Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-10-14

#Tennessee and Pacific omitted Value 500, GOO
The Comptroller states the increase in the
value of the lands in the State at S25,S7O-
392 under the assessment for the present
year.
In regard to the complaints of foreign in
surance companies doing business in this
State, that our laws are so very oppressive,
that TO comply strictly would amount to a
positive prohibition, the Comptroller con-
fesses that they are rather oppressive and
entirely too intricate, and recommends that
they be so changed that tax. of two per
cent. on gross receipts be levied upon all
insurance companies doing business in the
State, in lieu of all other taxation for State
purposes.
The Comptroller claims that there is still
due the State from Memphis So, 949.27,
and asks for authority to settle this matter
by taking from Memphis the past due bonds
Of the State. He asks for a special commit
tee TO examine into and report on the mat
ter Of his coupon transaction with Mem
phis.
Since the last apportionment and distri-
button Of the school fund, there has
been received by the Comptroller about the
sum of S150.0OO, the larger portion of which
consisted of bills of the bank of Tennessee,
and which were destroyed, in accordance
with the act of the Legislature.
The Comptroller recommends legisla-
ton by which sales Of land for taxes shall
be rendered valid, or some mode devised to
compel the payment of taxes. He also re
commends that change be made in the
mode of advertising lands condemned to be
sold for taXes-using handbills Or written
notices in counties where newspapers are not
printed.
The Comptroller suggests that the work
Of assessing property for taxation would be
more Systematically and thoroughly done
by the County Courts electing one assessor
for each county for term of two or three
years.
The amount lost to the State by worthless
bonds of revenue officers since the war is
very considerable. The great length of
time that the tax lists are permitted to re-
main in the hands of collectors, without
final settlement, always endangers the col
lection of deficits, and the Comptroller
suggests the passage of a law reqIir-
ing the bonds of all revenue officers, after
the same have been approved by the Judge,
to be registered in their respective counties,
and giving to said bonds all the force and
effect Of 4 mortgage or deed Of trust upon
the property, real and personal, of principal
and suretieS, which would secure the State
in every case.
The appointment Of a commissioner 70
settle with railroad receivers, is recon-
mended, as the Comptroller will be unable
to attend properly to this duty.
Touching taxes and funding, the Comp
troller makes these suggestions:
Il am satisfied that the taxpayers feel
oppressed with taxation, and would be
thankful for any relief which, in your wis
dom, you can devise. The question pre-
SCENTS itself to me, to You, and others: How
can this be done? | know of no relief.
The idea that we viii lessen the taxes for
the year to come, so that the revenues shall
be sufficient alone for the current expenses
of the State, is an attempt only to defer for
the day, the payment of a debt for which
the honor of the State is bound, and which,
we all agree, must at some day be paid.
The burden Of Indebtedness is sufficiently
frightful now, and hesitating or eyasiye
policy viii only add to its volume and
produce the necessity for a still
heavier assessment in the end. If the
taxes upon privileges could be enlarged, a
less rate could be afforded upon realty.
We need liberal tax for year to come, TO
clear the way for a resumption Of the pay
ment of interest on our public, or bonded
debt, in the course Of twenty-four CD
months.
1T is difficult to determine what plan
should be adopted as the best and shortest
way for the payment of interest upon the
State dabt. | venture to suggest that past
due interest, and also all interest that shall
be due on the first of January, 1873, in
Guiding the coupons due Of that date,
should de funded in coupon bonds of the
State due at thirty or forty years. This
plan, if adopted, without a serious reduction
to the present rate of taxation, would ena-
BILE the State to meet its interest in July,
1871