Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-23

THE INDERTEDNEsS OF TENNEs-
SEE.
As the Indebtedness of Tennessee has
again become the subject of discussion
we have endeavored to prepare from
official sources correct statement of her
liabilities up to the 1stof July last, with a
probable estimate of what has been sdded
since. We confess ourselves cheered
with the prospect of future relief from
the mountain of debt which has been
weighing upon US. We are not only not
bankrupt, but have resources In hand
which, if prudently managed, viii soon
pay off our entire Indebtedness. As orf
Constitution prevents the issuance OF eny
further bonds for internal improvements,
when we once get free nom our present
embarrassments, we may hope to remain
free forever: $3.50
1r.prLrr1ss OF THE srArK TO JULY, 1862
State debt proper tcOmptrollers re-
mort mage ls] ...-.... .. IS sb73, i59 SO
PV OF this amount 81, Al, SOS. eeis on rr.
account of turnpikes at per -
cent. to 6K per cent. interest. /
Railroad liabilities, pzge 81 ...-.. "a, l2I514 W
claims Of U S. vs. E and X. R R., 1S0,604 IS
Claims Of q. g. vs. Memphis and
Clarksyille Railroad. .............' $50, 75e a
Add Bank Tenn. notes (estimatedi... Ia 0000 20
Floating debt. ACKNOWLEDGEMENTS. 60o00o 90
---
lew s4O,s12, IA IS
From this deduct Claims
U. S. vs., Railroads, as
it Is believed the r.. x.
claims vs. u. s. viii be lT
lowed. ..... =. ..$Sll ,bo0 81 .r .- %
Bank Tenn. to be taken up
for debts due Bank les. ~. E-L-li 4
timated). 60. ....... 100000 co - oi I
pixies ................ $1,000 90 ss1, geo 50
@ ss9,95O, ess IS
1t is estimated th.t unpaid taxes for
1858 60 will pay floating debit. 100000 Oe
Total liabilities. .ss9, $50, s8s 70
The Railroad liabilities as shown with
interest funded and counted to
July, 1869, is the sum Of SSl, IL, 52t OF
Out OF this amount, In order to as-
certain what the State must pro-
vide for, must be deducted the
amount loaned to and endorsed for
the following railroads that pay IN
terest, viz: Z. T. and Va, z. T.
and Ga, Memphis and c., Miss. ers
Central, n. and Decatur. 80. 1897 oss 0.
Leaving sum total unprovided for 81, 5Is 644 50
the interest on which Is unpro-
v1ded for. -- 80
To meet which, however, "a well az
the principal debt, the State has q
lien on the following roads, viz: z.
and Z, Cincinnati and Dumb Gap,
knox. and KY, McSlinnv. and Man.
chester, Memphis and Clarkeytlle,
Memphis and Ohio, Nashville and
N. W., Rogersville and Jefferson,
Winchester and Ala, Knoxv. and -
Charleston, E. Tenn. and West N.
c., as well as their cars, locomo- -.s-
tives, etc. SIS, 49, O3 lEry
Bonds have been issued to Tennessee
and Pacific, Southwestern, Mineral
Home, Evansville and Henderson, Mem
phis and Little Rock, for which the State
has lien under the General Internal
Improvement laws of the, State. The
most important of these roaiis, it is con-
fdently believed, can be either sold or
leased SO as to reduce the liability of the
State at once ten million dollars. --
The value of the State lien in the re-
naming roads, if sold, will still further
reduce, by at least four millions.
Upon this estimate, dedncting four .f r-.-.
teen millions from the liabilities Of
the State, shown above, vz:. .s25,5 ga 80
Less. 14000s0o0 90
Gives liability July, 1889. SIS, ga %
Add -
Bonds issued since that time, inter
asst forI Oyo,on his lost 7
The State has debt of less than fif-
teen millions TO provide for. Assuming
line of policy is adopted 70 bring the
debt of the State to that amount, (and it
can be done, can the State of Tennes-
see, without onerous taxation, meet the
interest thereon2
Interest on SIS, 900 per annum.. s 10000 90
Current expenses...-.-----.. <oO,OO W
M si,ssO,oOO 90
Annual assessmt on $780, . 81
600, 600 at mills on the Il
hundred dollSrs, would
give. 81 10000
From clerks, taxes on IL ..-
censed privileges, law
suits. ADMINISTRATIONS, 60l,00
From Banks, Insurance
Cos, Express Cos, etc. so, 900 ], 8S9, 900 90
If lawsuits before Justices of Peace
should be taxed one dollar with above
surplus, (allowing some of the figures es-
tinlated to fall Short sinking fund Of
amount large enough to soon e1tinguish
the entire debt would soon be created.