proposition co
n tanned in the bill introduced by the homo
t able Senator from Weakley. The bill
- troduced by me does not avoid the decisi
# of the Supreme Court for the bill EXPIRE.
ly declares that taxes will be TAX
in Tennessee money, and at
h | par value, so that no constitutional objt
! ton or legal objection can be raised
: the bill To illustrate: we pay more und
the law for one kind of scalps of wild an
mails than another Why not say, fly
pay us in currency that we prefer, '
will take less and give a receipt in fu
The people viii pay their taxes in Unit
, States currency because they have not {
! the Tennessee money, and will not get
because the other will be much cheapt
There are debts nearly enough owing
m | the Rank of Tennessee which can