Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-16

scratch over, and encloses it with
brushwood, is called on to pay the
State forty cents. His life is hard
scrabble. He is the poorest of the
poor that comes under this tax. Some
thing is oppresingihim and retarding
his progress. 1t may be his bad start
in life, or his laziness or his bad iudg-
ment, but we are pretty certain that to
reduce his annual tax to twenty cents,
or to abolish it entirely, would not help
him much toward either paying for his
cabin, or increasing its comforts. Let US
ascend to the man taxed on 81 900
worth Of property, who is required to
pay the State 81. If he is sliding back
ward in the race of life, is this 81 a
year-a trife over one cent a day-the
great cause? or Will its removal give
him fresh energy and set him on his
feet again? Going still higher, the
man owning property assessed at
$4,000 is required to pay the State
$40. We candidly think that the ver-
dict of all humanity Will be that $40 is
not too much for the man in posses
sion of $4,000, whether he succeeds in
his speculations or not. So the man
who owns 100000 ought certainly to
so manage a good sized fortune as to
meet without difficulty the States de-
mand. When such a man in Memphis
is called on to pay $4,000 taxes, his case
is local and exceptional one, in re-
gard to the State at large. The great
bulk of his burden is imposed by the
county and city. If State taxation
were reduced one-half, his burden would
be reduced only .fveper cent!
We think this way of bringing the
matter home to every mans door, will
show three things: first, that the de-
preston complained of in some quar-
ters does not result from the present
rate of tax; secondly, that the total
abolition Of State taxation would do
but little toward relieving the people
as individuals or in the aggregate, and,
thirdly, that we must look elsewhere
for relief from the depression COM
planned of. The UNION AND AMERI-
CAN has never been laggard npointing
out the most likely sources of relief.
We have shown that the burden of
Federal legislation, direct and indirect.
Of protected and money monOpolies, is
manifold greater than all our local tax
alton. We have urged the influx of
capital and skilled labor, the improve
ment of our farming, the development
of our mines, the increase of manufac-
lures. We are sorry to see some who
have hitherto aided us in these matters,
now speaking of State taxation as
though they thought there was some
talismanic way to manage it that will
lift our people at once into the high
tide of prosperity.
But, since Col Head and others he
lieve the rehandling of the State debt
should be discussed, we beg that they
recognize its existing status. The
past dues Of the State-the funding Of
which was authorized by the last Legis.
lature-amOunted to about six million
dollars. FiSs million and a half of this
has been already replaced by new ten
forty bonds, in accordance with law.
Only half a million remains to come in
during the rest of the year. The con-
dition of the rest of the debt, consist
ing of bonds not yet due, was not
changed one particle by the funding"
law, except in so far as the resumption
of interest payments was pro-
vided for. These bonds were call
ed in for registration In OfdST
to detect any that might be fraudulent,
but none of such nature have yet ven
tured to appear, although over fifteen
millions have been registered. The
funding feature of the so-called fund
ing law" does not come before the next
Legislature. The new funded bonds,
to the extent of six millions, will have
been issued in pursuance of law as
binding on the State as any other law
OF the past or the future can be. The
only question that could come before
| thenext Legislature would be. Shall we,
after having resumed the payment of
interest, again plead insolvency and
stop it
Another matter that ought to be I'M
derstood, is that most bonds Of doubtful
issue were long since bought up by
railroads, sent IL and Cancelled. The
bulk of the debt now outstanding con-
sists of bonds issued before the war
and theif accumulated interest
We presume Col. Head recognizes
these facts, and proposes to deal with
the debt as it stands: six millions of the
new funded series and eighteen mil
lions of various old series, now regis
tered. This is about the amount on
which the State is called to pay inter-
est.
The popularity of Col. Heads plan
seems to be to ''iquidate' the debt in
some way without reference to the in.
terest. He proposes that 'the State
use her sinking fund in discharge OF
her bonds" but says nothing of her
coupons. The bond is a promise of the
State to pay 4 certain sum years hence.
| The coupons on that bond are promises
to pay Il certain sum at intervals of six
months. The pledge and promise of
the State is the same in the one case as