Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-03-26
MORE FIGURES.

The Nashville Banner Of yesterday,
the 18th instant, speaking Of the Thirty
eighth General Assembly, aud the close
of the regular session, says
The grave blunder Of the House waa
its ACT Of Standardization in the dispo-
sition Of the financial problem, alter
passing law providing for the redemp'
ton Of the past due debt, 10 REFUSE 70
complete the provision by an Improve,
mani IA the revenue TAGS, consistent
f6erepifh and the resort of some mem
hers 40 A species Of puerile ilibusterlngs
in order TO stullify, Il possible, their own
nets. They made ample provisions Tor
redeeming the past due debt OF the State
hut made no other provisions for other
expenditures, or the appropriations
which they had voted themselves.
Whether the consequences of this williul
or ignorant omission will neeessitate an
extra session or not remains TO be seem
And only a day or two ago another oil
our funding contemporaries administered
n rebuke. somewhat similar, to the House
for not passing the Senate bill fixing the
ad valorem tax at fifty cents in addition
to the school tax Of ten cents. Hence,
il is little surprising to find in the same
paper this morning an ably prepared au-
rgmept and set of figures purportlng to
show that under our improved assess
ment laws" (2) we eau pay current ex-
penses and interest falling due up to
sometime in 1875 (Jan. |, we presumeh
and have left million and a half dol
lars surplus, tsithout charging the pres
eut rate of tdration. This, it seems,
was the argument of Mr.. Coulter, one OF
the ablest and best men in the Senate.
AS TO the improved law alluded to, that
isan experiment for the future, and we
will know more of that in year from
now. But as to taking into consldera-
ton the increased wealth Of our people,
as suggested, we regret to confess that
the Comptrollers last report showed a
considerable decrease Of taxable values
in the State during bis term Of Office, and
the highest estimate yet made, We be-
lieye, was in the LEDGER's table Of Mon
day, which was $3.50, 100000.
The calculation is that there should
have been in the Treasury and past due
taxes collectable on the lst Of January,
1873
GROSS revenue on sSOO. 900 OOO... ,2oo, 200 %
Privileges OOo'VVO w
s2,ls0. COS Il
Deduct 10 per cent. for loss and
cost Of ollection.......-.....,....-.- l2O,OOO W
Net.-.,................--.... .....'sZ,OoO'oOo L
This would be the closest and cheapest
collection on record. The arrearages
now are more than a million and half
dollars, and the future promises but little
better. Deducting 100000 from the
above net amount for current expenses,
Mr.. Coulter finds:
In the Treasury on Jan. /. ls74..Sl, 400 sos Il
Deduct first semi-annual
interest, falling due
July ], l0O,O0O -. a.
Current expenses.........-. 6OONP0- l,oO0.OVO W
And il leaves on hand.....--......... sl6o,6oo Il
That is his argument; but the interest
to be provided at that time is really
$s7S, 77S, and the expenses of the present
General Assembly, as Governor Brown
said in special message last Friday,
amount to about 100000, to which
neither Mr.. Coulter nor our contemporary
makes any allusion. Then they seem
TO slip over the interest falling due Janu-
AIRY LIST, 1875, which will be about the same
as in July, unless the railroads pay some
of their indebtedness in State bonds.
which is only probable in the event that
the bonds undergo a severe collapse.
The calculation winds up on the LIST Of
January, 1875, with 81, 745, COS u in the
Treasury, and only 100000 to pay out
Of that, leaving the succeeding years to
90 on and take care of themselves. The
increase ia the Treasury for one year
under the funding law would, according
to these figures, be just $2sO,OOO
If this is correct we are sur
prised that anybody ever limited
at higher tax than forty cents on the
one hundred dollars. If the State is to
pay the interest one year and all the
current expenses, and then have a mil
lion and a half dollars left, we viii be
able at the end Of ten years to retire
over half the funded debt. We would
be glad to think so, but the figures. when
placed where they belong, fail to point
that rvav