Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-11-05
GOV. BROWN AND THE MINORITY.


GOV. BROWN AND THE MINORITY.
The minority report of the Committee
on Finance says, they are of opinion that
the sum of fifty cents on the 500 worth Of
taxable property fixed as the rate of taxa
ton for the year 1872, is more than should
be collected, and recommend thirty cents
on the 500 as being ample for all
necessary purposes. Let us examine the
facts and figures, and see if they sustain
this conclusion:
The minority put down total revenue
due from deiinquents (Which in
cludes the taxes Of 1S7 y g, 0S3, 44O 62
Estimated revenue from privilege
tax tax on suits, etc, for 1SI2...... $4,000 90
Estimated revenue from taxable
Troperty-S300 ,0O0,G 600 at mills. 100000 90
Making for balance of 1871 and 1872,
in figures but not in money. ,l33, 40 e.
Dat OF the S2,0S3, 440.62
taxes due, Gov. Brown
estimates there will be
paid into the Treasury
in 1871 and 1872 81 ,2O0,-
O00-leaving balance
for cost Of collecting,
losses and delinquents. SSS3, fi0 g
Add TO this expense OfcOl-
lecting Isl 800 600 rev.
enue 1872, and losses at
Is per cent. 225,eO0 OO-1, los, 40 g.
Leaving revenue for remainder of
1871 and 1872. ,025,0O0 90
Gov. Brown gives us the following items
as being against the Treasury for the same
time, which no one can doubt:
Bank of Tennessee
notes, warrants and
borrowed money. 81 ,G6S, AZ z
Balance OF expenses
of State for lS71.... 10000 90
EXPENSES for 1872 100000 90
Appropriation Capitol
grounds. ........... 100000 OO-S2,G18,i17 q
Which deducted from the estimated
revenue of S3,025 10000, leaves
balance in Treasury, Jan. !, 1SI3..S 4OG,5S2 IS
To have this balance in the Treasury,
JAN, 1873, the expenses Of the State gov
eminent must be reduced from about $780,
600 last year to 100000 this year, the as
sessed value Of taxable property must in
crease about S23,0OJ,OOO, and S3,O25, 900
must be collected cut of taxes due, and to
be assessed next year at mills-all doubt
ful incidents. From this point Gov. Brown
proposes to begin to make provision for our
State debt.
The interest on our bonds has not been
paid since JAN, 1868. Some of the bonds
are due and several hundred thousand dol
lars falling due before JAN, 1874. Some
of these due bonds were issued to build the
Capitol of our State, and others to build
turnpike roads. In addition to the bonds
due and falling due up to JAN, 1874, we owe
interest since JAN, 1868. Gov. Brown does
not propose to tax the people one dollar to
paw the bonds and interest due, and
to become due previous to JAN, 1874.
He simply proposes to take up that
Indebtedness with bonds at long date,
and then pay nothing more than
interest on our debt for the present. In
other words, the policy of Gov. Brown is
not to tax the people to pay any portion Of
the principal Of our State debt at present,
but to commence the payment OF interest
jan, IA, so as not to allow any further in
crease of the debt, and this cannot be done
with any less revenue than above stated.
The payment of interest in 1874 is under
the control of the next Legislature.
-. axes are reduced to 3 mills on the dol
lar, let Us see how we will stand Jan. /,
1873:
Taxable property $780,
O0C, 100 at mills. .S9O0,O0O 90
Less Is per cent for cost,
losses and delinquents.. $4,000 90 765,OOO 90
Past due taxes, say 10000 %
Privileges, 55o,0o0 %
Total, if realized. ...............S2, $4,000 %
To meet immediate liabilitics....... 2,GlS,4H q
Deficit Jan. /, 1S73.-............S 103,i17 q
If we resume the payment OF inter-
est JAN, IA, the annual interest on .
our bonded debt win then bc
about. ....................S1, 2G0 COO 90
Expenses State Government. 100000 90
From this deduct revenue
on property at mills. S7G5,0O0 90 -.
Privileges .............. $4,000 -1,3l5,00O 90
Annual denct. ACKNOWLEDGEMENTS 0to,VVV W
From this it would appear that the mi
nority report docs not anticipate resump-
ton of the payment of interest as early as
Jan. l, IA.
Can we in justice to our creditors defer
payment longer than that term. Many
Our bonds are held by executors, guardians
and trustees in our own State? They
need the interest. These bonds, the most
of them, were issued to build railroads.
turnpilles and the Capitol. They will amount
in all when the interests is funded to be-
tween twenty and twenty-One million dol
lars. Has not this twenty or twenty-one
million dollars added fifty or one hundred
millions dollars to the value of property in
Tennessee by building railroads and turn
pixies? Does not every tax payer, or nearly
every one, save more annually in the trans
portation of his products over the roads
than he has to pay taxes on his share Of the
debt? Thenin the name of justice and
economy, "let us not complain of the bur
den, forgetting the benefits we derive from
it," but "Let us do unto others as we
would that they shoulddo unto us"