The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-09-24

1854, ana pEior 10 1872. And the balance,
which mature between the latter date and
the year 1900, viii also be the subiecl of
future legislation. All
THE FUNDING BONDS
already authorized, which will amount. as
already shown, 10 less than S7,O00,O0O, are
redeemable at the option of the State. So
that neither the Funding bill nor the re-
SUMPTION OF interest payment can. in the
least, embarTass the PAYMENT of the princi-
pal, whenever the condition of our finances
VIII justify such policy. The third sec
ton Of the act pledges 'the faith. honor
and credit of the State" for proXi ling a
sinking fund for paying the principal as
we'll as the current interest; and the REQ ole
All not hindered by this act from Lowing a
tax at any time for the payment of all or
any part OF the principal, and they will
never md difficulty in redeeming bonds to
the extent of their ability to do SO. But
the friends of this measure and ofthe State
credit believed the burden upon the tax
payer would be too great to provide at once
Tor sinking fund to pay the principal of
the bonds. They deemed it time enough
to DO this when our bonded debt should be
thoroughly sifted under the operations of
the Funding and Registration biz, and after
the country should still further recuperate
from financial depression. But the theory of
the most Intelligent friends ofthe State credit
was, and still IS, that rate Of taxation that
Will now pay the current interest on the
bonded debt will, in less than twenty years.
with an ordinary prosperity in the State,
absorb the principal, as v ell as pay the in
terest.
"One Of the ablest ssatisticians in the
State, and who speaks from Il nonpartisan
standpoint, has made the calculation. and
with the official sanction of the bureau he
represents, has put il before the country as
a feasible solution of this question, and l
reproduce it here with pleasure, believing.
as do, that with ordinary prosperity the
increasing wealth and population of the
State viii more than verify this reasonable
expectation. 1t IS as follows:
TAXABLE PROPERTY AND A SINKING
FUND.
The taxes ON merchants and on privileges are
estimated to be sufficient 70 pay the expenses OF
the State Government. The rate of taxation
which will at present pay current eNDerses and
interest will, at the average rate of increase in
taxable property, absorb the principal jim a few
years The true value OF property in the State
in 1870 s49S ,2S7 724. In the decade between 1880
and 1850, the value of property Increased 145 per
cent In the succeeding decade it did not in
crease quite one per cent, though this owing
To the destruction of property by the war. 1t Is
estimated that at least $500, OOO, 900, including
slaves, were lost to the prOperty-holders OF the
state between 1860 and 1870. But for that ca
lamity, 500, 900 900 would have been the true
estimate in 1870, or about ~ per cent. increase.
Estimating the same rate of increase to have
obtained since 1870, and we ought to have $780,
100000 IN 1915 500, 100000 in 1880, and nearly
$1,000, OOO,00O in 1890. In sixteen years from the
present time, we should collect double the
amount OF taxes, at the same rate of taxation
and the same relative assessed value OF proper
ty as in 1870. To put it in different way. IT
the increase IN the value Of property be 4 per
cent. annually, the Increase In the amount col
lected at the same rat ought TO be per cent If
the ratio between the true and assessed Value is
maintained
''If the revenue derived from taxation on
property in SO should be enough to pay the in
terest on the State debt, we can set aside sink
ing fund in