Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-01-08

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, stocks. Indeed, n the exsm ptiOn was not au-
thoItzed, or IL not now binding upon thu state,
under our organic Jaw. then the general a.
2 sSIn1ly has 10 op lon under ar tele IL, section
., Wkich provides that "aIl property, real d T.
soma or mix shall tGIsd."
| Certainly, the stOs ks In all CnrporatiOns, are
taxable, and more efIicIsnt measure, sEou d
!, enHe.
its believed that much larger revenues
Woul De derived from corporations, and at q
, red 'ced cost, II IL We're III de the duty OF the
controller or tTeasu er, By rule prescI ibed by
| he general assembly, O. as ertain the value
OF ali AK ble pro er y and assets OF corpora
tions, and COLI c. the taxes thereon.
have twice recommended that suits fore
justices of the peace should be taxed, or the
law taxing other litigation repealed. Exist
Ing Legislation Is discriminating In its char
aoter, because 1t tax tisaLiOn In courts OF
record, and does not tax proceedings before
juslice OF the peare.
Ifthere have heretofore bfen any reason
ao doubts your power 70 tax litigation,
they are set at rest by the decisi III OF he SUI
prem court OF S''hesses' IN Ine case OF har-
rlson Pepper al Us i. j. W Ills, decided at
Nashville, December term, 1872.
| When IL Is T. memOeTed tn II there are more
than three thou and justices In Tenue>s ee, and
tnsU Il " cases each, per annum, would a
small average, you can ses that very laIg
/ addition could be made 10 our revenues by
| DPOsing a small tax on these suits, without
opp essing any indivI uaI, and, 10 that ex-
tent, relieve specihc taxation on real and
per Onal properly.
Many stats levy q tax upon the execution
of y bonds, pay able 10 the tate Ihls is
sometimes speciGc, and 50 - times graduated,
according TO amouut. IN Teuness- e, we have
the Inconsistency OF levying a gradua ed tax
upou inveyances of real estate, but i'm pose
no burden upon bonds. A ligut tax, levi d
upon the execution Of such ins rument5,
would add materially to our revenues.
Another coUs dera 'le source OF revenue, not
here OfOre made available, is tennessee DO dS
/ .luhOugh declared taxable by the rev venue
law of the state very few of them are cached
II instead OF assessing the boud rs now, and
collecting revenue upon tn m as upon other
property, the treasurer were required 10 rel ain
the tax wnen he pays Interest. Lnl- revenue
| would be saved, without cost TO the State.
Some such plan would af nd great relief TO
the easury, and Is indnitely preferable to
pending negotiations between some OF the
states aud their creduo 8, TO change their
currency interest, at a 81 ghtly reduced rate
to gold interest coupled with pledge to pay
the principal az au q tT day, through the in
stTumentality OF an Cnerous sinking fund
tax.
Your srefuI consideration of the question
ma develop some just aud satisfact ~ plan
by which the very desirable object of making
the bonds pay TAX may be attained. Or, II
/ may be CONSIDERED lust. both to debtor and
/ creditor, to shlx rate of taxation upon
the bonds, and pledge the state TO
apply IL, every yer. IN extinguish
| terially con ribut7 to diminish the amount of
our debt, anu, OF course, the line of interest,
and In this way relieve the taxpayer. On the
other hand, Il is believed Our securities so far
| from being deprecated, would be enhanced
by the confidence 1t would afford the holders
OF realizing the principal as ell as the inter-
est OF his bonds. II is certainly most desirable
that provision should be made to retire our
debt, as fast as may be compatible with just
| sense OF duty To those who bear the burdens.
| FUNDING THE PUBLIC DEBT.
! with the report OF the comptroller, will be
| found complete statement or the execution
| OF the act or March Il, 1873, directing that
| the past due bonds and coupons, maturing on
| or before the first day OF January, 1874, be
c inverted into the new seTie e. of six pr cent.
| bonds, pro ided for b. that act. he tables
annexed viii show fully the number Of new
| registered. n
Der of each yet outstanding, and what secu L.
/ ties have been taken up and cancelled. they
also 81 a hi tory OF the bonded debt OF Ten |
nessee, from which eau be obtained all de-
sired statistics on that subject. The pill pro-
vided tbat the new bonds and coupons should |
/ De payable IN Nashville or New York. at tie
option OF the creditor. To meet either ne-
mandr ordered the bonds, after obtaining
4 nidS Iron th- most reputable engiaver- in
/ the Jctted States. AnticiUatiug that the
/ option Tor bonds pay aols at Eashvi le, |
would be ve'y limited, 1 My ordered two
hundred of that Cl IS. none OF which have
/ been called for OF issued, and OF the other, |
/ $50, all costing $500, which was paid on
ms order upon the comptroller. Complete
| registrations OF The bonds presented and
| found regular, as well as those taken up and
cancelled, will be found ia convenient and
durable form Ia the proper OInc6s OF G. q exc
| cutiye departments. Duplicates OF earh
| bond issued, with memoranda attac' ed, ex-
hibltIng the mans of the party to whom is
sued, as Well as securItie. I8ken up, are pre-
| served in volumes bound for the purpO-e.
| The securities redeemed under this act a. g
II
spectiOn OF q committee TO be appointed b
| tHe general assembly, which Il is hoped nay
be done without delay.
a STATE ment Of these securities IS herewith |
submit u:
i've aid a-qusrje per cent. bonds. I,0UO |
Five per CEN. DO DIS -----...-......-. ga 500
hrty dollar C. up 9i3 $50
Iwenty-hve-dOilar pOns.........--.-. III $50
In addition tothe above interes. upon bonds |
that never had cOupO 5, ut which Oy exp ess /
contract bore iute' est 10 ma uritv. has been |
allow d to the amount Of $40 rs, and cash /
has been paid o the com ptrO Iler to make even /
bonds to The amount 80 : sI1 q, making an 1
aggregate funded of S. -, 600
We refused to fund or register any OF the |
h"nd or coup ms 1 sued u the " Mineral 1
Home railroa company and those known /
as the Valley of Virginia insurance COM
pRny bonds "
We also declined to fund or register any of
lot OF twenty bond, letter Viii e, Nos. |
4472 to 449l, purpOr g, by the records to have
been Is-u d / lSOl, 10 the M MI Dviile ann |
Manchester railroad com pany' The records 1
f the offices of the executive department |
show that nds be IriI these umoers and
of this q scripttOn, were issued 10 the NJ /
MI nYtIe ana Nan"h ster railroad. bu' only /
one DO d OF each nuInber, Will duplicates of
each number have cen presented for .eSis-
tratiCn. The books do not show that such |
dui lcates ever issued from TINS once, nor
was there aOy law authorizing Z cir issuance
aud the mat or Is therefore, referred TO The /
gene al aSsemD Y Z settle the liability Of the
state, aud the ghtS Of hOlde against Ihs 4
State and as among themselves Coupon
clipped from the bonds OF the ci,y OF Mem
phis, indorsed by the Little Rock railroad
company, SIS first indOrser, and toe State a.
sec nd iDdOr or, have also ueen presented for
funding, and ha' e neen re u.ed.
In this conn ctiOn, IL IL my duty to call
your attention tn the IA . that The inter- st
u, on thee bonds has not heen paid for SOM
lime, by the city of Memphis, and no sinking
T nd has b. eu paid IN reduction of the UeDt.
The assets of the Memt his and Little Rock
railroad oOmp paDy, which IS first iUd0Tser,
have been "A 2 eat extent absofbed Hence
I II he al n as 8 nj
dnTser. The act Of the twenty first OF FebTu
sry 1886. extending aid TO the Lirle koek
'alir ad company autbOriZes the governor OF
the state 10 lndorse three hundred aud fifty
bonds Of the city OF Memphis, for one thou
sand dollars eachs to be pai L" tue Memphis
and LittlH Rock "a lrOad comp tny, prOutdsd
"the said Mem Uhis and Little ROck railroad
company should first inCOrIe each OF sad
bonds, guarauteein paym sDt Of princiD j
nd interest OF the same and o GUIDED further
that the city of Mem ruIs shaI first, by It's 1
proper aufhOrl les execute a mortgage, Civ
ing 70 the state OF Ten ne ssse a pTi Irit Of Hen
on the Ock and interest OF said city, ia s4
railroad com psny; and prOtidsf further, hat
said TaIlrORit company shall give 10 The State
OF Tennessee a PRIOR lien upon me Whol- OF the
iron and equipm nts Of he nrst division Of
said Tn1d, 2 ending from Memphis TO tn It
Fra lcis river, in Arkansas etc. lection Y Of
aid act proviCes luItler, That the said city
bonds snail rot be 50 -lndOTs'd until the
proper authOTit - OF tue city Of Mem
known AS a sinking fund, out Of which
shall be paid, Over and aDOve the SIX per cen
bonds, commencing five years from that
date
These bonds were issued, and in 1856 and
1857 indOrsed by the governor OF the State.
After careful examination OF the aTchiN es
OF the State, have been unable 70 ind any
mortgage upon the stock Of the city Of Mem
phIs in said road, or pou the iron and equip
Inents OF OF the tlrst division OF said road.
have caused search TO be made also in the reg
ister's ONCE at Memphis, and IN the p op
Offices in the state OF Arkansas, for some reg
isiratlOn OF such mortgage, but without
avail, and I can find no evidence that such
mortgages have in fact been made. The exc
cutiOn Of these mortgage, and providing Z a
the right and power OF he governor 20 indOrse
said bonds and the liability OF the state d 4
net attach, in the absence OF compliance !
with such conditions. II becomes a U'sfter OF
importance 10 the state, me efOTe, that he
gener-l assembly, after u investigs ton Of
the facts, should dec are W ether or not the
State l. Ii bic for the principal am interest Of
these bonds, End IL so liable, such steps should
be taken as will render avail ,ble the sc urI-
ties tended 20 he provided by that act
With the exceptions above named, I am
gratided 70 report that no bOnds o the state
have oeen presented for registration that
were no auth orized by some act OF the legis-
latuTe, however impTovident and reckI less J
m 4y have been the sJ bseq uent dfgposi tiOu OF
SOM of them. There are snme clerical reg
q arities Of minor impOrauce. that " II h re-
sfter be brought 70 the attention Of the gem
eral Assem- bly,.
No coupons maturing earlier than Ju :,
le5J, have been received and funded unless
they were attaches TO th- bonds themselves,
or Nat sfac Ory eV nee produced showing