Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-01-04
PUBLIC LEDGER
STATE FINANCES.


pairing his report for some weeks, to b.
ready for the meeting of the Genera
Assembly. From the Banner OF yester
day we learn that be will make some i'm
nortant recommendations, the first O
which will be that the entire State debt
including unpaid coupons, warrants on
the Treasury, the old issue OF the Bank
of Tennessee, and all debts except those
preferred by law, be funded into one
uniform series Of bonds having 30 years
70 run. with semi-annual interest at six
per cent. per annum. There are now
over n dozen series Of State bonds in
circulation, though seldom seen in our
local markets, and it is the hope that a
uniform issue, by means of the funding
process, will remove a great deal OF con-
fusiou. give a more permanent and
steady market value to the bonds and
do away with the necessity of searching
through the statutes to ascertain the
status Of any particular series Of bonds.
A law is proposed requiring the
registration of bonds in the Office OF
the Secretary and the Treasurer as a
matter of record and guidance to the
officers Of the State. The interest should
be made payable in the commercial CEN
tiers where capital aecumulates and
seeks investment. By funding the State
debt as proposed the annual interest
thereon is estimated at 81, 10000. The
Legislature would, of course, have to de-
termine at phat time the payment of
such interest should begin.
The Comptroller is decidedly of opin-
ion that the entire law concerning the
assessment of property aud collection of
revenue needs revision. Numerous
defects in the present system, he says,
may be cited. 1t is recommended
that each county at its own expense
elect an assessor who shall hold office
five years, and even longer, to become
familiar with the details of his office.
The propriety of trying the plan adopted
in other States of making an assessment
only once in FIVE years is suggested, by
which means the Legislature may al
WAYS know in advance how much reye-
nue. ought to be derived from given
rate Of taxation. The inequality Of
valuation and ineficiency of assessors
are spoken of as evils demanding early
reform. And a vast deal of property is
not bearing its proportion Of the burden
of government. The release is unjust
to other taxpayers and should be equit-
ably regulated. The Comptroller also
suggests that the cumbrous journals of
the two Houses might be dispensed with
without public detriment, and thus save
a heavy item of expense. A large por-
ton of the personal property in the
States escapes taxation altogether; and
the Comptroller is impressed with the
French system which substitutes a tax
alton Of the indicia or signs of wealth
each individual presents, in the posses
sion Of certain property, measured by
the rental value OF the premises The
plans adopted in Pennsylvania and
New York are also suggestive as ex-
amules. The New York system Of
exempting from taxation money
loaned on mortgage will be especially
approved in the Comptroller's report.
A law is urgently demanded which will
compel the payment Of taxes, and i'm
pose penalty Of certain per cent.
for failure to pay within a specified time.
Stringent provisions are also recon-
mended to insure prompt settlements on
the part of collectors. The heavy costs
in criminal cases receive particular
notice, and the Comptroller thinks a
revision of the law in this particular
would save much money to the State;
each county should pay its own costs.
The reduction Of privilege tax on insu-
rance agencies is advocated on the
ground that many insurance agencies
would doubtless loan their capital on
mortgages of real estate, if the capital
thus invested were left untaxed.
On the 3Oth Of April, 1870, the Comp.
troller apportioned the amount due to
common schools, including what was
due on former years and for 1869, at
SAL ,5S436. Warrants for this amount
have been issued. There is now bal
ance in the Treasury, due to common
schools, of about $4,000, mostly col
leeted in Tennessee money. This
amount is so small that warrants have
not been distributed, il advance Of spe.
cial orders from the Legislature. Expe-
rience has demonstrated that the school
fund should be paid out Of the State
Treasury. The tax should be levied BY
the State, and when collected paid over
10 the County Trustee, and by him dis
bursed in accordance with the provisions
Of the school law
The State debt has been reduced from
forty-three millions to twenty-five mil
lions Of dollers, and the Comptroller
takes a cheerful view Of the financial
futuzs Of the State. The present debt is
considered manageable with judieious
legislation. The report, it is antici-
pated, will be very comprehensive. and
perhaps give q better insight into the
financial system aud status Of the State
ihaa shy document Of the kind issued
for several years.