Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-10-24

all such bonds are exempt from taxation.
1t has been the policy of the State for a
great many years 10 tax all suits. appeals
and writs of error, as web as presentments
and indictments in courts of record. and
consi derable annual revenue is derived from
these sources. If this is iustifiable land il
has never been seriously questioned1 there
is no reason either in principle. policy or
justice, why litigation before Justices Of the
Peace should not pay a reasonable tax.
There are three thousand Justices of the
Peace under commission in the State. and
| if they average each twenty-five cases in a
year, the whole number of cases is seventy
five thousand, and at an average tax of 81.
would yield to the Treasury SI5O.OOO per
annIIm.
Many OF the States of the American
Union tax the execution of the bonds of all
trustees; and If tax upon the execution of
a deed can be justified, the argument would
apply with equal force to bonds.
| There are many thOuSand-perhapst thirty
or forty thousand-of these bonds executed
| every year, and with moderate tax they
would yield large sum.
1t must be borne in mind that in a few
years the railroads Of the State will be taxa
bic according to the value upon those first
! constructed, the exception provided by their
charters will soon expire, and we may rea-
sonable cherish the hope that, with healthy
adjustment Of our finances and a wise legis-
lative policy, each year will develop new
wealth from the vast natural resources of
the State, and that every assessment will
diminish the rate of taxation. The floating
debt, together with the current expenses of
the State government, can be paid by the
1st of January, 1873, out of the taxes here
tOfore levied, but yet uncollected. with an
assessment of five mills, or fifty cents to the
500, for the year 1872.
Floating debt. ,66S All q
Balance expenses for 49,
estimated at. S25O,00O
Expenses for 1872. Coz, 900
Balance Of unexpended
appropriation for Capt.
tol grounds. go. 100000 $50 900 90
Revenues uncollected ,sayS1 200, 900
Revenues for 1872, say. 1850, OOO- 1850 900 90
Leaving an excess of. ACKNOWLEDGEMENTS $50 10
But in this calculation there is no estimate
made of the unascertained expenses incur
red in selling the delinquent roads nor of such
appropriate ions as may be made by the pres
ent General Assembly, nor of debts claimed
Of the State by the United States Govern
ment on account of "The Edgefield and
Kentucky" and ''the Memphis and Clarks-
vile and Louisville Railroad"-the nominal
amount of which is SOL ,560.S2, but has not
been included in the floating debt, because
the amount and liability are now undergo
ing adjustment.
1t is believed that these unestimated
amounts can be paid out of the apparent
surplus.
Then, ifthe mcollected taxes, together
with the levies of1S72, will pay all the float
ing debt, and the expenses for this and the
ensuing year, it is confidently believed that
we can fund the accrued interest on the
bonded debt, and resume the payment of in
terest on the first day of January, 1874, at a
rate of fifty cents on the one hundred dol
lars, or even a less rate, if the necessary re-
forms in the revenue system are effected,
and the new source of revenue made avail
able.
1 therefore recommend that you provide
for the funding Of all coupons matured or
maturing, to 1st of July, 1873, as well as all
bonds due or maturing, by authorizing the
issuance of bonds, with coupons attached, At
a rate of interest not greater than six per
cent, to mature thirty years after date, and
that they comm ,nce to bear interest from
and after the first day of July, 1873, and
provide that funding commence at once.
You will thus declare that the State of
Tennessee will resume the payment of in
terest, commencing with the coupons ma
turing the lst of January, 1874, for which
your successors will provide.
Tennessee, with all her glorious memo
ries of the past clustering around her, can
not afford to repudiate her public debt. Nor
can she longer submit to the humiliation of
having her securities fuctuated in the mar
kets by specializing rings" whose loud
sympathy with an ''Orer-tdred 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 lis practical reputation, and will
reflect its banefIl consequences, not only
upon the credit of the State rs a whole, but
upon its individual members.
TAX SALES.
Your attention is invited to the fact that
for many years lands sold for taxes under
section 622 of the Code have been purchas-
ed in the name of the Treasurer. as Super
intendent of Public Instruction, for the use
Of the common schools. And in the ma
jOrity Of instances, the only result of these
sales has been to charge the State with
large bills of cost, advanced from the school
fund to pay the expenses of selling the land.
Such lands are rarely redeemed, and the
original owners are never disturbed in the
possession or enjoyment of them. 1t is
generally lands held upon speculation or in
large bodies that are sold. And this system
is an immunity to those delinquents against
the payment Of taxes, and the honest tax
payer is the sufferer, because the deficits
thus created are made up by increased as
sessments against him. \ large amount,
perhaps many hundred thousand dollars of
the revenue remains uncollected under this
law, and legislation is required under
which the lands can be resOld' if not re-
deemed.
1t is recommended also, that the section
Of the Code referred to be repealed, and in
its stead, stringent laws be enacted, by
which the tax on lands, like that on person.
al property, may be made available to the
Treasury of the State. The Collectors of
ten fail in their duty, in not exhausting the
personal property, before reporting lands for
sale.
This should be remedied under proper
penalties and restrictions.
THE ASSESSMENT OF PROPERTY.
Section % of Article ofthe Constitution
provides, that "All property shall be taxed
according to its value; that value to be as
certainedi in such manner as the Legislature
may direct, so that taxes shall be equal and
uniform throughout the State"
''NO one species of property, from which
tax may be collected, shall be taxed high
er than any species of property of the same
value"
This provision Of the Constitution will be
violated, if the mode of assessment
does not result, as near as possible, in tax
| ing property according to its value, and so
that taxes shall be uniform throughout the
State.
Any plan of assessing property which
does not meet this requirement is in palpa-
BILE violation Of the Constitution.
, And any system which fails to assess all
property subject to taxation, will be in con-
! flict with another provision of the same
articles requiring 'all property to be
| taxed" excepting, ETC., etc.
The practical workings of existing laws,
for the assessment of taxable property, pro-
! duce great dissatisfaction, resulting in Op-
preston to a large class, because of the
great inequality of assessments of property
| of the same market value.
There are too many assessors in each
county. Each assessor has his own peculiar
! views and plans upon which to base his
] and tho rac,,i+ :, tIo4 4Io,.a -,