Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-27

retiring Just that much Of interest that the
State would otherwise have to pay, and
they do directly reduce the interest to be
paid by the State by that amount. or
course all coupons maturing prior to July,
1874, will be funded under the present law
by that date, and these compznieswiil have
no other alternative than to pay 10 coupons
maturing after that date.
After deductipg from the Treasury state
ment this amount due from solvent rail-
roads as being Improperly entered as an
amount upon which the State must pay in
terest, It will be seen that the balance of
So, 167, 562 is greater than the estimate OF
the debt as made by us by the sum OF ST.
529,910 "a This discrepancy arises from
the erroneous calculations of interest made
by the Treasurer upon the several items Of
his statement. The reader win not fail to
see that while the statement of the Treas
urer is so framed as to produce the i'm
preston that an annual revenue of So, S54,-
800 viii be necessary yet such is not the
case. 81
The items of outstanding warrants, Ten
nessee money, loans and interest can never
again occur, and during the next year at
least the items of legislative expense and
appropriations will not have to be met.
These items amount to S1,006, 1874. As TO
the item of $4,000, we presume that it
will not be controversial that all the school
moneys heretofore raised by taxation, for
which warrants hayo not already been
issued, are embraced and included in the
school fund, as fixed by the present Gener-
al Assembly.
A close analysis of the Comptroller's re-
ports will show that the ordinary expenses
of the State Government including the
Legislative expense, will not exceed the
sum of $600,000.00, after casting ont of the
account such unusual expenditures as are
not likely again to occur, such as the cost
of the State Prison, now self-sustalniug;
the decrease of Legislative expense in con-
sequence of shorter sessions than hereto
fore. We conclude our remarks upon this
subject by presenting the following extracts
from the Treasurer's report presented in
January to the Legislature, from which it
will appear that he thought then the re-
sumption of the payment of interest might
with but little additional burden be begun
by July, 1874:
sit is to be hoped that the period when
the State shall be able to pay interest on
the bonded debt may be fixed by this Gen
eral Assembly. The Importance OF so doing
is of the greatest interest to Tennessee, and
our own honor demands that it be not
much longer delayed. 1t can BE- done only
by an increased assessment with present
rates, or by much higher tax on the basis
of the present assessments. With very
small floating home debt, We would be
without excuse were We to delay prepare
tons for the early payment OF interest on
our bonds. 1t is q matter Of little moment,
now, how they were issued, or what return
we got for them. With few exceptions,
VIC have legalized them, and it only re-
mains to meet principal and interest as we
may be able.
- "The tax of 1873 would defray
the current expenses of the State Govern
ment, and a surplus, perhaps, remain,
enough to warrant the resumption of inter-
est payments on the first of July, 1873, if
not sooner, provided the assessment laws Of
the State are changed, as they should be, SO
that orr taxable property shall, for once in
the history of Tennessee, sppear on the tax
books. Struggling as Tennessee has hon.
es!ly done for some years TO discharge 81
immen.e debt, in a manner alike honorable
to debtor and creditor, il behooves her to
leave no resource untried to further her eff
forts. Any change in our assessments, no
matter Whist, will be desirable"