Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-03

Deduct for commission and release
raenf IS per cent. lOO,7sT 90
S sD,sls s.
Add. from polls Is last year @
HAITI polls at $l.25. -. ,bi42,646 % ,-- -r--
Deduct IS per cent on ac- r
count Of reieasement SS,Ss1 &C. 1Oe, ssl 90
Net from clerks, as last year 60s,s02 81
BOnus from banks. .--.... ,,..-...,. 2 $40 90
Bonus from Insurance companies 23,226 81
Turnpike dividends -. ...... COZ Is
Rscheated lands ..-...-.......... -. 30,a87 As
Interest on Agricultural college scrip, 2,56i 50
Unclaimed assets ,........, ], 434 IS
Express companies. 1900 90
- sl,al9, 2a5 10
eroes say. 4. 49,! - 49,. $3.50 90
s...lt. $l,s9s,O4S 10
We thus have at three mills on the dol
lar, instead of four as the law now is,
81, 1898, O4S 1910 pay off the items of
Indebtedness which we have above men
toned as standing first in order to be paid
during the present fiscal year, amounting
to $95s, 600 90. l faa
Amount Of tax. Il .sss o4s 70
Amount Of Indebtedness first to be .
pau '--'----..--'.....-..--. $4,000 90
Leaving balance in treasury Sept 3d. 20, s ~
1t will be noticed that we have spoken
only of the State tax proper, emitting any
allusion to the school tax, which under
the present law is two mills on the dollar
OF taxable properly and twenty five cents
on the poll They are separate taxes for
separate and distinct purposes, and should
betreatedseparately; each being permitted
TO stand exclusively on its own merits.
We have said nothing of the interest due
or soon TO become due. We have said
nothing of our Railroads or the Bank of
Tennessee. Our calculations have not
bevn based upon notes of the Bank of
Tennessee, but upon national currency;
and in order to meet the emergency we
should fix the tax ON property at nine or
ten mills in the dollar and the poll tax
al 81, with authority to the collectors to
receive three mills on the dollar for prop
erty tax and Sl.25 for poll, when paid in
the national currency, with such addi-
tional legislation as would make the same
discrimination between the Bank of Ten
nossce notes and the greenbacks in col
lecting all other taxes. In other words,
tlN the tax at three times as much as you
wish to collect in greenbacks, and author
lie the tax collector to take one-third of
the amount thus fixed in greenbacks.
This will give an established value to Ten
nessee money. This will be more than
nine-tenths of the present holders of Bank
Of Tennessee notesgave for it. The conse-
quence of this policy will be that in less
than six months the notes of the Bank of
Tennessee viii all be bought up and paid
in by the debtors of the Bank and the de
faulGng Railroads. For, under the
charter Of the Bank, as construed by the
Supreme Court of the United States, the
defaulting Railroads can pay their dues to
the State with The issues of the Bank of
Tennessee Just as well as the tax payer
can pay ms taxes. The Supreme Court
Of the United States in its recent decision
says; ''Thc Legislature in its anxiety 10
ensure for these notes a still greater conf
dence of the community, went further and
provided that they should be receivable at
the Treasury of the State and by all tax
collectors, and Othcr pubfc officers IN all
payments for taxes and other moneys due
the state. We are aware that there
are grave objections to this
policy. But by the difficulties
which surround, we are forced to choose
between evils. We must select the least
Objectionable. We will at least Ivy the
policy we have suggested he very soon re
lieved Of the incubus upon Us in the shape
Of Tennessee Bank notes To be re
licved of them at the earliest practicable
moment is of the very highest importance.
Until then, all of our revenue laws will be
hedgcd about with difficulties. Relieved
Of these notes, we can then SO shape our
legislation with uniformity and certainty
as TO soon place our credit as high or higher
than it was before the war.
But, to go back. BY the plan we have
suggested, we shall have in the Treasury
al the end Of the present fiscal year, after
paying the items of Indebtedness above
mentioned, the sum of $t35, O43. 10, TO
settle With Messrs. Ward " Briggs
There viii still be left Unproyided for the
following items of State liability.
Interest on State debt due July l. 1869 100 900
Interest on State debt due Jan i 1870 100000
Interest on state debt due July !, 1870. 100000
Claims Of u. s. against L. End K. and
Memphis and GAINESVILLE r. as 5ll $50
S3,slI, $50
We presume there wdl be no difficulty
of getting an extension on the claim of
the United States. The other items, in
tcrest on State debt amounting to
So, 800, 900, still remain II is not within
the reach of possibility TO pay those items
as they fall due The railroads may pay
$3.50, 600 of the amount; but whether
they do or not, prompt action should be
taken to relieve the State, rs far as posi-
BILE, of all future liabilities on their ac-
count. Let them be sold Tor bonds of
the State, OF bonds endorsed by the State.
But OF this we will speak more explicitly
hereafter We desire also 90 speak a
little more explicitly of the merchants
tax and other tax on privileges
FEDERAL AGGHESSTON- MOVE