Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-29
Careful and Able Review of the
Tabalated Statement of the
State Treasurer.
That Gentleman Convicted out Of
his Own MOuth-FOOd for
the Anti-Funders.
The 40 Cent Tax, with Close As
sessment, will Meet the In
terest and Ordinary Liza
bilitieS of the State.
The Other Side Protest Against
the Funding Bill-A Doe
ument for the Times.

ing, in language more emphauc man
polite, that it contained statements
which were untrue. The attempt to
create the impression that the protest
ants were cut off debate after three days
discussion, will recoil upon those of the
gentlemen who Intentionally frittered
away so much of the time of the house
for the purpose of defeating important
measures. The most important matter
in the protest is the statement obtained
from the treasurer, which, by the way,
We find as editorial III a Memphis pa
per. twill appear somewhat strange to
THE PEOPLE OF TENNESSEE
and to the financial world that the anti
funders should go to the treasurer, i'll
whose Office there is no statement of the
Indebtedness of the State, rather than
to the comptroller where the statement
of the Indebtedness is kept. 1t may
also appear somewhat strange that the
treasurer should give this statement,
which he says sis made entirely from
the report of the comptroller" instead
of remitting these gentlemen to the
comptroller and his books. 1t is to this
ex-official statement that we shall de-
vote our attention to-day, calculated as
THE ESTIMATES
and tables furnished by the State trea-
surer are well calculated to produce an
erroneous impression as to the financial
condition of the State. 1t is so arranged
and stated as to produce the impression
that an annual revenue of nearly four
millions of dollars, or to be more exact,
three million eight hundred and
fifty-four thousand three hundred
and ninety dollars, will be nee
essary to pay the annual expenses
of the State government and the inter
est on the public debt. As opposed to
the basis upon which he has framed his
statement, we present a table carefully
taken as to figures and basis from the
report of the comptroller. 1t will GER
tainly be sufficient to convince the most
skeptical that full justice has not been
done by the treasurer of the State to
OUR FINANCIAL CONDITION:
The comptroller's report shows
balance due from taX-cOllectOrS,
on the first of January, lS72, Of. l,6SG,5i2 90
And he estimates the loss and cost
collection al 20 per cent........-... 3s1,3Oo %
Showing an available balance Of. SI,3ig234 90
From this deduct amount of floating debt
due the fret of January, 1873, as shown by the
comptroller's report, to-wit:
Warrants outstanding--....... SlI6S5i p
Loan account. ...... ................. 3O0050 70
Tennessee money .--...-.........--.. 15O0o ~
Cnaudited salaries and other dues l0O,0O0 90
Overpaid 2S6 60
$a53l4 p
And we have a balance from assess
mentS heretofore made Of. S-ti6,ll2 IS
From the assessments for 1873, rat q
ing the taxable property OF the
state at S-SJ0.00o,OUD, and the ratio f
of taxation being 10 cents on the
SlO0, we 81 100000 90
Privileges for 6OO0OO 90
mag $1,000 90
Deduct for loss and cost of coIieet
ton, 10 per 100000 GO
Ard we have net revenue Of. l.7OOOOO 0O
To which add surplus from lS72...... 396 lls 6S
And we s2,o96ll2 g
out of which is to be paid the ex-
penses of the State government
ior 1873, thesum of...,............... 100000 90
Leaving a surplus from the tax of
1873 and present assessments. 5 ,IS6,u9 IS
The sane assessment for 1874 will
yield netrevenue eof............... of I,7OO,OOO 20
AS above, making totaI........... ,ls6,ll2 IS
out of this is to be paid expenses of
the State government for lS74. 6O0,0OO 90
And interest due in July, lS7i....--. 6l6,2j0 co
And interest due in January, ls75- 7lG,25O %
Total s2,02250O 90
Leaving surplus available revenue VI 81, ,I68.-
6l2 6o after the payment of The interest for
July, lS7i, and January, 1875.
In this statement the debt upon which
the State will be called to pay interest is
estimated at So, ,S75, 154 81, of which
-, 5l2, 500 is the school fund. This cal.
is based upon the idea that I'M
der the assessment law as passed by the
present general assembly the taxable
of the State will amount to
$3.50, ,000, 900, and the friends of the as
sessment law are confident that such
will be the result; but if it should only
amount to 800, 900, 900, a simple calcula-
ton will show that it will pay the es-
Inmates as above shown, and leave a
balance for the July interest, 1875, of
S723, ,6l2 IS. In this event it would not
pay the extraordinary appropriations
made. The yield under the new assess
ment laws is, as a matter of course,
problematical, and should the
estimates made prove too large, the
remedy is plain and simple, and the ne
cessity arises for the call of an extra ses-
sion of the general assembly to increase
the rate of taxation, which we feel war
ranted in saying will certainly be done
in time to make its impression upon the
revenues for 1874. 1t will be seen that
there is
A DISCREPANCY
the statement made by us of
the amount of the debt upon which the
State must pay interest and the esti-
mate of the treasurer. We are satisfied
that the figures sustain us in our state
ment. This is palpable and fragrant
error in the figures presented by the
treasurer, and one still more striking is
that he assumes the position that the
State must pay interest upon that part
Of the State debt owing by solvent rail
roads. 1t is well-known fact, fully at !
-ested by the cOmptroller's books, which |
we have examined, that these solvent |
railroads are amply able, and are in fact |
paying their interest as it natures. IfI
hey should fail, the law makes it the |
luty of the governor to pat them into |
he hands of receiver.
THESE SOLVENT ROADS
ire the Memphis and Charleston, the |
and Tennessee, the Missis- |
ippi Central, and the Nashville and |
Chattanooga. Even if the treasurer had
correctly stated the amount upon which
he State is required to pay interest, still |
le has incorrectly stated the amount of
interest in this, that ne has estimated
he amount of the interest annually to
Ne paid to be 81, 747, $50, when it must
,e apparent that the annual interest will
,e less than this amount by $237, SOB, or
he annual interest upon the amounts
lue from solvent railroads. To make
he matter palmer, we take the figures
# the treasurer as to the amount upon
which interest is to be paid, tO-wit:
he sum of S29, LIS, 94S. 1t is evident
hat upon So, ,95S, 1856 of this amount the
olvent railroads will pay the interest, so
hat in fact the amount, by
THE FREAsERER's OWN STATEMENT,
Ipon which interest is TO be paid by the
State, is only $25, ,167, 1852. The interest
lpon this is. not, as stated by him,
j, ,747 $50, but is only 81 $40, ,053-a slight
MISTAKE Of only S237, SOB. 1t is true the
abroad companies DO not pay this inter-
st to the bondholder, nOrdO they pay in
currency to the State; bat they do pay
[ by way of taking up and retiring just
hat much of interest that the State
would otherwise have TO pay, and they
10 directly reduce the interest 10 be paid
" the State by that amount. OF course
il
COUPONS MATURING
'rior 10 July, 1874, will be funded under