Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-02-13
ON TAKING MONEY CAPITAL
STATE, COUNTY AND MUNICIPAL

TO the Editor of the Union and American:
There are grave irregularities in the levy
Ing of both State and municipal taxes with
us. The most serious is the tax upon
money capital which is so burthensome
that it has driven anais constantly driving
sway from us large sums. The people Of
our State are far better Off so far as money
is concerned than they were before the
war; that is, there are more money means
in the State now than at any time before
the war, and the assertion is here ventured
that there is estimating moderately .tUe
times as much, and yet there is less money
in circulation now in the State than there
was before that period, singular anomaly
it would seem, yet perfectly demonstrable.
The State after seeding, was early brought
back into the Union, and since that time
our people have industriously followed their
various pursuits, and for our leading staple,
cotton, have realized exravagant prices
every year, say from Si.50 per pound down
to lSc per pound, averaging for the past
nine years certainly So cents per pound,
against an average Of say s cents for the
same period before the War-the high price
Of it and other products greatly stimulating
production. Our people have had neither
land nor negroes to buy, consequently the
money remained with them. 1t is asked
where is il? The answer is, it has been
either driven away by excessive taxation,
should the holder attempt to loan it at
home, or has sought investment in five
twenty bonds, which are non taxable, or
has been hid away in other bonds out Of
sight and hearing of the tax assessor. There
is not less than tlreaty fire millions or
money belonging to tie people of Tennes-
see. that are either invested in this way, Or
has been sent to New York for moro prof.
table and less annoying Investment than
could be had for it at home. This, could
the facts be got at, would be found l very
moderate estimate. There is scarcely a
bank or banker in the State whose vaults
are not filed with tin foxes, loaded to
the brim with five-twentys and other
bonds of one sort or another, belonging
60 our people. The quantity and value of
land man possesses, or the number OF city
lots improved and unimpruVed can not be
kept secret, but the amount Of money he
POSSESSES can be. Land aud city lots cannot
be moved, but money certainly can, and
whenever you burthen it with veXasious
taxes, it quietly moves away, where it is
not so annoyed, and can be employed witty
greater ease and profit By its possessor.
The removal Of it puts an end to ali the in
dustry il had maintained in the locally it
left. Money employs laborers and cult
Yates land, and is the great motive power
of industry. Buthen it with taxation and
you drive it away and dry up the source Of
revenue both tn the State and the people.
a citizen Of Nashville or Memphis who
loans bis money and makes an honest re-
turn Of the amount so used for taxation,
tho be gets ten per cent. for its use, pays
out of it three and half per cent. for State,
county and municipal taxes, netting him
say six and half per cent. He can use
his money any where to greater profit than
this. We have not banking capital enough,
and should do ell we can to invite money
capital among US. The way to do this, is to
free Il from t0Tdti0n, and leave our interest
laws as they now are. Then all pursuits
would prosper, and Slate, county aud cor
porstiun derive much larger revenues than
they can by any other policy.
If cur State was as old as some European
countries, whose cities are the great money
centres of the world, you might levy mod
crate, very moderate, taxation money, rot
directly however, but in the shape Of in
come; but we are young, and very inviting
10 position, climate, soil, minerals, aud al
the elements Of great and boundiess pros
perity, yet, scarce oRe-tenh deret0ped
Give us plenty OF untaxed money, ano
wholesome laws that can be promptly and
honestly administered, and We will move
on at pace We have never struck before
n. E. A.