Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-27
S2.O325OO 90

Total. s.. 032 500 90
leaving surplus available revenue Of ST..
1G3, 612.6S, after the payment of the inter
est for July, 1874, and January, 1873.
In this statement the debt upon which
the State will be called to pay interest is
estimated at S23, $50, 154 81, Of which
S2,512, 800 is the school-fund. This calcu-
lation is based upon the idea that under the
Assessment Law as passed by the present
General Assembly, the taxable property of
the State will amount 10 $350,00O, 900, and
the friends of the Assessment Law are
confident that such will be the result; but if
It should only amount to $500, 100000, q
simple calculation will show that iG will pay
the estimates as above shown and leave
balance for July interest, 1875, of $723,-
6l2 GS. In this event it would not pay the
extraordinary appropriations made. The
yield under the new assessment laws is as a
matter of course somewhat problemstical,
and should the estimates made prove too
large, the remedy is plain and simple, and
the necessity arises for the call of an extra
session of the General Assembly to increase
the rate of taxation, which we feel war
ranted in saying viii certainly be done in
time to make its impression upon the reve-
nues for 1871.
twill b. seen that there is discrepancy
between the statement made by us of the
amount of tie debt upon which the State |
must pay interest and the estimate Of the
Treasurer. We are satisfied that the fig |
ures sustain us in our statement. This is |
a palpable and fragrant error in the figures
presented by the Treasurer, and one still |
more striking is that he assumes the posi-
ton that the State must pay interest upon
that part of the State debt owing by SOL
vent railroads. II is q Well-known fact, |
fully attested by the Comptroller's books,
which We have examined, tia: these sol
vent railroads are amply able and are in
fact paying their interest as it natures. If
they should fail, the law makes it the duty
Of the Governor to put them into the
hands of Receiver. These solvent roads
are the Memphis and Charleston, the Mis-
sissippi and Tennessee, the Mississippi Cen
tral, and the Nashville and Chattanooga.
Even il the Treasurer had correctly
stated the amount upon which The State is
required to pay interest, still he has incor-
rectly stated the amount of interest in this,
hat he has estimated The amount of the
interest annually to be paid to be Sl,74T-
$1,000, when it must be apparent that the
annual interest will be less than this
amount by S237,503.OO, or the annua in
-erest upon the amounts due from solvent
To make the matter palmer, We take the
figures OF the Treasurer as to the amount
upon which interest is to be paid, to-wit:
the sum Of Sz9,l25 ,94S.OO. 1t is evident
that upon So ,95S, $4,000 of this amount the
solvent railroads will pay the interest, so
thai in fact the amount. by
The Tressurer's own statement, upon
which interest is to he paid by the State. is
only SIS, 1882, The interest upon t is
is not, as stated by him, La, 500, but is
only Sl,5l0,05S-a slight mistake of only
1921, SOB. 1t is true the railroad companies
do not pay this interest to the bondholder,
nor do they pay it ia currency to the State;
but they do pay it by way of taking up and