Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-04-03
THE FUNDING BILL.
Figures and Facts for the Anti-FHnders
or RepudiatOrs-A Strong Array.
$497, ,341,s ,s51 Worth of Taxable Wealth
in Tennessee-Our Taxes Light.
Comparison Of What We have to Pay
with That Paid In Other States.
From an Occasional Correspondence

From an Occasional Correspondent.l
NASHVILLE, March 81, 1S73.-The
great question before the last Legislature
was the funding bin, and although
there is discomfort in some quarters, it
viii meet with the appreciation of the
people generally, throughout the State.
The simple question was, would the
State meet her obligations, and if she
had not paid theinterest upon her bonds,
would she be willing to pay interest up
on the coupons that were due and un-
paid? If an individual cannot pay a
debt when it is due, and refuses to pay
! interest on it by renewing his note,
what would that be considered?
THE STATE DID NOT PAY
the coupons as they fell due, and the
very least she can now do Is to pay in
terest on them if she has any desire to
comply with her obligations. This is
the view disinterested parties take Of
the whole matter. The preservation of
the credit of State is of the highest
| importance. Whenever the credit of q
State is destroyed, it prostrates all the
commercial and manufacturing inter-
ests in the State, prevents immigration,
and destroys ali hopes of improvement.
AS to the pretense that Tennessee is
unable to meet this interest, there is
nothing in it.
THE REAL VALUE OF THE PROPERTY OF
- THE STATE,
as appears from the census reports in
| 1870, was S497, ,341 ,S51, whilst the assess
ed value in 1872 was only S272, ,674, ,S52.
This shows that there is ssn1ething very
wrong in the assessments. The property
of Tennessee can not be less than $780,
! 900, 600. 1t is useless to say that the
State is unable to pay interest. With
proper management the wealth of the
State will increase each year until the
present debt will be comparatively light;
! but if the credit of the State be destroyed,
and all her enterprises stop there, she
never will be able to pay her debt. The
rate of taxation is less in Tennessee than
in most OF the States. In Illinois the
rate of taxation is four and five-tenths
per cent. In Pennsylvania it is one
and eight-tenths. In Iowa it is two and
nine-tenths. In Missouri it is two and
| five-tenths. In Tennessee it is very little
over one per cent. on an average over
the State, including State, county and
city taxation, though in some particular
localities it is higher than this. The
average in nearly all of the States is
much greater than in Tennessee, and in
some it is two or three times as much.
THE VALUE OF FARM PRODUCTIONS IN
THE STATE IN 1870
was $50, Az, ,947. It was, doubt
less, much more last year. In view of
these facts there is no excuse for refus-
| ing to meet the interest. 1t is true there
may have been some bonds fraudulent
| ly issued, but these have all, it is under
stood, been returned into the treasury,
and it is now too late TO raise that ques-
| ton. Former legislatures should have
| looked to that matter. When the law
was passed authorizing railroad compa-
nies to pay their debts in State bonds;
then some provision should have been
made against fraudulent bonds. 1t is
| now too late.
THE ASSESSMENT BILL,
passed by the legislature is very defect
! i've. 1t contains the bad features of the
old law, and under its operations it is
| feared the assessments will not show
the real value of the property of the
State. 1t has a very imperfect law.
| The failure to pass the revenue bill, ii is
thought, viii force the screen, or call an
extra session of the legislature. / do
not know that he has ever intimated
what he intends to do in regard to this
matter. If there could be a proper as
sessment, forty cents would be enough
pay the expenses of the government;
but there is danger that the assessment
will be far below the real value of the
property. 1t has been for years, and
may be so again. The State debt must
be paid. A State cannot afford to let
| its credit be destroyed.