Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-03-27
equity mo. IL.

To the Editor of the Ledger:
In your article of Thursday you deal
somewhat in figures, but unfortunately
they are not correct figures. You say
that my estimate of $50, 900, 900 of tax.
ables Is low, but | am since informed
that it is from three to five millions
above the real sum. But we will retain
them as we started. Now, the interest
tax for 1874 is not yet levied, and We
ought to presume that our rulers will
have the good sense when they come to
levy taxes for this year to put them
within the limits of our capacity to pay.
But as we are dealing alone with inte-
rest, ] will contine myself to that. Now,
the charter provides that the Council
may levy tax sufficient TO pay the an.
terest, but said tar shall not be greater
than Is necessary for the purpose. Now,
if our property is $3O,000,000 we can
only levy eighty cents interest tax,
which, allowing for expense of collect
ing. will raise the S240,000 to pay the
interest. So we strike out of your
pretty balance sheet $4,000, thereby
placing your $40,39l of surplus quite in
the shade.
Now don't say, Mr.. Editor, that we
should make the interest tax great
enough to make up for errors and insol-
vencies; for this plan of levying taxes
makes good citizens like you and and
our merchants, whose property is always
subject to distress, pay for the Delinquent
CIV of the John Smiths and other bad cit
izens who never pay at all. And you
will not pretend that such an outrage as
taking your property and mine for other,
mems debts is Just, or even worthy OF
federation. Then we can by law only
lew enough to raise the $240,000, if all
is collected. Then your allowance TOR
errors and insolvencies is too small. We
know by experience that when taxes
were two per cent. we had more than
that: now that they are four per cent. we
find greater delinquencies because OF
inability to pay.
Then the tax for 1874 is not eollecta-
BILE within the year. The law makes IT
due July LIST, but last year discount OF
"a per cent. per month was offered to
those who would pay before January LIST,
1874; and even that failed to secure
more than one-half the tax.
Thus we see that all that Mr.. League
can have to meet the interest due and to
become due in 1874 is the past-due inte-
rest tax, 1886, S36, which | find upon
closer examination includes all the inte-
rest tax of 1873. My former article was
hastily prepared and in this regard was
incorrect. Then we may state the case |
as follows: Interest due and to become |
due prior to January, 1874, $443, 10, and
to meet this we only have in reality
1896, 1886 of uncollected tax. Out of the
tax of 1874 not yet levied, and which
should only be $4,000, Mr.. League
cannot collect more than half, or enough
% pay the Jauuary, 1875, interest, be-
,ause the bulk Of the taxes of 1874 are
lot collected until 1875. Mr. League
low only has the remnant OF l0Ios
axes to collect and the past-due taxes
# some twelve years, which you say
chancellor Walkers decision will enable
i'm to collect.
We eli know that collections in chan
cry Are slow; and If the expense of 2
naucery suit, which is generally greater
lhu Tue totA lloclt3 uOco hNs 'A'r7-N. r.,
lie into paying, then there is but
tile hope from that quarter for the
ury emit year. And Chancellor Walkers
ecision is appealed from, and must
wait the delay Of afirmance BY the
supreme Court. The interest OF each
ear is as much as Mr.. League can take
are of, and as he is two years behind,
ow is be going TO catch upf He is not
esponsible for the fact that the interest
und for years past has been collected
md sqUandered, or misapplied. Nor
an he levy tax to make up for that
deficiency. If he follows your line OF
,olicy be must ignore the past-due cou-
IONS, and only pay those coming due in
uture. he has no right to use the fund
for any other pErpose than
interest; he has no right to prefer one
cries of coupons over another; he has
10 right TO pay A in full and let B
yait. Therefore, call it as you will,
or what not, the course he
in leaving to the holders OF
coupons to bid for the pittance be has
is the only Just way Of solution. ! will
let you hear from me further when | have
more time. EQUITY.
Heroes OF the wave.
During the recent passage of the Gu