Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-10-24

/ csses is seventy i've thousand, and at an
average tax OF 81 90 would yield to the
treasury $50 coo per annum. Many States
tax the execution bonds of all trustees,
and IL tax upon execution deeds can be
| justified, argument would apply with
equal force 70 bonds. There are many
Thousand, perhaps thirty or forty thou
sand, of these bonds executed
every year, and with moderate tax
they woul yield large sums. In
q few yesrs the railroads of the state
will be taxable, according to their value,
upon those first constructed, with the ex-
cepsions provided by their charters. The
charters will soon expire, and we may
reasonably cherish the hope that with q
healthy adjustment of our finances and 8
wise legislative policy, each year will de-
velop new wealth from the vast natural
resources of the State, and that every
assessment viii diminish the rats of tax
alton. The floating debt, together with
the current expenses of the State govern
ment, can be paid by the Ist of January
1873, out OF the taxes heretofore levied but
not yet collected, with an assessment Of
five mills or fifty cents on the one hum
dred dollars for the year 1872. Floating
debt, 81 ,66S 4l6 72; balance of expenses for
1871, estimsted at $250, coo; expenses for
1872, S600, 600; balance of unexpsnded APP
preparation for capital grounds, 500 600;
total, $3.50, 600; aggregate, S2,6l7 q. Reve-
nues uncollectea, say 81 200, 600; revenues
for 1872 say s., ,75O, 600, aggregating 50, ESQ.,
600, leaving an excess OF 1891 $50 73 But
in this estimation there is no estimate
made of the unascertsinsd expenses in
CURED in selling the delinquent rosds,
nor of such appropriations as may be
made by the present general assembly,
nor of the debts claimed by the State of
the United States government on acc punt
Of the Hdgefield and Kentucky snd
the Memphis, Clarksville and Louisville
railroad, the nominal amount of which is
s50l, $50 81, but has not bsen included in the
floating debt, because the amount and
liabilities are now undergoing adjustment.
II Is believed that these unestimsted
amounts can be paid out of this apparent
surplus, then, If the uncollected taxes, to-
gether with the loans of 1872, will pay all
the floating debt and the expenses for this
and ensuing year, II is confidently be-
heved that we can fund accrued interest
on bonded debt, and resume payment of
interest on the lst of January, 1874, At the
rate OF SOC on fl00, or even at less rate If
necessary, Reforms in the revenue sys-
tenn are effected, and new source of rev.
enue made available. / therefore recon-
mend TO you law TO provide for the
funding of ail coupons, matured or mAtuT-
ing, to 1st July, 1873, as well IS all bonds
due or maturing, by authorizing the issu-
snce of bonds, with coupons attached. a
rate of interest not greater than six per
cent, to mature thirty years after date.
and that they commence to bear interest
from and after lst July, 1873, and provide
that funding commence at once. You will
thus declare that the State of Tennessee
will resume payment of interest, COM
msncing with coupons maturing 1st JAM
uary, 1874, for which your SUCCESSORS will
provide. Tenn ssee, with all her glorious
memories of the past clustering around
her, cannot afford to repudiate her public
debt, nor longer submit to the humiliation
of having her securities huctuated in the
markets by speculating rings, whose loud
sympathy with sn over-tsXed people is
measured by their desire to buy bonds at
a sacrifice and sell them at a profit. An
unreasonable delay In providing for the
debt is a practical reputation, and wi
reflect its baneful consequence not only
on the credit of the State as a whole, but
on it's undivided membsrs.
After speaking of the law on tax sales
and recommending more stringent legis-
lstion, the Governor speaks of assessment
properly. The practical workings of the
existing laws for the assessment of tax
able property produce great dissstisfac
ton, resulting in oppression to a large
class, because of the great inequality of
assessments of property of the same mar
ket value. There are too many assessors in
peculiar views and plans upon which to
base his estimates, and the result is that
there is an absence of uniformity in the
valuation Of taxable property, and
1t often occurs that tracts of land lying
contiguous to each other, of the same
quantity, quality and value, differ in act
ual assessment from fifteen to one hun
dred per cent, and only because they are
separated by an imaginary district line,
and assessed by different officers. 1t is
but iustics to all classes, and especially to
the honest, prompt taxpayer, that uni
form reduction be made throughout the
entire State, so that all may bear equally
the burden. The officers upon whom this
task is imposed, in the various civil dis
tricts, would doubtless be greatly relieved
by such additional legislation as would
exempt them from some of the RESPONSE
bility and, frequently, oaium, which is
cast upon them In the performance OF the
delicate task of afdxing a valuation to
their neighbor's property, 1 therefore
recommend that, as an amendment to the
present system, county courts be required
to.appOint, for their respective counties,
board of revenue assessors, consisting of
three or i've men, who shall be charged
with the duty of assessing all the taxable
property In their respective counties; and
inasmuoh as there is generally no stand
ard of cash values affixed to lands, the
value, upon certain credits to be fixed
by law, should be first ascertained from
the assessors, from proof, and then they
should reduce IL to cash basis, by
uniform rule, to be prescribed
by law. No fresholder who is
willing to bear his Just proportion of the
public burdens In consideration Of the
protection afforded to his life and proper
by by the government, can complain of
this system. The testimony of his neigh.
bors Is invoked to do justice between him
and the State. The same rule is applied
to his neighbor. All. nd-holdeTs arc
placed upon an equality, snd pay taxes
in proportion to the actual valus of the
land owned by each. II is also recon-
mended that schedule of all taxable
propsrty shall be required of each tax
payer, Gndsr proper and just re-
strietions, and with the necessary PEN
alties annexed, to be received by the dis
trict assessor from the Taxpayer.
1t is my duty to remind you that unless
you repeal existing laws permitting
solvent roAds TO pay in past due coupons
the interest on the bonds loaned them by
the State, the State must continue to re-
OeiVe from them past due coupons in pay
ment of interest, end pay the bond
holders in currency by taxing tho pGoEle.
The bonds originally issued by the State,
with subsequent bonds to fund the
sccrued interest, for which these roads
sre liable, are as followsi Memphis and
Charleston railroad. Sl,S64 9S7 IS; Mobile
snd Ohio railroad, 81, ,6s4 500; Mississippi
Central railroad, Sl,les. lsG; Missls-
sippi and Tennessee railroad, S4l7 800.
Total, IS, Ice, ,l67 45. The annual interest
| on this amount is about $500, 900, and this
yearly burden will continue until there
are no past due coupons. The delay OF
solvent roads that have not reEiFe6 their
| Indebtedness to the State under the act Of
| the z1th of January, 1870, to avail them
| selves of the benefit of the act indicates an
indist osition to do so, and inasmuch as
more than eighte6n months have elapsed
since this legislation was adopted, ! re-
commend that the act be either repealed,
/ 10 take effect at some future time not re-
mote, or that its provisions be 20 amended
/ that the roads will be required to pay all
/ the Accrued interest, a. we'll a. the sinking
/ fund not heretofore paid in. My reason
] for this suggestion is that ample time
4 has elapsed for these roads to have
aided the stats lE dtminishipg
her outstanding indebtedness uadeT
the most liberal legislation If disposed to
90 60, and g continuance Of this policy
affords an Opportunity for speculative
transactions Injurious TO the credit 0f tbs
State, and in no way beneficial to the
great mass af the people. While the rail-
roads of the State should be fos:ered and
receive sill necessary aid and assistance,
yet they must not be allowed to become
oppressive monopolies at the expense OF
tie gsnerel community. There remains
but three of the delinquent rsilrosds un-
sold. II win be gratifying result when
the State Is entirely divorced from her
railroad system, and although the sales
! will not realize all that was de.
sired, .snd will leave large debt to be
provided for, yet the internal improve
ment system Of Tennessee has added mill
| linna To har ,uaalth and Siiffnaad snnh an.