Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-01-10

| ueDL Increased DY TWO I11l1lOub VI uOudAS
than we are now to meet the existing
debt. Nothing gives such promise;
Feeling assured that you are determined
to provide for this debt, the
practical inquiry is, how is it
to be done? No one / pre-
sumo, will insist that the past-due as
we'll as the accruing coupons shall be
paid at once out of the revenue. This
would oppress the people, and seriously
retard the growth and prosperity of the
State. l respectfully suggest that you
fund the entire bonded debt of the State,
| including, of course, the past-due coup
ons, in a new series of bonds, running
forty years to maturity, bearing interest
at the rate of six per cent. per annum,
payable in January and July of each
| year. The reason for funding the entire
bonded debt of the State in a new series
of bonds is two-fold: First, if there be
outstanding bonds issued without the
authority of the law, they can and will
be detected and thrown aside. We
might pay the principal or interest of
slch bonds, and this is the only practi-
cable mode of detecting them. In the
| issue of new series of bonds running
forty years, taking up all the old bonds,
a system of registration not heretofore
adopted in Tennessee would always show
precisely our bonded debt. The work of
funding would be accomplished under
one law, and probably within
confusion always incident to a
frequent issue of bonds under different
acts, to take up obligations constantly
maturing, will be altogether averted and
our financial system be greatly simpli-
| fed. 1t is believed that the expenses
| incident to funding should be borne by
the holders of our securities, and under
an assurance and provision for an early
resumption of the payment of interest,
| it is believed that the bondholder would
| eheerfully comply with such provi-
sion. l further recommend that the
| interest be paid only upon the funded
| debt, and that provision be made for
such payment, to commence as early as
| may not be oppressive to the taxpayer.
No good reason can be seen why the
payment of interest on this debt, when
| funded, should not commence as early
as July, 1874. This measure, if adopted,
should provide also for the funding of all
well-ascertained liabilities of the State,
| other than what is recognized as the
floating debt. recommend, too, that
you declare whether or not the State
shall pay interest on the bonds, after
their maturity until funded. There
is no legislative recognition of such liza
| bilities by the State, and the authorities
on the subject are conflicting. In any
| event, advise a repeal of all existing
laws advising the funding or novation
| of bonds and coupons. They are partial
and, to some extent, difficult of inter-
probation.
The statistics of Tennessee show her
taxable property to be five hundred mill
lion dollars, and it is believed that if the
recommendation elsewhere made for the
assessment and collection of taxes is re-
| spOnded to, the present rate of taxation
will yield sufficient revenue, with other
sources that can be made available, to
defray the expenses of the State Govern
| ment, and also pay the interest on the
! funded debt A fair and thorough trial
of our present system of revenue law has
| demonstrated that it is inadequate to
meet the demands upon the treasury for
the current expenditures of the govern
ment and the prompt payment of the
annual interest upon our Indebtedness.
The assessment of property for tax
alton, and especially Of real estate, is
unequally made in many instances.
Upon the subject of tax assessments
the Governor cites the recommendations
in his last message, and says: These
recommendations were not adopted,
and | now renew them. The reports
of the Comptroller and the Treasurer,
now before you, demonstrate that the
measures adopted instead have failed to
remedy the evils suggested, and it is ev-
ident that the whole law of assessment
should be thoroughly remedied in order
to reach a just and uniform system of
assessing the entire taxable property of
( the State / still think this end cannot
be attained under the existing laws. The
assessors should, l think, be selected
| from different parts of the county. They
should be thoroughly identified and ac-
quaiDted with the community, holding
! no other Office, and should be appointed
fsr term say of four or five years, and
then be ineligible for term.
The message is lengthy, embracing
various suggestions respecting finances,
commerce, immigration, State laws and
institutions.
by MALL
NAMES OF LEGISLATORS.
The following is a complete list of the
members of the present Legislature,
Senators and Representatives:
1. Johnson, Carter, Washington and
| Greene-S. K. n. Patton, JOnesboro.
l 2. Sullivan, Hawkins, Hamblen,
Hancock and Claiborne-James White,
Rogersville.
8. Cooke, jefferson, SEWER and Blount
M. L. Mcconnell, Maryville.
4. Union, Granger, Anderson and
( KnoX-David Richards, Knoxville.
B. Campbell, Morgan, Scott, Roane,
kFentress, Overton, Putnam, White and
sCumberland-James NJ. Melton, Kings
ton.
6. Loudon, Monroe, McMinn, Meigs,
bradley and Polk, j. Caleb Morgan,
Cleveland. q
Z. Rhea, James, Hamilton, Bledsoe,
Sequatchie, Marion, Grundy and Van
Buren-E. A. James, Chattanooga.
| s. Warren, Coffee, DeKalb and Can
non-James Hughes, McMinnville.
8. Macon, Smith, Clay, Trousdale,
SKINNER and Jackson-N. w. McCon-
neil, Hartsville.
10. Rutherford and Bedford-James
d. Richardson, MurfreesbOro.
| IL DavidsOn-W. p. Jones, Nash
vilR.
-. Wilson and Davidson-James
Hamilton, Lebanon.
Is. Marshall, Franklin and Lincoln
James d. Tillman, Fayetteville.
IA. Williamson and Maury-T. +. p.
Allison, College Grove, Williamson
county. F.
Is, Giles, Lawrence, Wayne and
Lewis Noble Smithson, Pulaski.
I6. Hickman, Perry, Humphreys,
| Dickson, Cheatham and Houston
Mitchell Trotter, Johnsonville.
] II. Robertson, Montgomery and Stew
art--Nathan Brandon, Dover.
IS. Hardin, Decatur, Benton, McNairy
and Henderson-S. l.. Warren, Purdy.
19. Carroll and Gibson-J. NJ. Coulter,
Dyer Station, Gibson county.
! 20. Henry, Weakly, Obionand Lake
J. A. Mccall, Union City.
2l. Madison and Hardeman-F. b.
Snipes, Denmark, Madison county.
| %. Haywood, Lauderdale and Dyer
- Robertson, Brownsville.
%. Shelby, Fayette and Tipton-Rob-
ert McKenna, Whites Station, Shelby
county.
"a. Shelby-A. It. Lacey, Memphis.
25. Shelby-V. Leake, Collierville,
Shelby county.
Representatives..
/ Sullivan-L. H. Denny, Union Depot.
Washingt0n-Jas. A. West, Browns
boro.
Hawkins-John Blevins, Rogersyille.
Greene-W. s. McGaughey, Greene
vile.
Jefferson-W. II. Eekel, Leadvale.
! Knox-G. w. Carnes, Knoxville.
Blount-J. F. Beales, Friendsville.
Roane-L. NJ. Wester, Kingston.
McMinn-J. n. Magiil, Mouse Creek.
Hamilton-H. N. Snyder, Chatta-
nooga.
Waren-F. NJ. Moffitt, Irving Col