Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-10-24
NAsHvLE UNION AND AlERIoANs TUESDAY OCTOBER "a lsu


by whom the dispositions shall be returned
to the Board Of Assessors on or before the
- day Of" in each year and filed by
them with their returns to the County
| Court
And, inasmuch as there is generally no
standard of cash values affixed to lands,
the value upon certain credits TO be fixed
! by law should first be ascertained by the
Assessors from the proof, and then they
should reduce it to cash basis by a uni
orm rule, to be prescribed by law. No
reeholder who is willing to bear his just
proportion ofthe public burtheDs in consid-
Grafton Of the protection afforded his life
and property by the government can com
| plain of this system. The testimony of his
neighbors is invoked to do justice between
him and the State. The same rule is ap-
lied to his neighbor. All land holders are
placed upon an equality, and pay taxes in
! proportion to the actual value ofland owned
by each.
1t is also recommended, that schedules
OF all taxable property shall be required Of
each taxpayer, under proper and just re-
strictions, and with necessary penalties an
nexed; to be received by the District As
SCISSORS from the taxpayer and to be by
them delivered, on or before the day
of in each year, TO the Board
of Assessors of their county.
SOLVENT RAILROADS.
1t is my duty to remind you, that unless
you repeal existing laws permitting solvent
roads to pay in past due coupons the inter-
est on the bonds loaned them by the State,
the State must continue to receive from
them past due coupons in payment of inter
est, and pay the bOndholder in currency, by
taxing the people.
( The bonds originally issued by the State,
with subsequent bonds, to fund accrued in
terest, for which these solvent roads are
liable, are as follows, to-wit :,
Memphis and Charleston
4 railroad. ........... 81 ,oG4,3S7 -
| Mobile and Ohio railroad. -. 1854, 800 90
Mississippi Central railroad. l,199, $50 90
| Mississippi and Tennesseefail-
road. 417,8OO 90
S5,166,167 As
! The annual interest on this amount is
about $300,OO0.0O, and this yearly burden
will continue until there are no past due
coupons in the market.
| The delay of the solvent roads, that have
| not retired their indebtedness to the State,
under the act of 10th January, 1870, to
avail themselves of the benefit of the act,
indicates an indispOsition to do so.
| And inasmuch as more than eighteen
months have elapsed since this legislation
was adopted, 1 recommend that the act be
either repealed, to take effect at some future
time, not remote; or that its provisions he
so amended as that the roads be required to
pay all accrued interest, as well as the sink
! ing fund not heretofore paid in.
The reason for this suggestion is, that
ample time has elapsed for these roads to
have aided the State in diminishing her out
standing Indebtedness, under this most lib
eral legislation, if disposed to do so.
And the continuance of this policy affords
an opportunity for speculative transactions,
injurious to the credit of the State, and in
no way beneficial to the great mass of the
people.
While the railroads of the State should
be fostered, and receive all necessary
aid and assistance; yet they must not be
allowed to become oppressive monopOlies,
ct the expense of the prosperity of the gen
eral community.
DELINQUENT RAILROADS.
There remain but three of the delinquent
railroads unsold.
The information you have, through
the report of the Commissioners
appointed to sell the delinquent
roads, is all that you desire on that
subject. 1t will be gratifying result when
the State is entirely divorced from the rail
road system.
And although the sales will not realize all
that was desired, and leave a large debt TO
be provided for, yet the internal improve
ment system of Tennessee has added mil
I lions to her wealth, and diffused such energy
and enterprise into every class of society,
that no intelligent man can regret the policy
which inaugIrated the system, nOtwith-
standing a large amount of appropriations
made since the war may have been improp-
| erly expended.
Commerce, trade and manufactures have
been promOyed and multiplied; population
has largely increased, and the value of real
estate enhanced over one hundred millions
of dollars
TURNPIKE ROADS.
The State, in the hberality of Legislators,
inspired with a laudable desire to open up
communications between the producer and
the marts of trade, contributed, from time
to time, large sums in the form of bonds, to
building Turnpike Roads, amounting in the
aggregate to about 81, 317 $4,000.
These Roads, have contributed much to
develop the resources of the State, and
have largely enhanced the aggregate of
wealth.
Many of these roads, however, were neg
lected during the late civil war, and some of
them became almost worthless.
The State is now prohibited, by organic
law, from issuing Bonds to aid in rebuild
ing these Roads, and she cannot contribute
from her Revenues anything for that pur-
pose.
Only six Of these pay any Dividends into
the State Treasury.
! therefore respectfully recommend
that immediate action be taken for the sale
of the States interest in such of the turn
pike roads as pay no dividends.
The probability is that these roads may
be purchased and repaired by private en-
terprise and again become useful to the
country, and remotely if not directly add TO
the revenues of the State.
The ;rOads that pay no dividends to the
State, as shown by the report of the Secre-
tary of State, are as follows, viz.
Nashville, MurfreesbOro and
Shelby cost the State. ...... S66, 666 90
Nashville & Kentucky cost the
State. ................. $4,000 90
Franklin Il Columbia cost the
State. ..................... $4,000 90
! Nashville & Charlotte cost the
State. ............... 10000 90
/ Columbia, Pulaski j. Elkton
cost the State. .......... 126,GO6 90
! GAINESVILLE & Russellville cost
the State. .............. 1880 90
/ Columbia Central cost the State $4,000 90
! AshpOrt cost the State. ...... $4,000 90
Big Hatchie cost the State ..... $4,000 90
Chambers & Purdey cost the
State. 1900 90
! FOrked Deer. .. 1000 90
/ Fulton cost the State. ~ 5000 90
ROgersville and Little War Gap
cost the State. $1,000 90
Bristol and Hendrix Greek cost
theState. ........... 10000 90
JacksborO', Powells Valley and
Cumberland Gap cost the
State. 5000 90
Mulberry Gap and Rogersville
cost the State. .......... $4,000 90
Harpeth cost the State. $1,000. $4,000 co